11 Sep 2024

The Bruhat Bengaluru Mahanagara Palike (BBMP) has intensified efforts to recover unpaid property taxes, aggressively attaching properties and sealing non-residential buildings. Despite these measures, 66,8% of property owners remain defaulters. The East Zone leads enforcement by sealing 1.317 properties, followed by the West Zone. In property attachments, the West Zone tops the list with 9.088 properties. Mahadevapura, although the highest tax-paying zone, also has the most defaulters. Meanwhile, Deputy Chief Minister DK Shivakumar launched an online building plan approval system to streamline procedures and enforce regulations, particularly in areas adjacent to Rajakaluves, where significant infrastructure development is underway.Read more

06 Sep 2024

Urban Vault, a managed co-working firm, has leased 100,000 square feet of prime office space at Brigade Summit in Whitefield, Bengaluru, to meet the growing demand for managed workspaces. The new facility will house over 2,000 desks, with a per-seat cost of INR 9,000 and above-monthly. Urban Vault, with over 20 lakh square feet of office space and 30,000 desks in its portfolio, plans to expand into Pune, Gurugram, Hyderabad, Delhi-NCR, and Mumbai. The company reported a turnover exceeding INR 100 crore in the 2023-24 fiscal year, driven by the demand for Grade A office space.Read more

06 Sep 2024

The Bruhat Bengaluru Mahanagara Palike (BBMP) has unveiled a list of the top 100 property tax defaulters, which includes significant institutions such as transport corporations and educational bodies. With unpaid taxes totalling INR 900 crore, these entities have ignored repeated notices from the BBMP, despite the One-Time Settlement (OTS) scheme offering a 50% waiver on interest and penalties. The BBMP is now intensifying efforts to recover these dues, threatening property seizures for non-compliance. The move targets significant defaulters across various city zones, aiming to restore much-needed revenue for Bengaluru's development.Read more

05 Sep 2024

Bengaluru's civic body has issued a strict directive to contractors, mandating the timely removal of construction debris from project sites or face financial penalties. This initiative addresses the growing issue of construction waste obstructing public spaces, hindering traffic, and posing health risks. Contractors are now responsible for maintaining cleanliness throughout the project lifecycle, with regular inspections by officials ensuring compliance. Fines will be imposed based on the severity of violations. The directive is welcomed by residents, who have long complained about debris-related hazards. To aid compliance, the civic body plans to establish designated debris disposal zones across the city. This move aims to enhance urban living conditions and promote sustainable practices as Bengaluru continues to grow.Read more

04 Sep 2024

Jenika Ventures, a rapidly expanding player in the Indian business landscape, has announced its entry into South India with a new office in Bengaluru. This strategic move aims to tap into the city's vibrant business ecosystem, known for its prominence in technology, innovation, and entrepreneurship. Bengaluru, often dubbed India's Silicon Valley, will serve as a hub for Jenika Ventures to manage regional operations, foster partnerships, and drive growth across sectors like technology, finance, and real estate. The company plans to leverage the city's rich talent pool and dynamic market to expand its service offerings. This expansion reinforces Jenika Ventures' commitment to innovation and economic growth as it broadens its footprint across India.Read more

03 Sep 2024

Residential property prices in India have surged significantly, driven by increased demand and new housing projects. Bengaluru's Bagaluru saw a 90% price increase, rising from INR 4,300 to INR 8,151 per square foot between 2019 and mid-2024, with 17,065 new units added, predominantly mid and premium segment. Hyderabad's Kokapet followed with an 89% rise, from INR 4,750 to INR 9,000 per square foot, supported by 12,920 new ultra-luxury homes. Whitefield in Bengaluru also saw an 80% price hike. These trends highlight a growing gap in affordable housing and varied regional growth across India's urban centers.Read more

29 Aug 2024

Embassy Office Parks REIT has leased 800,000 square feet of premium office space to the Commonwealth Bank of Australia (CBA) in Bengaluru, with an option to expand by 600,000 square feet. This space, part of the Embassy Manyata project, will be a built-to-suit facility, expected for delivery by Q4 2026. Located in North Bengaluru, Embassy Manyata is one of Asia's largest business parks. This deal marks Embassy REIT's largest built-to-suit project and highlights Bengaluru's growing significance as a hub for global financial services.Read more

27 Aug 2024

Bengaluru Metro has launched trial runs for the 3.14 km Green Line extension between Nagasandra and Madavara. Initial tests began on August 20, with trains operating at speeds of 3-35 km/h. Commercial operations are expected by the end of October, with potential public access by mid-September. The INR 298 crore project aims to alleviate traffic along Tumakuru Road, benefiting nearby areas like Nelamangala. Despite construction delays since 2017, major structural work is complete. Service disruptions are planned on specific dates, but the extension is set to significantly enhance Bengaluru's public transport infrastructure.Read more

27 Aug 2024

The Zo World introduces its latest tech-enabled clubhouse in Whitefield, Bangalore, offering a unique blend of luxury real estate and fractional ownership. Founded by Dharamveer Singh Chouhan and Chetan Singh Chauhan, Zo House caters to an exclusive community of artists, web3 innovators, and entrepreneurs. Members enjoy advanced collaborative spaces, wellness zones, fine dining, and access to a global network. The clubhouse operates on a blockchain-based NFT-gated system, with limited "Founder NFTs" offering lifetime global access and profit-sharing. This 36,000 sq.ft clubhouse demonstrates Zo's innovative lifestyle concept, with similar successful spaces in Koramangala, Dubai, and San Francisco.Read more

27 Aug 2024

BBMP is now empowered to recover property tax arrears by attaching the bank accounts and immovable properties of defaulters. Previously, they could only issue demand notices and seal premises, but legal challenges hindered enforcement. With the 2024 property tax rules, BBMP can issue attachment warrants, forcing banks to disclose and freeze defaulters' accounts, including fixed deposits. Non-compliant banks face legal action under the Bharatiya Nyaya Sanhita-2024, strengthening BBMP's ability to ensure tax compliance.Read more

26 Aug 2024

Bengaluru Metro Rail Corporation Limited (BMRCL) has launched a crucial geotechnical survey for Phase 3 of its metro expansion, costing INR 5.50 crore. This phase will add 44.65 kilometres of new routes, including a 32.15-km stretch from JP Nagar 4th Phase to Kempapura and a 12.5-km section from Hosahalli to Sunkadakatte Depot. The new network will intersect existing Blue and Red Lines and connect with the suburban rail system. Land acquisition for new stations is underway, and BMRCL is also exploring a double-decker metro line to enhance urban transit.Read more

26 Aug 2024

U.S. grocery retailer Hy-Vee is expanding its Indian presence by leasing a 54,000 sq. ft. office in Bengaluru's Karle Tech Park, accommodating 350 employees. This move follows the establishment of its Global Capability Center in April 2023 at Manyata Tech Park. With over 550 U.S. stores and USD14 billion in annual sales, Hy-Vee's Bengaluru expansion underscores its commitment to leveraging India's talent pool. This strategic investment in India's tech hub reflects a broader trend of U.S. companies capitalising on local expertise to enhance global operations.Read more

21 Aug 2024

Residents of Anjanapura BDA Layout are voicing strong concerns over a plan to relocate slum dwellers from Kengeri and Shankarpally to their neighborhood. Developed by the Bangalore Development Authority (BDA) 25 years ago, Anjanapura still faces basic infrastructure challenges, including a lack of reliable water supply, forcing residents to depend on tankers. The decision by the Karnataka Slum Development Board to move slum dwellers to Anjanapura instead of the originally planned locations has alarmed residents. They fear this could lead to increased crime and further strain on the already inadequate infrastructure. The Anjanapura Residents Welfare Association has formally expressed their concerns to the Deputy Commissioner, emphasizing the potential risks to water resources and the lack of essential civic amenities in the area.Read more

20 Aug 2024

NatWest Group plans to hire around 4,000 employees in Bengaluru over the next two years, significantly boosting its engineering and innovation capabilities. The bank's new office at Bagmane Constellation Business Park will span 370,000 square feet, tripling its current capacity. This expansion follows a previous commitment to add 3,000 software engineers by 2026, increasing the Bengaluru workforce to about 6,000. With 17,000 employees across India, NatWest aims to leverage India's tech talent to enhance its global services, reflecting a broader trend of international firms investing in India's growing tech hub.Read more

19 Aug 2024

BHIVE Workspace has leased 42,000 square feet in Brigade Metropolis, Bengaluru, boosting its seating capacity to over 1,200. This follows last year's acquisition of space on the same floor and is part of BHIVE's strategic expansion to meet rising demand for flexible workspaces. The company plans to increase its managed office space by one million square feet this fiscal year, aiming for a revenue of INR 348 crore. As Bengaluru's coworking sector grows, BHIVE's expansion aligns with the city's shift towards hybrid work models and flexible office solutions.Read more

15 Aug 2024

The Bruhat Bengaluru Mahanagara Palike (BBMP) is cracking down on neglected vacant properties, with fines of INR 2 per square foot for unkempt plots. Property owners will receive notices if their sites lack cleanliness, and repeat offenders may face legal action. This initiative aims to curb illegal dumping, improve public health, and enhance neighbourhood quality. Simultaneously, the BBMP is intensifying efforts to combat mosquito-borne diseases like dengue, deploying 600 fogging machines and 618 sprayers across the city as daily case numbers stabilise. The BBMP's actions reflect its commitment to fostering a cleaner and healthier Bengaluru.Read more

15 Aug 2024

Fortius Infra, led by Gopi Krishnan, has completed two major real estate projects in Bengaluru: Fortius Origin, a 180,000 sq. ft commercial office in Koramangala, and Under the Sun, a 600,000 sq ft luxury villa community in Devanahalli. Partnering with Colliers India, Fortius tackled challenges like high-water tables and used innovative solutions to finish ahead of schedule. Colliers will manage leasing and facilities for Fortius Origin. These projects highlight the importance of developer-management firm collaboration to meet Bengaluru's growing demand for commercial and residential spaces. Fortius Infra's projects are set to impact the city's infrastructure and living standards positively.Read more

14 Aug 2024

The Bangalore Development Authority (BDA) is contemplating a 15-20% price increase for villas in Hunnigere, off the Nelamangala-Sondekoppe Road, due to rising construction costs. Prices for 3 BHK villas may rise from INR 75 lakh to INR 85-90 lakh, and 4 BHK villas from INR 1.10 crore to INR 1.15-1.20 crore. Additionally, prices for 320 one-bedroom flats have increased from INR 13.50 lakh to INR 15 lakh. This move, set for finalisation in an upcoming board meeting, has sparked concerns among prospective buyers about affordability amidst ongoing inflation and market conditions.Read more

14 Aug 2024

Residents across Bengaluru are raising alarms about illegal construction and building bylaw violations. Notably, a senior citizen from Nandidurga Road Extension reported over 15 major violations, including illegal utility connections. Despite repeated complaints to BBMP and state officials, the building's owners added extra floors and a generator on an upper floor. Other areas, such as Jeyamahal and Basavangudi, face similar issues, with unauthorised gas cylinder facilities and encroachments on public roads. Residents demand stricter enforcement from authorities, emphasising that these violations pose significant safety risks and undermine community well-being.Read more

14 Aug 2024

Bengaluru's rapid growth and economic significance have not led to its designation as a 'Metro' city, unlike Mumbai, Delhi, Kolkata, and Chennai, which benefit from a 50% House Rent Allowance (HRA) tax exemption. Union Minister of State for Finance, Pankaj Chaudhary, highlighted that Bengaluru, classified as a non-metro, only receives a 40% exemption. This disparity has sparked calls for reclassification to alleviate financial pressure on residents and attract talent. The government's stance, aimed at rationalising tax rates and limiting exemptions, continues to stir debate on urban growth and national fiscal policies.Read more