11 Jan 2024

Chief Commissioner Tushar Giri Nath of Bruhat Bengaluru Mahanagara Palike (BBMP) outlined an extensive tax collection strategy. This approach includes identifying commercial properties via the Bescom database, tax recovery from businesses, strict review of self-assessment affidavits, and sealing non-compliant properties. The efficacy of these measures is evident in the notable increase in tax collections, surpassing the previous fiscal period. The BBMP is optimistic about reaching the targeted Rs 4,500 crore in property tax collections by March, attributing this projection to dedicated efforts and initiatives aimed at addressing tax defaulters and ensuring compliance.Read more

09 Jan 2024

Colliers India recently orchestrated the sale of a 175-room boutique hotel in Bengaluru for Rs 150 crore. The hotel was transferred to JC Flowers Asset Reconstruction Company (ARC) as part of Yes Bank’s stressed assets in 2022. Colliers engaged with the ARC, Trustee, and the Bank, and facilitated a strategic exit for promoters, meeting both buyer and seller aspirations. This move into the hospitality sector aligns with Colliers' forward-thinking approach. The sale of the hotel reflects India's booming hospitality sector. With 59 hotels signed in Q3 2023, the industry's resilience post-pandemic is evident, portraying a promising future amid increasing tourism and business travel.Read more

05 Jan 2024

Bengaluru's VRO Hospitality secures USD 10 million in bridge funding led by Axis Bank and Gruhas, backed by investor Nikhil Kamath, propelling its expansion plans. VRO’s CEO Dawn Thomas emphasises innovation and excellence, envisioning 55 restaurants by this fiscal year-end and 250 in the next four years, targeting annual revenues of USD 250 million. The majority of funding for property acquisitions and tech bolstering illustrates a strategic push for growth. With significant investors and strategic acquisitions, VRO Hospitality emerges as a pioneering force reshaping India's dining landscape.Read more

04 Jan 2024

Godrej Properties has acquired a 4-acre land parcel in Yeshwanthpur, Bengaluru, with plans to develop premium residential apartments totaling 0.7 million sq ft. The project, estimated to yield Rs 1,000 crore, could reach Rs 1,250 crore with an additional 1-acre land acquisition, making it a 5-acre parcel. Gaurav Pandey, MD & CEO, stated this move strengthens their presence in Bengaluru. The company aims to capitalize on housing demand, targeting multiple land acquisitions this fiscal to generate around Rs 15,000 crore in revenue post-development. Godrej Properties achieved a 48% sales booking growth, reaching Rs 7,288 crore during April-September 2023-24.Read more

28 Dec 2023

The Bruhat Bengaluru Mahanagara Palike (BBMP) is undertaking a comprehensive initiative to revamp property tax collection in Bengaluru. Of the city's estimated 4 million properties, only 2.02 million pay taxes, with over 1.5 million lacking 'A' or 'B' khata documentation. BBMP is launching a program to integrate these unregistered properties into the system, enhancing revenue collection. The goal is to collect Rs 4,790 crore in property tax for FY 2023-24, surpassing the previous year's Rs 3,155 crore.Read more

27 Dec 2023

Sidvin Core-Tech India has secured a 10-year lease for 54,300 sq. ft. at Brigade Deccan Heights, Yeshwanthpur, Bengaluru. The environmentally conscious and technologically advanced commercial space, spanning 2.2 acres with 4.3 lakh sq. ft. of development area, reflects Brigade Enterprises' forward-thinking approach to ecological design. The move allows Sidvin Core-Tech India to boost engineering capabilities and fortify its Bengaluru presence. VP of Operations KN. Karumbaiah anticipates the exciting growth and innovation this spacious, strategically located office affords the company.Read more

21 Dec 2023

The Bruhat Bengaluru Mahanagara Palike (BBMP) has commenced the sealing of properties belonging to individuals with overdue property tax payments in Bangalore. The measure, proposed in November, aims to recover Rs 300 crore from 8,000-10,000 defaulters. BBMP Special Commissioner Munish Moudgil revealed that 500-600 commercial properties have already been sealed, with a focus on those who ignored tax notices. The crackdown extends to residential units among the city's estimated 6 lakh defaulters, including those falsely claiming residential status for commercial purposes.Read more

20 Dec 2023

Chalet Hotels Ltd. and K Raheja Corp Homes have joined forces to launch Raheja Vivarea, a luxury residential project in Koramangala, Bengaluru.. Encompassing 8.25 acres, the development offers high-end gated residences and Grade A commercial space. The project comprises nine towers and a total saleable area of 8.5 lakh sq. ft., with four towers have already received Occupancy Certificates. The project offer spacious 3 & 4 BHK apartments with decks and over forty common amenities. The collaboration leverages Chalet Hotels' expertise in hospitality and asset development with K Raheja Corp Homes' marketing prowess.Read more

20 Dec 2023

In 2023, Bengaluru leads India's cities with a remarkable surge in rental rates, surpassing 30%, as reported by No Broker's Real Estate Report and Anarock Consulting. Seven percent of Bengaluru and Mumbai landlords opted for a significant over-30% increase. Over half of Bengaluru landlords rely solely on rental income, and 42% of residents consider property acquisition due to rising rents. Anarock's report reveals a 31% rise in Whitefield's 2BHK flat rents and a 27% increase in Sarjapur. This surge, fuelled by population growth and limited space, outpaces Delhi NCR, Mumbai, Chennai, and Kolkata, marking a broader trend of escalating urban rental costs.Read more

19 Dec 2023

Bengaluru Urban police have issued a legal notice to a private builder following a criminal complaint accusing them of encroaching on Hennagara Lake in Jigani. CEO of Jigani city municipal council, Rajesh, lodged the complaint, citing violations of the Karnataka Land Revenue (Amendment) Act-2007 and IPC sections 447 and 427. An FIR has been registered. The police directed the builder's representatives to appear before them, emphasizing the need for land records and measurements. The alleged encroachment involved dumping soil and materials on the lake bed without permission. Investigations are set to accelerate pending document submission.Read more

19 Dec 2023

Assetmonk has introduced its latest venture, AM Whitefield, offering retail investors the chance to participate in Bengaluru's Grade A commercial property landscape. Developed by the Brigade Group, this LEED-certified property is situated within Brigade Tech Park in Whitefield, covering an entire floor, spanning 32,300 square feet, and featuring 31 leased car parking spots. The property is currently occupied by a leading American multinational. With a targeted internal rate of return (IRR) of 16%, an initial rental yield of 8.50%, and a capital multiplier of 1.8 over 4-6 years, AM Whitefield aims to be a significant investment opportunity through its fractional ownership model.Read more

15 Dec 2023

The BBMP plans to digitize 5,100 handwritten property registers by March 2024, seeking proposals for scanning and digitization. Handwritten records are often prone to wear and illegibility. Their transition to digital format will enhance readability and longevity. The BBMP aims to complete this undertaking by March 2024, with BBMP Revenue Department officials ensuring accuracy. Outsourcing, instead of using internal teams, is now the chosen approach. The initiative, part of the Nanna Swathu program, involves door-to-door visits to digitize property records, aiming to uncover tax evasion and building violations, potentially boosting BBMP revenue. Digitizing land records curtails corruption and ensures accountability.Read more

14 Dec 2023

Alok Kumar Singh, head of Rushmore Estates, and Prabhat Kumar Tiwary, leading YourOwnROOM, have formalized a $4 million collaboration. The partnership aims to construct studio pads in Bangalore, catering to the demand for high-quality residences for young professionals. Over the next 5-7 years, they plan to develop 8–10 projects with 7,500–10,000 units. The first project in Sarjapur, valued at Rs 200 crore, comprises 630 units and is set for phased possession in April 2025. YourOwnROOM will serve as the exclusive rental and property management partner for the project, expecting a total rental value of Rs 34 crore over 5 years.Read more

08 Dec 2023

Edtech giant Byju's is reducing its real estate footprint in Bengaluru, vacating 620,000 sq ft of office space, including 550,000 sq ft in Kalyani Tech Park and 70,000 sq ft in IBC Knowledge Park between 2022 and 2023. Think and Learn, parent company of Byju's, continues to hold 350,000 sq ft in Prestige Tech Park and 150,000 sq ft in IBC Knowledge Park. The move aligns with cost-cutting measures amid various crises, including legal battles and a restructuring initiative impacting over 4,000 employees. Byju's aims to raise capital and address ongoing challenges through these measures.Read more

07 Dec 2023

Brigade Enterprises unveils 'Brigade Sanctuary,' a premium residential project spanning 14 acres on Whitefield-Sarjapur Road, Bengaluru. The joint development features 1275 units with 1-, 3-, and 4-bedroom homes, boasting a gross revenue potential of Rs. 2,000 Cr. Positioned strategically for easy access to Sarjapur, Varthur, Whitefield, and the outer ring road, the project prioritizes comfort, functionality, and aesthetics. Brigade Group commits to preserving over 500 trees, maintaining 80% open spaces, and providing a 32,000 sq ft clubhouse and 35 modern amenities. The project incorporates diverse natural elements and has set a completion target for December 2028.Read more

07 Dec 2023

The Bangalore Development Authority (BDA) contemplates raising prices of 1,700 unsold flats by 10% due to the state government's upward revision of property guidance values. With poor sales in projects in Kaniminike and Konadasapura, officials are considering the move to pose a challenge to their marketing strategy. The potential hike may also affect the Puneeth Rajkumar Housing Complex's villa project, complicating the sale of the 322 villas there. Officials indicate a possible 10-20% increase in villa prices from the base cost, impacting BDA's ambitious development plans.Read more

06 Dec 2023

Birla Estates Pvt Ltd, the real estate arm of the Aditya Birla Group, has unveiled a project pipeline with a gross development value (GDV) of Rs 45,000 crore. CEO K T Jithendran announced plans, including the launch of the second phase of the Birla Niyaara project in Mumbai's Worli area, offering 8.5 to 9 lakh sq ft of saleable area. With acquisitions in Walkeshwar, Mumbai, and RR Nagar, Bengaluru, the company aims for a gross pre-booking value of Rs 3,000 crore. Birla Niyaara, priced at approximately Rs 80,000 per sq ft, emerged as the highest-selling project in the Mumbai Metropolitan Region in CY2022.Read more

06 Dec 2023

The Bangalore Metro Rail Corporation Limited (BMRCL) is gearing up for significant developments as it prepares to embark on Phase 3 of the Namma Metro project. In an upcoming initiative, the corporation will commence preliminary activities related to land acquisition, marking a crucial step forward for the ambitious expansion. The initial phase involves the identification of 100 acres of land for the construction of a depot and viaducts along specific stretches of the corridor. Anticipating progress, officials are set to initiate a joint survey of the targeted properties earmarked for acquisition.Read more

01 Dec 2023

Bengaluru is gearing up for a major upgrade in urban transport with the announcement of a 287 km circular rail network by the Ministry of Railways. Aimed at easing traffic congestion, the project will connect various peripheral areas of the city, enhancing connectivity. The government has allocated 7 crore rupees for initial studies, with plans for detailed surveys and project reports underway. This initiative is part of a broader effort to modernize Bengaluru's infrastructure, promising a more connected and accessible city in the coming years.Read more

29 Nov 2023

Vaishnavi Group, a leading real estate developer, has expanded its collaboration with Manipal Hospitals to construct a built-to-suit hospital in South Bengaluru. This strategic partnership responds to evolving healthcare needs and quality medical infrastructure, heightened by the COVID-19 pandemic. The Vaishnavi Sushrutha project, spanning 3.3 lakh square feet, will house a world-class tertiary care hospital with 250 beds, offering comprehensive healthcare services. Construction on Kanakapura Main Road commenced in March 2022, aiming for completion by December 2024. The move aligns with India's growing demand for healthcare infrastructure, emphasizing a shift towards prevention and wellness, along with its popularity in the medical tourism sector.Read more