28 Nov 2023

Navin’s, a reputable Tamil Nadu-based real estate developer, has entered Bengaluru's residential market with a Rs. 250 Crores investment. The project would be its first luxury residential apartment project located at JP Nagar, 4th stage. It has also launched its new office at Infantry Road, Bengaluru. Navin’s aims to build upon their strengths, viz. ethical business practices, customer centricity and adherence to rules and regulations that are proved over three decades through 125+ projects delivered on time in Chennai. The proposed luxury project, set for early 2024, features a biophilic theme, integrating green spaces for a harmonious 'Being within the Landscape' experience.Read more

28 Nov 2023

Bengaluru-based RMZ Corporation, a leading real estate developer, has unveiled an ambitious $7 billion investment plan for the next five years. The company, led by Raj Menda and Manoj Menda, plans to develop 125 million square feet in projects valued at $25 billion. This diversification strategy includes luxury residences, mixed-use developments, industrial and logistics spaces, office facilities, and forays into the hospitality sector. The projects will unfold across major cities, including Mumbai, Bengaluru, Delhi, and Hyderabad. RMZ aims to fund this substantial investment through internal accruals and by establishing an investment platform in collaboration with global institutional investors.Read more

25 Nov 2023

Bengaluru-based real estate firm MANA is making strategic moves in East Bengaluru with its latest project, MANA Dale. Positioned in the premium segment, MANA Dale, located in Kodathi off Sarjapur Road, follows the success of MANA Verdant. With the tagline 'Live Brilliantly,' MANA aims to cater to older millennials and their families, offering a lifestyle of luxury and convenience. MANA Dale features apartments, villas, and townhouses, with a clubhouse for community gatherings, dedicated play areas for children, and abundant green spaces. This expansion reflects MANA's commitment to redefining modern living standards and delivering a tranquil oasis in the bustling city.Read more

25 Nov 2023

The Bruhat Bengaluru Mahanagara Palike (BBMP) has taken decisive action in Whitefield, serving self-demolition notices to 26 structures, including completed and under-construction buildings, in the White Rose Layout of the Mahadevapura zone. A total of 70 buildings were scrutinized, and 26 were identified for violations such as unauthorized floors and setback non-compliance. Owners have been given a 15-day window for voluntary demolition; otherwise, the BBMP may proceed with forced demolition after issuing two additional notices, each with a 15-day grace period. Owners of 40 buildings are yet to submit their plans, facing potential legal consequences for unauthorized construction.Read more

25 Nov 2023

The Bruhat Bengaluru Mahanagara Palike (BBMP) has identified a significant challenge in its revenue collection efforts, estimating that around 15 lakh properties in Bangalore lack 'A' or 'B' Khata documentation. This means that these properties are currently not contributing any amount towards property tax. In response to this, BBMP is launching a comprehensive initiative to locate and integrate these properties into the Khata system, a move that aims to not only streamline property documentation but also boost the city's overall revenue. BBMP's initiatives reflect a proactive approach to streamline property documentation, enhance revenue collection, and regulate construction in a manner that aligns with the city's development goals and financial targets.Read more

23 Nov 2023

Bengaluru-based Shriram Properties aims to deliver 2.5 million sq ft (msf) of residential space worth Rs 1,500 crore by FY24, with 50% of the units in the mid-market segment and affordable range. Locations include Bengaluru, Chennai, Kolkata, Coimbatore, and Vizag. The company plans to launch 5,000 units, which is about 5.3 msf, primarily in Electronic City, Yelahanka, and Jalahalli. Despite rising land prices, Shriram Properties aims to manage debt, currently at Rs 430 crore, through asset liquidation and debt reduction strategies including joint investments.Read more

23 Nov 2023

Provident Housing, a Puravankara Group subsidiary, is set to launch its inaugural themed villament project, Provident Deansgate, in Bengaluru. Priced at over Rs 1.9 crore per villa, the project spans 15 acres in North Bengaluru's IVC Road and comprises 288 duplex villaments themed in Manchester architectural style. With pre-sales already accounting for 30%, the CEO anticipates a robust response to the December 10 launch. The company aims for a top line of Rs 600 crore and plans to expand its total launched space to 3.3 million square feet by the end of FY24, investing Rs 1,150 crore across Bengaluru, Chennai, and Kochi.Read more

16 Nov 2023

IndiQube, a leading co-working space provider, has entered into a leasing arrangement to allocate a 1,037-seater managed workspace to Ninjacart, a Bengaluru-based agritech startup. The transaction, advised by Colliers India, supports Ninjacart's expansion into various sectors, including commerce and fintech. The leasing decision aligns with Ninjacart's goal of empowering stakeholders in the agricultural value chain. The company plans to expand its workforce and operations, operating across 70 locations and aiming for a presence in 200 cities and towns in the coming year. The choice of a managed office space, facilitated by Colliers, offers Ninjacart flexibility and cost-effectiveness in its expansion plans.Read more

14 Nov 2023

Several apartment residents in Bengaluru are facing a dilemma as they are forced to pay significant sanitary charges by the Bangalore Water Supply and Sewerage Board (BWSSB) despite treating their sewage on their own. According to BWSSB rules introduced in 2014, apartments with over 20 flats must establish sewage treatment plants (STPs). Residents argue that they are being charged unjustly, as they are bearing the expenses of STPs. They have raised this issue with BWSSB, stating that they are not receiving services in return for these charges. BWSSB claims they don't impose sanitary charges on apartments complying with sewage treatment norms set by the National Green Tribunal.Read more

14 Nov 2023

The Bruhat Bengaluru Mahanagara Palike (BBMP) is actively digitizing over 40 lakh properties in an effort to combat property tax evasion and boost revenue collection. Four specific wards, including Kodigehalli, CV Raman Nagar, Horamavu, and Arakere, have already initiated the digitization process, with a goal to complete this task for all wards within three months. This move comes in response to Deputy Chief Minister DK Shivakumar's "Nanna Swathu" (My Property) initiative, aimed at improving property tax collection. Digitizing property documents will provide accurate details online, reducing misrepresentation and potentially increasing tax collection, currently at Rs 3,000 to Rs 4,000 crore annually. Defaulters are being sent reminders and may face penalties if dues are not settled by November 30.Read more

10 Nov 2023

The Bruhat Bengaluru Mahanagara Palike (BBMP) is taking robust measures to compel property tax compliance. Defaulters now face severe consequences, including vehicle seizures, bank account freezes, and property sealing. BBMP aims to collect Rs 4,790 crore in property tax and related cess for the fiscal year 2023-24. BBMP is intensifying reminders, sending text messages to defaulters with online payment links and warnings of legal actions under the BBMP Act-2020. A proactive physical verification process is also in place to ensure accurate property data. BBMP's comprehensive approach and digital initiatives set a positive precedent for efficient tax administration and equitable resource allocation.Read more

02 Nov 2023

Residents of HRBR Layout in Bengaluru have identified 130 illegal buildings, a mix of commercial and residential, that violate zoning regulations and lack adequate parking space. People expressed concern about the congestion and deteriorating living conditions due to the commercialization of the area. Despite premium charges for residential land, commercial buildings have been constructed, often with more than three floors and insufficient parking. Vehicles of employees and customers are being parked on roads, footpaths, and in front of other residential houses and gates, making it a nuisance to the people. Frustrated with the BBMP's inaction, residents petitioned the BBMP Chief Commissioner and Deputy Chief Minister, urging the cancellation of licenses for commercial buildings on residential plots.Read more

31 Oct 2023

Bengaluru's luxury real estate market is experiencing unprecedented demand, driven by high-net-worth individuals and start-up founders seeking opulent residences for tax-saving benefits. Exclusive properties like Adarsh Palm Retreat and Radical Rhapsody are highly sought after, resulting in surging property prices. The resale luxury home market is also flourishing, fuelled by employees cashing in their ESOPs. With the introduction of a capital gains deduction limit, HNIs are investing in luxury properties, and the future looks bright as India's population of wealthy individuals is predicted to grow significantly.Read more

27 Oct 2023

Qualcomm is set to bolster its presence in the technology hub of Bengaluru with a significant expansion. The company has secured 600,000 square feet of office space at Bagmane Capital-Angkor, an established location for tech enterprises. This expansion will be executed in two phases, ultimately spanning the ground floor and 12 additional levels within the forthcoming facility. According to official documents, Qualcomm is committed to a lease term of 108 months, pointing to the company's commitment to the region and its mission to be part of the flourishing tech ecosystem in Bengaluru.Read more

26 Oct 2023

The Bangalore Development Authority (BDA) is facing a lack of interest from potential buyers in its auction of corner sites due to the absence of geo-tagging. The BDA presented 123 corner and middle sites for auction, but since these sites are not geo-tagged, prospective buyers are finding it challenging to locate and assess the plots using platforms like Google Maps. The absence of geo-tagging has raised concerns among buyers who fear that friends and family may have difficulty finding the plots if they decide to construct a home there. The BDA has acknowledged this issue and is working to address it. Some customers have also highlighted the challenges of locating sites in the rapidly changing Bengaluru landscape. The absence of geo-tagging has become a significant concern for both authorities and potential buyers in the region.Read more

26 Oct 2023

The Karnataka Real Estate Regulatory Authority (KRERA) has taken an important step in addressing an issue with a housing project near Bengaluru. KRERA has ordered the developer, Shree Senior Homes, of a senior living project named Sharadindu State III, to transfer a corpus fund of Rs 62.26 lakh to the Resident Welfare Association (RWA) of the project. This directive follows the RWA's request for relief due to the developer's failure to transfer the corpus fund, despite maintaining the project since 2016. The decision highlights KRERA's commitment to protecting the rights and interests of homebuyers and RWAs in real estate developments.Read more

21 Oct 2023

The Karnataka State Pollution Control Board (KSPCB) has reportedly collected only Rs 4 crore of the National Green Tribunal's (NGT) Rs 200 crore fine imposed on over 160 Bengaluru apartment complexes and commercial establishments since 2000 for non-compliance with sewage treatment plans. Forest Minister Eshwar B Khandre disclosed the poor enforcement, citing legal hurdles as the reason. Builders sold apartments and do not hold up to their responsibility while the new owners are unwilling to pay the fines. They have even contested the fines in court. The NGT's deadline for setting up sewage treatment plants was originally December 2023, but that too has been extended now to December 2024.Read more

17 Oct 2023

Mercedes-Benz Research and Development India Private Limited, a leading luxury car manufacturer, has extended its lease for seven floors in Bengaluru's Embassy Crest building. The five-year lease, commencing on May 1, 2023, covers 5.42 lakh square feet and involves a substantial monthly rent of Rs 2.5 crore and a security deposit of Rs 48 crore. These office premises are dedicated to research and development (R&D) and IT purposes, and the agreement includes a 5 percent annual escalation clause. This renewal highlights Mercedes-Benz's commitment to innovation and R&D, reflecting the vital role of technological advancements in the automotive industry's future. Choosing Bengaluru underscores the city's tech and innovation prominence, positioning it as a key hub for research and development in the automotive sector.Read more

11 Oct 2023

The Karnataka Housing Board (KHB) has proposed the construction of a world-class integrated township near Kempegowda International Airport, Bengaluru. It involves residential and commercial complexes alongside the integrated township. The project is set to be built on 95.23 acres of land in Chikkajala-Meenukunte village and the consent for transferring 65 acres of land for the project has already been received. It is a joint collaboration between KHB and landowners and aims to enhance connectivity and infrastructure in the vicinity of Kempegowda International Airport.Read more

10 Oct 2023

TVS Emerald, a subsidiary of TVS Holdings Ltd, has unveiled 'The Estate,' its maiden plotted development project in Bagalur, near Bangalore. This 33-acre project is the group's first venture into plotted development near Bangalore and has already witnessed remarkable success, with 442 out of 461 plots sold on the launch day. 'The Estate' offers a unique feature with every plot adorned with fruit-bearing orchard trees. It comprises three phases, each offering modern amenities. Additionally, a 15,000 sq.ft clubhouse is planned. TVS Emerald plans to expand its presence in Bangalore with upcoming projects.Read more