13 Aug 2024

Lansum Properties has acquired a 3.6-acre land parcel in Kokapet, Bengaluru, for INR 200 crore to develop a high-end residential project. The company secured INR 250 crore in financing from IndusInd Bank for construction and project development. The luxury project will feature three and four-BHK units starting above INR 2.4 crore and will include 55 floors, benefiting from Hyderabad's unlimited floor space index regulations. Hyderabad's luxury property market is thriving, with sales for homes above INR 1 crore up 50% year-on-year, and land prices in Kokapet have nearly doubled since 2021.Read more

12 Aug 2024

Aranyakaa Farms has achieved a remarkable 75% increase in farmland value across nine projects over the past three years, driven by its commitment to sustainable development and innovative agricultural practices. With Bangalore facing congestion and water issues, the company offers a serene alternative, enhancing land values amid a 20-30% surge in farmland prices around the city. Notable projects like Vrindavan and Tapovan saw prices soar from INR 60 lakh to INR 1.3 crore per acre. Aranyakaa Farms' smart farming techniques and community focus have positioned it as a leader in managed farmland, with continued growth expected.Read more

09 Aug 2024

The Karnataka Real Estate Regulatory Authority (KRERA) has mandated GVG Infrastructure Pvt Ltd to refund INR 34.7 lakh to homebuyer Dhimosh Mangadan for failing to complete the Mulberry Mist project in Varthur, Bengaluru, on time. Despite an August 2019 deadline, the project remains unfinished. KRERA's order, issued on July 10, also demands an additional INR 11.5 lakh in interest. This case highlights Bengaluru's real estate issues, with over 26,030 delayed housing units valued at INR 28,072 crore. Across India, approximately 5 lakh homes are stalled, emphasising the need for stricter enforcement of developer accountability.Read more

09 Aug 2024

The extended Green Line of Namma Metro, from Nagasandra to Madavara, will begin commercial operations by October. This 3-km extension, part of Phase II, includes new stations at Manjunathnagar, Chikkabidarakallu, and Madavara. The Bangalore Metro Rail Corporation Limited (BMRCL) will start trial runs soon and expects an additional 25,000 to 30,000 riders. The construction at Madavara is nearing completion, with the hold of power supply almost finished and trial tests planned within the next few weeks. The extension will improve access to the Bangalore International Exhibition Centre and ease travel for passengers from nearby areas.Read more

08 Aug 2024

From January to June 2024, Millennials and Gen Z accounted for over 60% of property purchases in Bengaluru, marking a significant shift in the real estate market. Data from NoBroker reveals that Gen Z, aged 11-26, made up 16% of these sales, while Millennials, aged 27-42, dominated the rest. Properties ranged from INR 70 lakh to INR 1.1 crore, reflecting young buyers' willingness to invest significantly. Notably, 67% of these buyers are from dual-income households. The trend includes increasing female participation and a preference for under-construction projects, signalling a transformative phase in the housing market driven by younger generations.Read more

08 Aug 2024

In 2023, Bengaluru led Global Capability Centres (GCCs) office space leasing with 15.34 million square feet, commanding a 53% share in the IT/ITeS sector. This positions Bengaluru ahead of other major cities like Mumbai and Hyderabad. The GCC sector's leasing activity is projected to grow to 26 million square feet by 2027, marking a 16% increase from 2018 levels. Despite a global economic slowdown, GCCs continue to thrive, with revenues expected to hit USD 46 billion by 2024. The number of GCCs in India rose from 1,250 in 2019 to about 1,600 in 2023, potentially reaching 2,525 by 2030.Read more

08 Aug 2024

Bengaluru tops India's residential real estate market, with JLL Research reporting 18,548 housing units sold and 16,537 new homes launched between April and June 2024. The city represents 21% of national new launches and 23% of home sales. The majority of new launches are in the upper-mid segment, priced between INR 1 - INR 3 crore. Whitefield and areas like Hosur Road have driven much of this activity. The average property price rose by 15%, and unsold inventory dropped by 21% year-on-year. Bengaluru's robust performance underscores its strong demand and dynamic real estate sector.Read more

06 Aug 2024

Residents of Nadaprabhu Kempegowda Layout (NPKL) in Bengaluru are challenging the Bangalore Development Authority's (BDA) recent imposition of a INR 31,000 road cutting fee on site allottees. This fee is being charged despite ongoing delays in providing essential infrastructure such as drinking water, recycled water, and an underground drainage system. Site allottees, who have been waiting for over eight years, argue that the BDA has not fulfilled its initial promises. The Nadaprabhu Kempegowda Layout Open Forum has requested the Chief Minister to halt the fee collection, citing financial strain on residents. The Deputy Chief Minister confirmed that development costs should be included in site fees, raising concerns about the fairness of additional charges before infrastructure completion.Read more

05 Aug 2024

The Karnataka government introduced two bills to enhance revenue and prevent water theft. The Karnataka Municipalities Bill, 2024, imposes fines of up to INR 50,000 and 15-day imprisonment for officials failing to collect property tax and double tax on unauthorised buildings. The Karnataka Irrigation Bill increases water theft penalties to INR 2 lakh and two-year imprisonment, requiring government permission for drilling near canals. These amendments aim to improve compliance and resource management, ensuring better adherence to regulations and preventing illegal activities, thus enhancing accountability and contributing to the state's development and sustainability.Read more

01 Aug 2024

The Karnataka government has approved a bill to restructure Bengaluru's administration, proposing to divide the Bruhat Bengaluru Mahanagara Palike (BBMP) into up to 10 smaller units. This aims to enhance governance in the city, which faces challenges like traffic congestion, waste management, and infrastructure development. The plan includes increasing the number of wards from 225 to 400 and establishing a Greater Bengaluru Authority (GBA) to coordinate the smaller units. The GBA will oversee the 1,400 sq km region but not local planning, which remains with the Bangalore Development Authority (BDA).Read more

01 Aug 2024

The Karnataka government is addressing illegal land registrations, especially in high-value areas like Bengaluru, by integrating "e-khatas" or electronic land records for all properties. Revenue Minister Krishna Byre Gowda announced this initiative to enhance transparency and prevent illegal conversions of agricultural land. Responding to allegations of sub-registrar collusion with land sharks, Gowda highlighted that a new bill, pending the President's assent, aims to curb such activities. The government also addressed issues related to the regularisation of houses on government land and the usage of 'Kumki' land. These measures aim to protect legitimate property owners and ensure accurate land records.Read more

01 Aug 2024

BHIVE Workspace has leased 42,000 sq. ft. of Grade-A office space in Garudacharapalya, Mahadevapura, marking its second collaboration with Brigade Group. This new facility on the 7th floor of Summit B will support 1200+ seats and feature state-of-the-art amenities. "This new signing supports our strategic vision to enhance our presence across Bengaluru's key business hubs," said Shesh Rao Paplikar, Founder and CEO. BHIVE aims to expand its managed office space portfolio by an additional 1 million sq. ft. this year, projecting a revenue target of INR 348 Crore for FY 2024-25.Read more

31 Jul 2024

A delegation from the Kolhapur Municipal Corporation (KMC), led by Commissioner Manjulekshmi, visited the Bruhat Bengaluru Mahanagara Palike (BBMP) to study its property tax software, which serves millions of properties. Known for its user-friendly interface and online payment options, BBMP's system streamlines tax collection. KMC officials, including system manager Yashpal Rajput and tax assessor Sudhakar Challewad, observed the digitisation process firsthand at BBMP East Zone. This visit aims to facilitate the implementation of a similar system in Kolhapur, potentially enhancing tax payment ease for residents, improving municipal record-keeping, and increasing tax collection efficiency.Read more

29 Jul 2024

Homebuyers in Bengaluru's delayed Ozone Urbana project, developed by Ozone Group, have achieved a key victory. The Karnataka High Court ruled that Ozone Group promoters can be included in legal proceedings. Buyers had sought refunds exceeding INR 4 crore (USD 4.8 million) through the Karnataka Real Estate Regulatory Authority (KRERA). The ruling allows targeting promoters' personal assets, addressing a major gap in the Real Estate (Regulation and Development) Act, 2016. Despite regulations, KRERA reports developers owe over INR 486 crore (USD 5.8 million) for delayed projects, highlighting the need for further reforms to protect homebuyers.Read more

29 Jul 2024

BL Kashyap & Sons Ltd. has been awarded a major INR 160 crore contract by Suruchi Properties Pvt. Ltd., a Century Real Estate Holdings subsidiary. The project involves civil and structural works for a residential building in Kodihalli, Bengaluru. This new order expands BL Kashyap's order book to INR 3383 crores, highlighting the company's growth and capability in handling large-scale projects. Managing Director Vineet Kashyap emphasised the firm's commitment to excellence and innovation. With over 250 completed projects and operations across 12 cities, BL Kashyap continues to solidify its leadership in the EPC sector.Read more

26 Jul 2024

Samsung R&D Institute India has secured a renewed lease for its prominent office space spanning 4.2 lakh square feet within Bengaluru's Bagmane World Technology Centre. The lease, effective from June 4th, 2024, extends for 60 months with an annual rent of approximately INR 51.6 crore. This strategic move highlights Samsung's long-term commitment to India's IT sector, leveraging Bengaluru's robust infrastructure and skilled talent pool. The office provides Samsung with 11 floors of dedicated workspace, 562 parking slots, and 10 exclusive elevators, reinforcing its significant presence in India's tech landscape and fostering innovation through collaboration with local partners.Read more

25 Jul 2024

Karnataka's "Beyond Bengaluru" initiative aims to decentralise industrial development by establishing sector-specific clusters in cities like Belagavi for aerospace and Mangaluru for fintech and animation. This strategy seeks to replicate Bengaluru's IT sector success across diverse industries, attracting over 300 companies and creating 3,000 jobs in smaller cities. With a focus on regulatory ease and incentives, Karnataka aims to balance economic development statewide, leveraging its robust educational infrastructure and expanding renewable energy capacity. Challenges include regional competition and airport logistics, with solutions like reopening HAL airport under consideration, underscoring the state's commitment to sustainable and inclusive growth.Read more

25 Jul 2024

Brigade Group introduces Cobalt, featuring 948 one-bedroom apartments within the expansive Brigade El Dorado township in North Bengaluru. Designed for young professionals, Cobalt integrates sleek, contemporary architecture amidst 40 acres of lush greenery. The township offers extensive amenities including retail shops, entertainment venues, a hospital, and sports facilities. Strategically located 15 minutes from Kempegowda International Airport and near major IT parks, Cobalt ensures seamless connectivity. With completion expected by Q2 FY29, this project underscores Brigade Group's commitment to providing modern, sustainable living solutions in Bengaluru's vibrant tech corridors.Read more

25 Jul 2024

Hebbal, in northern Bangalore, has quickly grown from a quiet suburb to a busy residential and commercial area. The area has modern apartments, tech parks, and shops, attracting young professionals and families. There are also schools and hospitals, making it a convenient place to live. In June, Sobha City had the most sales with nine deals, followed by L&T Raintree Boulevard with 5 deals. Resale deals made up 69% of the total deals concluded in the month. Prices per square foot in Hebbal ranged from INR 1,200 to as high as INR 54,228, with an average of around INR 16,406. Around 38% of the apartments sold were within INR 1 crore range, while 50% of the flats sold were within INR 1-2 crores and 13% of the apartments sold were between INR 2 - 3 crores.Read more

24 Jul 2024

Godrej Properties has acquired land parcels in Bengaluru and Pune, marking a significant expansion. In North Bengaluru's Thanisandra, the company secured a seven-acre plot for a high-end residential project with a built-up area of 9 lakh sq ft, expected to generate INR 1,200 crore. In Pune's Hinjewadi, Godrej acquired 11 acres for a mixed-use development, featuring group housing and retail, with a developable potential of 2.2 million sq ft and estimated revenue of INR 1,800 crore. These strategic moves align with the rising demand for premium housing and commercial spaces in key Indian cities.Read more