12 Mar 2024

Godrej Properties has announced plans to develop a large township project in North Bengaluru under a profit-sharing model. The project, spanning 62 acres, will offer approximately 56 lakh sq ft of saleable area, primarily comprising residential apartments. With an estimated booking value of INR 5,000 crore, the project is expected to launch in the upcoming financial year. Godrej Properties has achieved strong financial performance, with sale bookings rising 59% and net profit increasing 11% in the December quarter. The company has acquired land parcels with a revenue potential of over INR 32,000 crore in FY23 and plans to add more land parcels in the coming months.Read more

07 Mar 2024

Edelweiss, an investment firm, bought a 1.2 million sq ft office complex in Bengaluru for over INR 1,475 crore, marking the city's biggest office tower buyout this year. The fully leased building, located in a prime area, reflects growing investor confidence in the Indian office market, especially Bengaluru, which saw record-breaking office space absorption in 2023. Edelweiss plans to improve the property and build a strong commercial real estate portfolio across major Indian cities. This acquisition aligns with the growing trend of companies acquiring entire office buildings, as seen in recent purchases by Embassy Office Parks and various REITs.Read more

05 Mar 2024

Shapoorji Pallonji Real Estate has introduced ‘Sequoia’, a premium residential development in Bengaluru's Parkwest 2.0 project. The project encompasses 180 luxury apartments, spanning 4.3 lakh square feet with a potential revenue of INR 500 crore. Sequoia completes the 46-acre Parkwest 2.0 complex, offering 3 and 4 BHK apartments. The project boasts excellent connectivity and proximity to key amenities. Shapoorji Pallonji Real Estate's recent launches in Pune and South Mumbai underscore its commitment to the luxury real estate segment in major Indian cities.Read more

04 Mar 2024

hBits, a fractional ownership platform, ventures into Bengaluru's tech hub with the acquisition of Vaswani Centropolis, a commercial building in the Central Business District. The property, valued at INR 54.72 crore, offers a gross entry yield of 9% and an anticipated internal rate of return of 15.6%. With a lease duration of 30 + 30 months and a tenant lock-in period of 24 months, the acquisition expands hBits' assets under management to INR 310 crore. This move aligns with hBits' goal of catering to the increasing demand for real estate investments, particularly from non-resident Indians, targeting an AUM of INR 1000 crore by FY25.Read more

04 Mar 2024

Based on the recent draft notification issued by the Bruhat Bengaluru Mahanagara Palike (BBMP), property tax in Bengaluru is proposed to be calculated based on the guidance value of the property per square foot per year. However, there are concerns raised by stakeholders, particularly the Karnataka Home Buyers' Forum, regarding the fairness and accuracy of this method. They argue that relying solely on the guidance value may not accurately reflect the true value of properties or consider individual circumstances, such as the actual usage of the property and its amenities. Thus, the proposed method suggests a departure from previous tax assessment practices in Bengaluru.Read more

29 Feb 2024

Raagam Phase 1 by TATA Housing in Bengaluru was a remarkable success, selling out in less than a week after it opened and bringing in over INR 650 crores. Situated on 140 acres, the project, which is a part of the Tata Carnatica township, offers innovative planned developments. Raagam Phase 1, which has a total area of 9 lakh square feet and 576 sold plots, is a testament to Tata Housing's dedication to quality and innovation. The project's quick success is attributed to strategic marketing initiatives, a focus on customer happiness, and a variety of living options. These factors have raised the bar in Bengaluru's real estate market.Read more

23 Feb 2024

Under Chief Minister Siddaramaiah's leadership, the Karnataka Government has unveiled a holistic plan to revamp Bengaluru, positioning it as a premier urban centre. Key initiatives include digitizing property tax records for all 20 lakh properties, aiming for a 'record' tax collection of INR 4,300 crore in the current fiscal year. To plug tax leaks, strategies have been devised, while additional revenue streams are to be targeted through revised advertisement policies and a premium Floor Area Ratio (FAR) policy. Infrastructure enhancements focus on road development, traffic decongestion, and the transformation of the Peripheral Ring Road (PRR) into the Bengaluru Business Corridor under a PPP model. Sustainability efforts include establishing captive solar parks, reinforcing Bengaluru's image as an eco-conscious metropolis.Read more

16 Feb 2024

Zomato has secured a 7-year lease for 3.08 lakh sq. ft. of warehousing space at Sumadhura Logistics Park near Bengaluru. This deal, marking one of Zomato's largest warehousing transactions, comes as the company reported a net profit of INR 138 crore for the October-December period. Sumadhura Logistics Park, with an initial investment of INR 600 crore, spans 100 acres and offers 2.5 million sq. ft. of commercial warehouse space. The park aims to expand to 6 million sq. ft. in the next phase. Warehouses play a crucial role in buffering against disruptions, with retail being a key driver of warehousing demand in India.Read more

15 Feb 2024

Strata, a real estate investment platform, has acquired Bangalore's iconic 11-storey Cafe Coffee Day Square on Vittal Mallya Road for INR 150 crore, expanding its Karnataka asset transactions to over INR 410 crore. The property boasts a total built-up area exceeding 100,000 sq. ft., with each floor averaging around 9,000 sq. ft. Strata, currently has over INR 1500 crore in AUM. The company has 34 assets spanning 3.7 million sq. ft. across India, attracting over 100,000 members and backed by major investors like Kotak and Mayfield India.Read more

13 Feb 2024

Embassy Group has finalized a joint development agreement for 3.75 acres of land in Whitefield, Bengaluru, aiming to introduce a premium residential project with an estimated revenue potential of INR 550 crore. The project will offer approximately 400 apartments across various configurations, with modern amenities and timeless aesthetics catering to millennials. Envisioned for Q4 FY24 launch, the development spans 5.4 lakh sq ft of saleable area and targets the growing demand from young professionals in the IT sector. Additionally, Embassy Group plans to launch INR 5,000 crore worth of inventory in the upcoming year to meet the demand for luxury living spaces.Read more

13 Feb 2024

The Bruhat Bengaluru Mahanagara Palike (BBMP) plans to implement an Integrated Voice Response System (IVRS) to remind its six lakh property tax defaulters of their dues. Munish Moudgil, Special Commissioner (Revenue), confirmed the initiative, likening it to reminders sent by banks. The BBMP aims to streamline revenue collection and reduce the burden on officials by outsourcing IVRS services. The system targets 20 lakh properties registered for property tax, with over 6 lakh in default. IVRS will handle reminders, feedback collection, and citizen queries through Sahaya 2.0, with an AI-based system expected to manage up to 70,000 calls daily.Read more

09 Feb 2024

B&B Infra and Xanadu Realty unveil B&B Opulent Spire in Bengaluru's prestigious 9 Jayanagar, offering luxurious 4 BHK residences starting at INR 4.99 crores. Positioned as a pinnacle of luxury living, this collaboration signifies a commitment to excellence and innovation in real estate. Aditya B. Raju of B&B Infra highlights their dedication to exceptional living experiences, while Vikas Chaturvedi of Xanadu Group emphasizes setting industry benchmarks. B&B Opulent Spire promises unparalleled luxury and sophistication, showcasing the expertise and commitment of both companies. With its prime location and innovative design, it redefines luxury living in Bengaluru, offering residents an unmatched lifestyle experience.Read more

07 Feb 2024

The Karnataka government has partnered with Wistron, a Taiwan-based ICT Service Management Solutions company, to establish a laptop manufacturing plant near Bengaluru. With an investment of Rs 1,500 crore, the fully automated facility is set to create 3,000 jobs and become operational by January 2026. This first-of-its-kind unit in Karnataka will manufacture laptops for various brands, exporting more than 50% of its production. The plant's focus on Industry 4.0 standards extends to producing IoT components and Electric Vehicle (EV)-related parts. This is aimed at positioning Karnataka as a leader in electronics manufacturing and fostering innovation.Read more

06 Feb 2024

Bengaluru-based Bagmane Developers Pvt Ltd has leased 2.23 lakh sq ft of office space at Bagmane Tech Park in Lake View, to semiconductor manufacturer Texas Instrument Pvt Ltd for a monthly rent of INR 1.4 crore. The five-year lease agreement, effective from January 1, 2024, includes a deposit of INR 12.8 crore and entails a yearly rental escalation of 5%. This follows Bagmane Developers' previous strategic leasing deals, including transactions with Qualcomm India and Amazon Development Centre, underscoring the company's prominent role in meeting the demand for commercial real estate in Bengaluru.Read more

26 Jan 2024

Bengaluru's Century Real Estate plans to invest Rs 1,700 crore in developing 4.5 million sq ft of residential space by FY25, creating a Rs 5,000 crore pipeline. The company surpassed FY23 sales in the first six months of the current fiscal year and aims to launch six projects in FY25. Projects include luxury residences in Indira Nagar, mid-segment apartments in Yelahanka, and mixed-use developments in East Bengaluru. Plotted development is on the rise, with a 25-acre project in Devanahalli. Additionally, 2.5 million sq ft of commercial space with Prestige group and 7 million sq ft of business parks are in the pipeline.Read more

25 Jan 2024

Concorde, a prominent real estate developer in Bangalore, has unveiled its latest project, Concorde Antares, a high-rise apartment complex in the lakeside surroundings of Yelahanka, Vidyaranyapura. With a projected development value of Rs 525 crore, the 7-acre property features 592 units, including 2, 3, and 4 BHK apartments and duplex penthouses. Comprising five towers with 16 floors each, the development prioritizes community-oriented living with over 60 amenities, including a 19,000 sq. ft. smart clubhouse, Evolve. The project emphasizes smart living, sustainability, and modern design, offering tech-enabled features like Alexa control. With a focus on open spaces, indigenous plants, and picturesque views, Concorde Antares is set to redefine the living experience in North Bangalore.Read more

24 Jan 2024

Edelweiss Special Opportunities Fund has reportedly provided a Rs 350 crore debt facility to Shreshta Infra Projects Pvt Ltd, an entity associated with Bengaluru's Adarsh Developers. The financial support will be utilized to repay ongoing loans and complete two under-construction projects. The debt facility comprises listed, secured, and rated non-convertible bonds, featuring a 41-month and 24-day tenor with a 20.5% annual interest rate. Shreshta Infra, a special purpose vehicle of Adarsh Developers, plans to infuse Rs 200 crore through convertible debentures into affiliate companies for debt settlement and allocate the remaining Rs 150 crore for specific projects and general corporate purposes. Acuite Ratings assigned a 'Acuite B Stable' rating to the bonds on December 29, 2023. As of December 31, 2023, Adarsh Group had total sales receivables of Rs 1,034 crore and a cash balance of Rs 54.8 crore.Read more

23 Jan 2024

Apple is solidifying its presence in India with the inauguration of a 15-floor office in Bengaluru's Minsk Square, emphasizing its commitment to the market. The eco-friendly building, powered by renewable energy, accommodates 1,200 employees and features dedicated labs, collaboration spaces, and wellness areas. Apple's growth in India includes a 6% smartphone market share, surpassing Samsung globally, and a reported revenue of 50,000 crore rupees in FY 23. The company aims to boost iPhone production, targeting 50 million units in the next 2-3 years. Apple's FY 23 exports exceeded $5 billion, paving the way for potential expansion in manufacturing units in India.Read more

23 Jan 2024

Pixxel, a spacetech startup supported by Google, has inaugurated Megapixxel, its cutting-edge manufacturing facility in Bengaluru. Spanning 30,000 sq ft with a clean room and testing area, the facility will support the integration and testing of Pixxel's hyperspectral imaging satellites, starting with the Fireflies constellation in 2024. The facility, capable of producing up to 25 satellites simultaneously, positions Pixxel for substantial manufacturing needs over the next two years. The company plans to launch the Fireflies constellation in June and October 2024, with a target of manufacturing 75 satellites annually at full capacity. Pixxel's collaborations span industries like mining, oil and gas, agriculture, and technology, cementing its role in the spacetech sector.Read more

12 Jan 2024

Bengaluru-based Prestige Estates Projects Ltd. reports a remarkable rise in sales bookings, reaching Rs 5,326.1 crore in Q3, reflecting a 111% YoY increase. The success is driven by strong demand for residential properties, with 5.46 million sq ft sold at an average realization of Rs 9,762 per sq ft. Sales for April to December FY24 show an annual rise of 81%, totaling Rs 16,333.4 crore. Notable Q3 projects include the Prestige City in Hyderabad, Prestige Ocean Towers in Mumbai and Prestige Glenbrook in Bengaluru. The company, having completed 12 million sq ft, plans key projects in Bengaluru, Mumbai and Chennai for further sales growth.Read more