22 Apr 2024

Begur, once a serene village, has transformed into a thriving residential and commercial hub in Bengaluru. March witnessed a flurry of real estate activity in Begur, with Splendid Lake Dews leading the charge, followed by Windsor Troika, SNN Raj Serenity, and Splendid Lake Breez. The diverse offerings catered to varying budgets and preferences, from luxurious units to budget-friendly options, and from spacious homes to compact living spaces. With its strategic location, modern amenities, and excellent connectivity, Begur emerged as a real estate hotspot, offering a harmonious blend of affordability, luxury, and convenience.Read more

18 Apr 2024

The 217-room 5-star hotel located near Bengaluru's Kempegowda International Airport that is owned by Lulu Group's hospitality arm Twenty14 Holdings and is being developed to be operated by Marriott International is on the market for about INR 400 crore. While a private equity firm has bid INR 350 crore, an additional INR 40-50 crore is required to complete the project that is currently 75% finished. The sale is expected to close within two months and comes as the Lulu group looks to reduce debt from its rapid expansion in recent years which has caused delays in completing some hotel projects.Read more

16 Apr 2024

Sobha Limited, a leading real estate developer, has launched Sobha Crystal Meadows, a collection of 290 English-inspired luxury row homes in Bengaluru. Located on a 26-acre property off Sarjapur Road, the development offers lavish 4-bedroom homes ranging from 4,237-4,815 sq ft with modern amenities. 68% of the area is reserved as open space. Priced over INR 10.5 crore, the homes are aimed at C-suite executives and provide a blend of contemporary design and traditional architectural elements for a serene living experience away from the city bustle.Read more

15 Apr 2024

The National Consumer Disputes Redressal Commission (NCDRC) has ruled that obtaining an occupancy certificate is irrelevant for builders if possession of the property is delayed beyond the agreed timeline. This ruling came while ordering a full refund for a homebuyer in Bengaluru, even though possession was being offered. The homebuyer had booked an ultra-luxury apartment worth over Rs. 6.8 crore in 2015 with scheduled possession in October 2016. However, possession was only offered in 2020, over three and a half years later. Rejecting the builder's arguments, NCDRC stated the date of receiving occupancy certificate does not matter to homebuyers if possession is not given on time. It ordered the builder to fully refund the deposited amount along with interest, noting inordinate delay in possession of over three years.Read more

11 Apr 2024

Bengaluru's Brigade Group partners with United Oxygen Company Private Limited to develop a 3 lakh sq ft Grade A office space on ITPL Road, Whitefield, with a projected value of INR 340 crore. Joint Managing Director Nirupa Shankar highlights the prime location and sustainable design, anticipating it will meet the demand for top-tier work facilities. The group plans to focus on commercial development in Bengaluru, Hyderabad, and Chennai, while expanding into smaller cities like Thiruvananthapuram and Cochin. Additionally, they aim to double their retail portfolio, adding a destination mall in Hyderabad and two smaller malls in Bengaluru's under-development townships.Read more

09 Apr 2024

Prestige Group has acquired 21 acres of land in Bengaluru for INR 450 crore. The company intends to utilise the land for residential development, with plans spanning approximately four million square feet of developable area. This ambitious project is expected to yield around 1,800 apartments, catering to the growing demand for housing in the city. Venkat K Narayana, Group CEO, expressed plans to launch the project within three quarters and complete development in four years.The acquisition reflects Prestige Group's strategic expansion efforts and commitment to meeting the housing needs of Bengaluru's populace.Read more

PNT Reporter

04 Apr 2024

Major developers Prateek Realtors (Delhi) and Suruchi Properties (Bengaluru) have secured substantial funding from the Edelweiss Special Situations Fund, totaling INR 8,775 crore, highlighting growing private investment in real estate. Edelweiss focused on completed projects, providing stability for investors despite high-interest rates of 18-20%. While this trend addresses financial challenges, it also underscores sectoral difficulties, as reflected in developers' credit ratings. While beneficial for project completion, high-interest financing may affect property prices, presenting both opportunities and challenges for homebuyers and developers alike. Strategic fund utilization will be critical for success in this evolving landscape.Read more

PNT Reporter

03 Apr 2024

Concorde is set to invest INR 250 crore to develop a residential project in North Bengaluru, acquiring 4.5 acres for INR 100 crore. The project will encompass six towers with 424 units, projecting a revenue potential of INR 400 crore. Previously, Concorde acquired a stressed project in October 2023, achieving 85-87% revenue recognition. Targeting INR 440 crore in pre-sales this fiscal year, with H1 FY24 sales at INR 200 crore, the company plans four launches in the next 12 months. Additionally, it's developing 36 luxury towers on two acres, foreseeing revenue of INR 1,400 crore.Read more

PNT Reporter

02 Apr 2024

The Karnataka Real Estate Regulatory Authority (KRERA) issued a significant order against Provident Housing, a subsidiary of Puravankara Ltd, concerning delays in delivering the Provident Noera apartment complex in Yelahanka, north Bengaluru. The ruling addressed the challenges faced by homebuyers due to prolonged project delays, highlighting the plight of Dasari Naresh, who has been paying EMIs without possession since 2019. KRERA invoked Section 18 of the RERA Act, holding Provident Housing responsible for compensating Naresh for financial losses. Amidst high home loan interest rates, ranging between 8-15 percent, KRERA's intervention underscores regulatory oversight's crucial role in safeguarding homebuyers' interests and fostering transparency in India's real estate sector.Read more

PNT Reporter

01 Apr 2024

The state government of Karnataka has assured that property taxes will not increase in the upcoming fiscal year 2024-25, dispelling concerns raised by earlier talks of a new tax calculation method. Deputy Chief Minister DK Shivakumar clarified that recent rumours about significant tax hikes starting April 1, 2024, are false. The current tax computation method, based on property zones' "guidance value" since 2016, will remain unchanged. Bengaluru's municipal corporation, BBMP, is updating its property tax management software, making stability crucial amidst these changes. To combat misinformation, BBMP chief commissioner Tushar Giri Nath stated that action will be taken against those spreading false news about tax increases, ensuring residents' financial peace of mind.Read more

PNT Reporter

26 Mar 2024

The Bengaluru consumer court reprimanded Sri Lakshmi Constructions for breaching contract terms in a Vasantha Vallabha Nagar apartment purchase. The builder, accused of failing to provide covered car parking, sewage treatment, BWSSB connection, and rainwater harvesting, was ordered to rectify these deficiencies and compensate the complainant with INR 20,000 for mental distress, plus litigation costs. The complaint arose from purchasing a 2 BHK flat in 2021, with subsequent dissatisfaction over inadequate amenities. Despite the builder's argument against the complainant's consumer status, the court held them accountable, emphasizing their failure to fulfill obligations, particularly regarding parking arrangements.Read more

PNT Reporter

22 Mar 2024

White Lotus Group announced luxury villa projects in North Bangalore, projecting a revenue potential of INR 1200 crore. These projects, spanning 1 million sq. ft., introduce the "Personal Sanctuary" concept, offering bespoke living experiences. The group emphasises catering to elite clientele's unique tastes, leveraging their asset-light model for joint developments. Recent funding of INR 150 crore from Luxe Port Group aims to help fuel growth and expansion into Hyderabad, Pune, and Chennai. With a new-age team, White Lotus plans 1.5 million sq. ft. developments in North Bangalore by 2025, prioritising collaboration for future milestones and sustainability.Read more

22 Mar 2024

Shriram Properties has achieved remarkable success with its newly launched project "Codename Ultimate" near Electronic City, Bengaluru. It has sold nearly 70% of its inventory in its opening weekend. The project features a Balinese-themed design and prioritizes open spaces, reflecting the company's commitment to providing tranquil living environments. With a strong track record in the micro-market and a history of delivering quality homes, Shriram Properties continues to garner customer trust and satisfaction through its compelling value proposition.Read more

21 Mar 2024

IWG launches HQ in Bengaluru, redefining workspace with dynamic, adaptable environments spanning 10,000 sq. ft. in two locations. Aimed at meeting evolving needs, HQ offers co-working spaces, private offices, and creative zones. Positioned in key business hubs, it supports the '15-minute city' concept, reducing commute times. The move reflects IWG's commitment to flexible working amid rising demand. Bangalore's status as a tech hub influenced the launch, aligning with the city's surge in workspace demand. IWG's global presence, tech investment, and multi-brand strategy position it for exponential growth in the hybrid working era.Read more

PNT Reporter

19 Mar 2024

Mahindra Lifespace Developers, the real estate development arm of the Mahindra Group, has acquired a 9.4 acre land parcel in Bengaluru's Whitefield area to develop a mid-premium housing project. The project will have a development potential of 1.2 million square feet with an estimated gross development value of Rs. 1,700 crore. Mahindra Lifespaces plans to launch the first phase of the project within the next twelve months. This acquisition is in line with the company's plans to grow its development portfolio and achieve a five-fold increase in pre-sales over the next five years.Read more

PNT Reporter

19 Mar 2024

Shriram Properties introduces Codename Ultimate, a tranquil residential project near Bengaluru's Electronic City, drawing inspiration from Bali, Indonesia. With over 70% dedicated to open spaces, the development blends modern living with Balinese architecture. Close to IT hubs and upcoming metro stations, it offers two and three-bedroom apartments. Featuring a 14,000 sq. ft. clubhouse with 40+ amenities, it fosters community living. Shriram Properties, known for its quality and value appreciation, aims to meet the high demand for housing in Electronic City.Read more

PNT Reporter

19 Mar 2024

Deputy Chief Minister DK Shivakumar announced the implementation of a decentralised automated online approval process named 'Nambike Nakshe' for building plans in Bengaluru, specifically targeting residential constructions. Under this new scheme, residential constructions of up to four units on a plot measuring up to 50 x 80 feet can obtain online building plan approvals from authorised architects or engineers, eliminating the need for physical visits to BBMP offices. Additionally, a new property tax system has been introduced, categorising the city into six zones based on asset classes, and a 10% increase in property taxes has been decided, with efforts to bring 18 lakh property owners into the tax bracket.Read more

PNT Reporter

18 Mar 2024

Zolo Stays, India's leading co-living space, has introduced 'Zolo Diya,' a female-only co-living property in Bengaluru, coinciding with International Women's Day this year. Supported by prominent investors, the initiative aims to empower women through safe, inclusive living spaces. With half of the property already occupied, Zolo Diya prioritizes safety, comfort, and community for its residents. Featuring meticulously crafted amenities and dedicated female staff, it offers a nurturing environment for women to thrive. The official launch event included empowering speeches from female leaders, emphasizing the transformative impact of Zolo Diya on communal living for women.Read more

14 Mar 2024

Prestige Group, renowned for its upscale developments, unveiled "Prestige Somerville" in Whitefield, Bangalore. With 306 apartments spread across 6.5 acres, this low-density project offers an abundance of green spaces. Positioned near key IT hubs and amenities, it promises convenience and tranquillity. Featuring 3 and 4-bedroom luxury apartments, the project boasts a clubhouse, pool, and lush landscapes. Expected to be completed by March 2026, Prestige Somerville aims to redefine opulent living in Bangalore. With prices estimated at around INR 1.5 Crore for 3-bedroom and INR 2.0 Crore for 4-bedroom units, it's poised to captivate discerning buyers seeking elegance and comfort.Read more

13 Mar 2024

In the last quarter of 2023, Bengaluru's real estate market witnessed a surge in sales, revealing notable shifts in property preferences and investment trends. Larsen & Toubro (L&T) emerged as the top seller, recording sales worth INR 1,004 crore, followed by Prestige Group and Sobha Group. Affordable segment properties below INR 50 lakh constituted 48% of total transactions, reflecting a clear trend towards budget-friendly housing. Mid-segment homes valued between INR 50 lakh to 1 crore saw a slight uptick, while the luxury segment also experienced growth. North Bengaluru led in sales, propelled by projects like L&T Raintree Boulevard, while South Bengaluru remained a top choice due to its robust infrastructure and connectivity. Central and East Bengaluru also saw significant success, reflecting the city's vibrant real estate landscape and evolving aspirations of its residents.Read more