24 Jul 2024

The Bangalore Apartments Federation (BAF) and the Real Estate Research Initiative (RERI) at the Indian Institute of Management Bangalore (IIMB) have signed an MoU to enhance awareness among homebuyers and residents in Bengaluru. This partnership aims to benefit nearly 1,300 apartment and villa RWAs, representing about 300,000 households, 1.5 million citizens. Key collaboration areas include research, knowledge generation, focusing on resource management, waste management, safety, and cultural integration. BAF President Vikram Rai highlighted the value of this partnership, while Prof. Venkatesh Panchapagesan noted that RERI's first initiative will involve training residents to manage their apartment associations effectively.Read more

24 Jul 2024

A Bengaluru resident, Shreyanshu Pavas, won a significant victory from the Karnataka Real Estate Regulatory Authority (KRERA), receiving INR 48.4 lakh compensation for a seven-year delay in the possession of his apartment. Mr. Pavas had booked a flat in Mantri Webcity 2A on Hennur Road in 2013, expecting completion by 2016. Despite paying over INR 63 lakh, he faced immense inconvenience and financial loss due to the delay. KRERA ruled in his favour, emphasising the developer's failure to honour contractual agreements, highlighting RERA's crucial role in protecting home buyers' rights in India.Read more

23 Jul 2024

Bengaluru Airport City Limited (BACL) is set to transform the area around Kempegowda International Airport (KIA) into a sprawling 45 million square feet commercial and hospitality hub by 2038. This development will prioritise commercial office spaces, with nearly 2 million square feet dedicated to Global Capability Centres (GCCs) by 2026, attracting major corporations and multinational companies. The transit-oriented design, featuring two metro stations within the city, promises a 20% premium in rental rates. Additionally, a 2.5-kilometre underground tunnel is planned to improve connectivity, linking the eastern and western parts of the city and enhancing access from the Whitefield IT corridor. This project aligns with Bengaluru's broader trend of office space expansion, with the city's stock expected to reach 330-340 million square feet by 2030, driven by strong IT and BFSI sectors.Read more

22 Jul 2024

The rising rental market in Bengaluru is cooling, particularly in IT corridors. With nearly 8,850 units launched in Q1 2024 and a shift to hybrid work models, tech professionals are seeking affordable options on the outskirts. Rental prices in IT hubs like Whitefield and Sarjapur have dropped 15-20% year-on-year. Many are moving to the outskirts for more spacious, cost-effective homes. Improved metro connectivity and increased inventory have given renters more leverage. Landlords are reducing rents in prime areas to attract tenants, anticipating a significant market correction. This trend offers tech professionals the chance to secure better living spaces at lower prices.Read more

22 Jul 2024

Bengaluru anticipates smoother commutes with the imminent 3.7 km extension of the Green Line, linking Nagasandra to Madavara. Overcoming delays from land acquisition and the pandemic, operations are set to begin by July or August pending safety clearances. The extension introduces three new stations-Manjunath Nagar, Chikkabidarakallu, and Madavara (BIEC)-costing INR 298 crore each, improving access for Madanayakanahalli, Makali, and Nelamangala residents, including proximity to Bangalore International Exhibition Centre. Plans for a 54.21 km extension to Tumakuru are underway, potentially expanding the city's longest Metro line with 19 stations. This expansion aims to bolster Bengaluru's public transit, fostering economic growth and easing commutes citywide.Read more

18 Jul 2024

Bengaluru's BBMP has collected INR 463.03 crore in property taxes through its One-Time-Settlement (OTS) scheme, with INR 624.88 crore still outstanding as the July 31 deadline nears. Launched on February 27, the scheme aimed to ease tax burdens by waiving 50% of penalties and interest but saw limited participation, with only 1.52 lakh out of 5.51 lakh defaulters settling dues. Despite issuing notices to 3.95 lakh property-owners, only 70,000 responded. BBMP Chief Commissioner Tushar Giri Nath urges eligible property-owners to utilize the scheme. Overall property tax-collection decreased to INR 1,758 crore this year.Read more

16 Jul 2024

According to Knight Frank India's latest report, flexible office space leasing in Bengaluru dropped by over 40% in the first half of 2024, falling from 2.9 million square feet in H1 2023 to 1.7 million square feet. However, flexible workspaces remain valuable for startups and companies needing adaptable office solutions. Nationally, co-working spaces accounted for 72% of flex space transactions. Despite the drop in flex leasing, Bengaluru's overall office space market grew by 21%, reaching 8.4 million square feet. This growth is driven by the establishment of Global Capability Centers (GCCs) and increased leasing by IT service companies.Read more

15 Jul 2024

Brigade Enterprise Limited (BEL) is set to launch a significant residential project in West Bengaluru, facilitated by Knight Frank India. This project, spanning 1.2 million square feet on an 8-acre land parcel, addresses the growing demand for quality housing in the area. The project has a projected sales value of INR 1,100 crore (USD 163 million). West Bengaluru's strong infrastructure, including a 30 km metro line and proximity to major highways and industrial areas, makes it an attractive location. With a surge in demand for high-end properties and rising property prices, this development aligns with the city's growth and expansion plans.Read more

12 Jul 2024

Apple is making a massive play for the Indian market by leasing a 400,000 sq. ft. office tower in Bengaluru, setting a new rental record of over INR 220 per sq. ft. per month. This annual lease, exceeding INR 1,000 crore, signifies Apple's long-term commitment to India. This expansion aligns with Apple's plan to produce 25% of all iPhones in India within a few years, potentially involving $10 billion in investments. With additional offices in Mumbai, Hyderabad, and Gurugram, and new retail stores, Apple aims to solidify its operational and manufacturing presence in India.Read more

12 Jul 2024

BBMP's efforts to increase property tax revenue have fallen short, with collections between April 1 and June 29 this year totaling INR 1,646 crore, 28% less than last year's INR 2,287 crore. This represents only 32% of the targeted INR 5,210 crore. Officials attribute the shortfall to the state's Lok Sabha elections and hope that extending a 5% rebate until July 31 will improve collections. Notably, daily collections picked up to INR 25 crore in the last week of June. Shortfalls vary across zones, with Mahadevapura seeing the highest decline at 38%. BBMP aims to intensify efforts to meet targets.Read more

12 Jul 2024

Brigade Group has launched an 8-acre residential project on Tumkur Road, West Bengaluru, featuring modern apartments at attractive prices. With a total built-up area of 1.2 million square feet (approx. 111,650 square meters), the project will offer two and three-bedroom apartments to meet the growing demand for mid-sized homes. Executive Director Pradyumna Krishnakumar highlighted the project's Gross Development Value (GDV) of INR 1,100 crore (USD 137 million). This launch follows the recent introduction of Brigade Insignia in Yelahanka. West Bengaluru's excellent connectivity and infrastructure make it a desirable location for this new residential venture.Read more

11 Jul 2024

The Karnataka Government is pushing for Central Government approval of two key phases of the Bangalore Metro Rail project. Phase three, costing INR 15,611 crore, awaits Union Urban Development Ministry clearance, while Phase 3A, the 37 km Hebbal-Sarjapur line, estimated at INR 28,405 crore, needs final approval despite state government consent. Additionally, the government seeks approval for the Mekedatu drinking water project and the development of Bangalore International Airport into an Air Cargo Complex. Chief Minister Siddaramaiah also emphasized the need to upgrade state highways and complete various infrastructure projects to enhance connectivity and economic growth across Karnataka.Read more

11 Jul 2024

Leading real estate developer Concorde Group has acquired a 1.6-acre land parcel on Sarjapur Road in Bengaluru for a new residential project estimated at INR 200 crores. Facilitated by Colliers India, the project will feature a high-rise building with 2 and 3 BHK apartments, integrating home automation for enhanced security and energy efficiency. A signature Evolve clubhouse will provide top-notch amenities. The prime location offers access to key IT clusters and improved connectivity with the upcoming Peripheral Road and Namma Metro expansion. This acquisition underscores Concorde's commitment to innovative, high-quality living spaces, reinforcing its position as a top real estate developer.Read more

11 Jul 2024

Godrej Properties has reached a milestone with its Godrej Woodscapes project in Whitefield-Budigere Cross, Bengaluru, selling over 2,000 homes and generating sales exceeding INR 3,150 crore (approximately USD 39 million). This project marks their most successful launch in Bengaluru and the highest sales volume and value ever for the company. This achievement, coupled with another recent launch exceeding INR 3,000 crore in sales, highlights the strong demand for residential properties in Bengaluru. With a robust pipeline of new projects in Bengaluru and plans to enter the Hyderabad market, Godrej Properties is set for continued growth in South India.Read more

09 Jul 2024

In 2024, Bangalore's rental market, particularly in areas like Whitefield, Koramangala, and BTM Layout, showed signs of cooling after a surge earlier in the year. This slowdown in rental growth is attributed to a substantial increase in new apartment completions, totaling nearly 8,850 units launched in Q1 2024. Whitefield alone accounted for about 35% of these launches. The influx of new rental options has stabilised prices, providing renters with more choices. Experts suggest this trend may lead to a rental correction, potentially lowering rents in specific parts of the city, although the full impact remains to be seen as the market continues to adjust.Read more

05 Jul 2024

Homeowners in Bengaluru with properties lacking a Khata have until July 31st to benefit from a new one-time settlement (OTS) scheme launched by the Bruhat Bengaluru Mahanagara Palike (BBMP). This initiative allows residents to clear outstanding property tax dues and obtain a Khata within three months. A Khata is essential for legal property ownership and facilitates connections to utilities, access to home loans, and property sales. The BBMP aims to generate INR 800-1,000 crore annually from the scheme, offering financial relief and simplifying future transactions. This initiative underscores BBMP's commitment to improving property registration and transparency in Bengaluru.Read more

05 Jul 2024

Bengaluru-based Sattva Group announces a bold investment of INR 12,000 crore to INR 14,000 crore (USD 1.5 billion to USD 1.75 billion) over the next 2-3 years, driven by robust growth in India's real estate sector. The strategy marks a shift towards residential development following a surge in sales, aiming to double residential revenues to INR 6,000-6,500 crore (USD 750-812.5 million) by FY25. Expanding into Chennai and Mumbai, Sattva Group plans 23 million sq. ft under construction and eyes a significant commercial office market recovery with projects housing Google, Novartis, and JP Morgan. Financing includes equity, debt, and partnerships with firms like Blackstone Inc., underscoring their confidence in India's property market resilience.Read more

04 Jul 2024

Bengaluru-based real estate developer Concorde has acquired a 1.6-acre plot on Sarjapur Road, valued at INR 32 crore, to develop a high-rise apartment tower with a GDV of INR 200 crore. The project will offer 2 and 3 BHK apartments over 225,000 sq ft, aligning with Concorde's mid-market focus. This follows their March 2024 acquisition of a 4.5-acre parcel in Thanisandra for a INR 400 crore development. Bengaluru's strong IT sector and growing population drive demand for mid-market housing, particularly in areas like Sarjapur Road. Construction is slated to start in July 2024, with further project details expected soon.Read more

03 Jul 2024

Bangalore's logistics sector gets a boost as CJ Darcl Logistics leases 125,000 sq ft of warehousing space from IndoSpace. The nine-year agreement, located in IndoSpace's Narasapura Industrial and Logistics Park, strategically enhances CJ Darcl's operational capabilities. This partnership leverages IndoSpace's extensive network across 11 cities, offering CJ Darcl access to efficient logistics infrastructure crucial for expanding their Warehousing and Distribution (W&D) services. The move underscores Bangalore's role as a key logistics hub in India, supporting economic growth and meeting growing demand for high-quality logistics solutions amid rising e-commerce activity.Read more

02 Jul 2024

The Karnataka government has addressed concerns over reports of selling 25,000 acres around Bengaluru for development. Emphasising balanced economic growth, the government clarified that land sales are not planned. Instead, they aim to increase non-tax revenue from sectors like mining, urban area advertising, and naming rights for public projects. Improving tax compliance and monetizing non-strategic assets without outright land sales are key strategies. The government plans to enhance private land value through infrastructure projects and develop idle government land to generate income. Collaborating with global consultants, they seek private investment for industrial townships, ensuring transparency and sustainable development for Bengaluru.Read more