04 Oct 2023

Schneider Electric India, a branch of the French multinational, has leased a vast 4.8 lakh square feet of office space in Bengaluru's Outer Ring Road. The new facility, located in the Bagmane Solarium business park, will accommodate over 4,800 employees. This move is part of Schneider's expansion strategy, with the lease spanning 10 years. The deal underscores a growing trend in 2023 of major corporations securing large office spaces in key commercial areas, reflecting renewed confidence in India's commercial real estate market.Read more

29 Sep 2023

Birla Estates Pvt Ltd, the real estate arm of Aditya Birla Group, has successfully sold out phase 1 of Birla Trimaya in Bengaluru within just 36 hours of its launch. This project, located in Devanahalli, North Bengaluru, encompasses 556 units across 52 acres, with a booking value of Rs 500 crore. Birla Estates has set its revenue target for this project at Rs 3,000 crore, reflecting the strong demand for luxury real estate in North Bengaluru due to the presence of global companies and skilled professionals. The transformation of North Bengaluru into a thriving residential and commercial hub has been driven by factors like the Bengaluru International Airport and Manyata Tech Park. This achievement highlights the continued demand for quality properties in Bengaluru's growing real estate market.Read more

23 Sep 2023

The Bruhat Bengaluru Mahanagara Palike (BBMP) has taken decisive action against the unauthorized dumping of construction waste and debris in Bengaluru. Stringent measures have been announced, including fines and legal consequences for violators. BBMP officials are tasked with monitoring vehicles transporting construction waste across the city, and vehicles found in violation may face fines and even confiscation. BBMP Chief Commissioner Tushar Giri Nath emphasized the importance of proper waste disposal and highlighted the responsibility of waste generators. The penalties for non-compliance include fines of Rs 10,000 per ton and legal actions under environmental laws. This initiative aims to maintain Bengaluru's environmental integrity and urban aesthetics.Read more

23 Sep 2023

India's prominent co-working provider, BHIVE Workspace, has unveiled its biggest co-working facility in Bengaluru's central business district on Church Street. This move caters to the escalating demand for premium flexible office spaces in the city. Covering an expansive 1.2 lakh square feet, the new co-working space offers nearly 3,500 seats and an array of dining options. Already a hit, with over 40% of seats occupied, the launch was celebrated with celebrity presence. This addition strengthens BHIVE's presence in Bengaluru's CBD as co-working demand continues to rise in prime locations.Read more

22 Sep 2023

FF21, a prominent co-living operator, is set to expand in Bengaluru, aiming to introduce 2000 new beds across 3-4 strategic locations in the current fiscal year. With six properties in Bengaluru already, FF21 caters to young working professionals by offering dynamic and community-focused co-living spaces. The demand for co-living spaces is growing due to hybrid work models, prompting FF21 to pursue ambitious expansion plans. CEO Ajay Nemani emphasizes their commitment to top-tier co-living spaces with excellent design, community integration, and advanced technology, ensuring a comfortable and secure living environment.Read more

15 Sep 2023

The Petitions Committee of the Karnataka State Assembly has given the Bangalore Development Authority (BDA) a one-year extension to complete the Nadaprabhu Kempegowda Layout (NPKL) project due to ongoing land acquisition cases. This decision came after the BDA explained its need for additional time to provide essential infrastructure. However, the committee expressed dissatisfaction with the BDA's repeated delays and the impact on the 10,000 allottees waiting to build homes. This case highlights the challenges of urban development and the importance of timely infrastructure provision. It also underscores the need for adherence to environmental guidelines in urban planning.Read more

14 Sep 2023

Birla Estates Private Limited, a subsidiary of Century Textiles and Industries Limited, has unveiled a real estate project in Bengaluru's Devanahalli area with a potential revenue of Rs 3,000 crore. The project, called Birla Trimaya, is being launched in phases, offering 1, 2, and 3BHK apartments and duplexes across eight towers. Located near the upcoming BIAL IT Investment Region, it aims to attract a diverse range of investors. Birla Estates' CEO, KT Jithendran, highlighted the growing business hub in North Bengaluru, making it an attractive destination for skilled professionals seeking an opulent lifestyle. The project is in collaboration with Ramaiah Realty LLP.Read more

06 Sep 2023

The Bruhat Bengaluru Mahanagara Palike (BBMP) in Bangalore is cracking down on unauthorized flex banners, particularly those outside under-construction real estate properties, as part of a broader campaign against illegal signage. During this effort, BBMP officials have filed numerous complaints and FIRs against violators, including real estate developers. While penalties for banner violations are in place, activists argue that political will is necessary to address this issue effectively. They suggest considering stricter measures, like temporarily revoking advertising rights, and exploring alternative methods such as electronic displays for advertisements to combat the persistent problem of unauthorized banners.Read more

01 Sep 2023

Morgan Stanley Advantage Services has extended its lease for 136,000 square feet of commercial office space in Bengaluru's Ecoworld. The property, leased from RMZ Corp. for 120 months, includes a 15 percent rent escalation every three years. The lease, signed with Artiga Ecoworld Infrastructure, requires a security deposit of Rs 9.4 crore. Additionally, Morgan Stanley plans to relocate its India headquarters to an 86,000-square-foot office space in Mumbai's Altimus Worli. Amidst a 12 percent YoY absorption dip in H1 2023, India saw a 12 percent QoQ office leasing increase. RMZ Corp. had earlier sold 12.5 million square feet of assets to Brookfield for $2 billion.Read more

30 Aug 2023

The "Puneeth Rajkumar Housing Complex," a project by the Bangalore Development Authority (BDA) that includes 322 upmarket villas in north Bengaluru, is almost finished. The property, which is situated on 31 acres of land, has necessary features including a clubhouse, park, and sports facilities. On a first-come, first-serve basis, the villas will be sold through an online application process. A 320-unit residential building has also been built by BDA nearby. The project demonstrates BDA's dedication to improving Bengaluru's housing alternatives and is projected to generate significant interest from purchasers looking for contemporary and well-equipped homes.Read more

30 Aug 2023

Officials from BBMP have issued notices to nearly 9,736 alleged illegal A-khata property holders in Bengaluru, giving them 15 days to prove the legitimacy of their A-khatas or have their properties shifted to the B-khata registry. An investigation revealed that over 45,000 A-khatas were issued since 2014, with suspicions that many were illegally obtained due to erroneous development charge collections. Zonal teams are currently reviewing all A-khatas, potentially leading to more reclassifications.Read more

21 Aug 2023

Bengaluru has witnessed a remarkable 1,005% increase in its urban built-up area from 1973 to 2017, according to the "Liveability Index" report by CiRE (Corporates in Real Estate). The city, home to over 15% of Karnataka's population, has solidified its role as a significant tech and employment hub, with software exports soaring to Rs 6.3 lakh crore in 2022. In the real estate sector, Bengaluru accounted for 20% of India’s commercial leases last year, absorbing 12.5 million sq ft of office space in 2022 alone. The report predicts sustained growth for the city, fuelled by ongoing infrastructure projects and a positive investment climate.Read more

21 Aug 2023

The Bangalore Development Authority's (BDA) land layouts in Karnataka have fallen short of promises, prompting the Deputy Chief Minister's call for immediate action. Urban planning discrepancies have raised concerns about the city's liveability and growth. The BDA's incomplete layouts could lead to inadequate infrastructure and services, necessitating urgent intervention to align development with residents' needs and ensure sustainable urban expansion.Read more

19 Aug 2023

BHIVE, a leading Bengaluru-based co-working provider, introduces a ground breaking Rs 400 crore CAT-2 alternative investment fund to revolutionize the co-working sector. With a strong performance record of transactions exceeding Rs 200 crore in the past year, BHIVE strengthens its position as a trusted player. The company's visionary approach involves acquiring prime commercial real estate properties, inviting High Net-worth Individuals and family-owned businesses to invest a minimum of Rs one crore. BHIVE's expansion and innovative fund underscore its commitment to shaping the co-working landscape and accommodating the evolving demands of modern workspaces.Read more

19 Aug 2023

BBMP officials have reported that a number of builders and developers have taken their grievances to the high court, resulting in court orders to lower the fees collected by the agency. This move comes as fears of a substantial loss amounting to over Rs 2,300 crore loom over the Bengaluru municipal body. In response, BBMP has proposed adjustments to two laws to mitigate potential losses. The agency aims to find a balance between revenue generation and accommodating the concerns raised by builders and developers regarding fees.Read more

17 Aug 2023

In a recent case, the Karnataka High Court ruled that the 'as is where is' clause in a public auction does not absolve a bank from providing a property free from encumbrances. The court ordered Punjab National Bank to refund Rs 30.7 crore to a bidder due to the bank's failure to ensure an unencumbered property, emphasizing the importance of due diligence in property transactions. This decision sets a precedent for auction purchasers' rights and underscores the consequences of inadequate oversight by lending institutions.Read more

12 Aug 2023

Tata Realty and Infrastructure Ltd. (TRIL), the real estate arm of the Tata Group, is set to acquire a 25.3-acre land parcel in Bengaluru for approximately Rs 986 crore. The strategic acquisition, located in Doddanekundi Village near the IT hub of Whitefield, underscores TRIL's expansion plans. The company aims to introduce 5 million square feet of office space through two IT parks in Hebbal and Whitefield, requiring an investment of Rs 4,000 crore. This move aligns with the trend of developers engaging in smaller land transactions for diverse developments, showcasing the dynamic nature of India's real estate market.Read more

08 Aug 2023

More than 6,300 property owners in Bengaluru have filed objections to errors found in draft cards under the Urban Property Ownership Records (UPOR) project. The project, which aims to issue property cards for 25 lakh properties within BBMP limits, faced discrepancies including wrong property dimensions and name printing. Commissioner Manjunath acknowledged the issues but emphasized that the objections constitute less than 3% of the total cards issued. The officials are committed to correcting the errors in the final cards, with the remaining wards expected to be surveyed in the coming months.Read more

03 Aug 2023

Prozo, a prominent player in the SME sector, has announced a strategic expansion by establishing three state-of-the-art warehouses in Bengaluru and Ludhiana. With a focus on revolutionizing the supply chain landscape, the move aims to serve a broader customer base efficiently. Equipped with cutting-edge technology and eco-friendly practices, Prozo's warehouses will ensure seamless order processing and timely deliveries, reinforcing its position as a leader in the SME supply chain space. The visionary move aligns with the growing demand for reliable supply chain solutions, further empowering SMEs to adapt to the evolving business landscape.Read more

03 Aug 2023

The Chief of Bangalore Development Authority (BDA) is instructed to return Rs 2 lakh to a property allottee following a complaint of unauthorized collection. An investigation confirms the irregularities, raising concerns about corruption. The incident prompts discussions on transparency and integrity in property allocation procedures. Authorities vow to implement reforms to prevent future malpractices, emphasizing the importance of ethical conduct in public institutions. Stakeholders hope for a corruption-free environment and increased accountability within BDA. The directive highlights the need for stringent oversight mechanisms and fosters calls for comprehensive training programs to uphold credibility and public trust.Read more