07 Oct 2024

The Bengaluru Metro's Phase 3 project has commenced, featuring geotechnical investigations critical for determining the placement of pillars and stations across 22 stations. This phase includes the 32.15-kilometre Outer Ring Road segment, known as the Orange Line, and a 12.5-kilometre stretch from Kadabagere to Hosahalli. An extended section of the Green Line is set for inspection by the Commission for Railway Safety, following successful trial runs. The project, with an extension to Madavara costing INR 298 crore, aims to significantly enhance connectivity for commuters travelling between Tumakuru and Bengaluru.Read more

07 Oct 2024

The Karnataka Government launched a draft Global Capacity Centres (GCC) policy aiming to generate USD 50 billion in economic output and attract 500 new GCCs by 2029, creating 350,000 jobs. The policy focuses on establishing Global Innovation Districts, with state-of-the-art technology parks in Bengaluru and beyond. Key features include incentives for anchor investors, customised packages for mega projects, and a Centre of Excellence for AI in Bengaluru. The policy emphasizes expanding the GCC ecosystem outside Bengaluru through recruitment support and infrastructure incentives. It aims to strengthen Karnataka's position as a global hub for innovation and business transformation.Read more

03 Oct 2024

The Karnataka government has made e-khata mandatory for property registration starting in October to battle fraud, urging property owners to obtain it quickly as physical khatas will be phased out. Revenue Minister Krishna Byregowda highlighted that the e-khata system, already in 12 districts, will expand statewide. To aid this transition, the revenue department has digitised property records and will collect GPS coordinates as unique identifiers for each property. Additionally, the government is expediting applications to regularise Bagar Hukum land, with 160 committees handling 9.8 lakh applications, while 81.8% of land parcels are now linked to Aadhaar.Read more

03 Oct 2024

Karnataka's government launched India's first Knowledge Health Innovation Research-City (KHIR-City) on 26 September 2024. Inspired by global hubs like Singapore's Biopolis and the US's Research Triangle Park, this 2,000-acre, INR 40,000 crore project aims to create 1 lakh jobs and foster growth in the health and research sectors. KHIR-City will house universities, hospitals, and industries to drive healthcare innovation and economic development. With an advisory committee of notable experts, the initiative blends global expertise with local talent to position Bengaluru as a global healthcare leader, accelerating research, development, and commercialization in India's healthcare landscape.Read more

02 Oct 2024

WeWork has leased a total of 143,000 square feet of office space at Embassy Golf Links Business Park in Bengaluru to IBM and OpenText. IBM secured 73,000 sq. ft., while OpenText took 70,000 sq. ft., both for two years. The growing demand for managed office spaces, particularly from the IT sector, is driving these transactions. Recent reports indicate that flexible office space in India reached 58 million square feet in the first half of 2024, with the IT sector accounting for half of the total absorption. IBM also renewed a separate lease for 830,000 sq. ft. in Bengaluru.Read more

02 Oct 2024

Century Real Estate, a prominent player in Bengaluru's real estate landscape for over five decades, has revealed a striking achievement with its new project, Codename Built Rare, in Indiranagar, securing INR 450 crores in sales during its pre-launch phase. Spanning 8.5 acres, this opulent development features 347 luxurious residences and an impressive array of amenities. With anticipated revenues of INR 2200 crores, it is set to redefine high-end living in one of the city's most coveted areas.Read more

01 Oct 2024

Puravankara, a prominent real estate developer in India, is expanding its commercial portfolio by acquiring 2.3 acres of land in Bengaluru for approximately INR 135 crore. The company aims to develop 3 million square feet of office space over the next four to five years, anticipating rental income growth to INR 500 crore. Recently, they announced plans to acquire 20 million square feet of land by the financial year's end, focusing on both outright purchases and redevelopment to boost residential and commercial project launches in major markets like Mumbai, Bengaluru, and the Delhi-National Capital Region.Read more

01 Oct 2024

NBR Group, a Bengaluru-based real estate developer, has acquired a 9.65-acre land parcel in the Sarjapur-Mullur suburb to develop a high-rise residential project covering 9 lakh square feet, projected to generate over INR 1200 crore. This area is rapidly gaining popularity due to its strategic location and ongoing infrastructure improvements, attracting tech professionals and families seeking affordable housing options. Meanwhile, Bengaluru's residential market is booming, with a 30% increase in home sales value in Q2 2024, reflecting sustained demand from buyers and investors alike.Read more

01 Oct 2024

Flent, a Bengaluru-based proptech startup, has raised INR 6.5 crore in a pre-seed funding round led by WEH Ventures, with participation from notable investors such as 2 AM Ventures and various angel investors, including former Airbnb GM Sanchan S Saxena. The startup plans to use the funds to expand its core team and develop a full-stack renting platform aimed at addressing the fragmented urban rental market, valued at USD 10 billion. With strong backing and a clear vision, Flent aims to revolutionise the rental experience for both landlords and tenants.Read more

30 Sep 2024

Bengaluru Urban District is struggling with a significant backlog of land dispute cases in revenue courts, totalling 16,355 unresolved cases, many of which have been pending for over three years. Administrative challenges hinder prompt resolutions, with 10,324 cases concentrated at the Assistant Commissioner level. The Revenue Department has implemented regular hearings to rush the process and mandated that pending appeals be distributed among parallel teams for resolution within six months. Despite efforts, the situation remains critical across various courts, including the Deputy and Assistant Commissioner courts, with thousands of cases still awaiting final decisions.Read more

30 Sep 2024

Prestige Group, a leading real estate developer, has introduced its new luxury project, 'Prestige Pine Forest', in Whitefield, Bangalore. With sales potential estimated at INR 1,100 crore, the project offers spacious 3 and 4 bedroom apartments designed for comfort, privacy, and luxury. Located near IT parks and top schools, it provides excellent connectivity for professionals and families. Prestige Pine Forest features green spaces and premium amenities, setting a new standard for upscale living in Bangalore.Read more

27 Sep 2024

Schloss Bangalore Ltd plans to raise INR 5,000 crore through an initial public offering (IPO), which would be the largest in India's hospitality sector to date. The IPO will include a fresh issue of equity shares worth INR 3,000 crore and an offer for sale (OFS) of INR 2,000 crore by its promoter, Project Ballet Bangalore Holdings (DIFC) Pvt Ltd. Backed by Brookfield Asset Management, the company has filed the necessary documents with SEBI. Funds raised will be used to pay off loans and support general corporate purposes, reflecting strong growth in the hospitality market.Read more

26 Sep 2024

The Karnataka Government is tackling the complex task of acquiring 85,000 acres for satellite townships around Bengaluru. The Karnataka Housing Board (KHB) needs 10,000 acres for five townships, while the Bangalore Metropolitan Area Development Authority (BMRDA) requires 75,000 acres for its five townships. Balancing development with farmers' interests, as many depend on their land for their livelihoods, is crucial. Challenges include high land costs, scarcity, and potential governance changes. The government is working to build consensus through raitha adalats and innovative compensation models. Despite these efforts, the future of the townships remains uncertain and needs careful management.Read more

26 Sep 2024

The Bangalore Development Authority (BDA) has implemented a development fee for existing residential and commercial buildings in the Shivarama Karanth Layout, calculated based on the difference between the 2018 and 2024 residential plot values. One-third of this difference will be levied as a fee, affecting 5,171 buildings regularized by the Justice Chandrashekhar Committee. Fees vary by village, with Kempapura at 1,149 per square foot as the highest and Kempanahalli at 43 the lowest. Development fees per square meter also differ across the 17 villages, while the distribution of plots remains delayed due to ongoing court cases.Read more

25 Sep 2024

The Bangalore Development Authority (BDA) is mandating the switch to the e-khata system for all properties within its jurisdiction, impacting over 2 lakh properties. This new digital system replaces the traditional paper khata to enhance transparency and prevent issues such as double registrations, illegal transactions, and fraud. Existing khata holders need an e-khata only if they sell, transfer, or gift their property. Each property will be assigned a unique ID through the Kaveri-2 software. Applications for e-khata can be made online via the Karnataka Seva Sindhu portal, with processing taking 3-5 days. This update aims to streamline and secure property transactions.Read more

25 Sep 2024

Chevron Corporation has partnered with RMZ Corporation to establish the Chevron ENGINE, an engineering and innovation centre in Bengaluru, leasing around 0.3 million square feet of commercial space. This state-of-the-art facility aims to harness India's skilled workforce and address global energy challenges, contributing to economic growth. RMZ plans to expand its office portfolio to 50 million square feet across six cities. Both companies underscore India's appeal as a destination for multinational corporations, with a focus on advanced, technology-driven workspaces that promote local talent and support the future of the energy sector.Read more

24 Sep 2024

The Karnataka state government is actively searching for a suitable location to build a second international airport in Bengaluru. The decision is driven by the city's growing development needs, increasing passenger traffic, and cargo pressure. After extensive evaluation, the final site appears to be near Nelamangala, situated along National Highway 75. The government had examined several locations, and based on the Airports Authority of India's (AAI) technical standards, the site between Nelamangala and Kunigal seems to be the chosen location. The existing Kempegowda International Airport (KIA) has been experiencing a surge in air traffic, prompting the development of a second international airport.Read more

24 Sep 2024

Demand for large office spaces is rising significantly, accounting for about half of all commercial real estate deals in eight major cities in the first half of the year. According to Knight Frank India, deals for spaces over 100,000 square feet grew by 54% from last year, reaching 15.69 million sq. ft. Bengaluru led this trend, with office leasing making up 53% of total transactions, a 32% increase from the previous year. This surge is driven by multinational corporations establishing Global Capability Centres. Hyderabad and Mumbai follow, with significant mid-size leasing growth, highlighting a strong demand for flexible workspaces across major Indian cities.Read more

23 Sep 2024

The Bengaluru civic body has extended its one-time settlement (OTS) scheme for the property tax defaulters until 30 November, following its initial expiration in July and a prior extension to September. This decision, based on a 5 September cabinet meeting, grants taxpayers extra time to clear dues. The scheme, introduced in February, offers defaulters a 100% interest rebate and a 50% penalty reduction. Over 2.6 lakh properties owe INR 474 crores in taxes, with INR 273 crores already collected from 1.3 lakh properties. The BBMP attached 49,487 properties and sealed 4,586 non-residential ones as of 1 September.Read more

23 Sep 2024

In August, Jumboking launched its first burger shop in Bengaluru's HSR Layout, achieving sales figures comparable to its Delhi and Mumbai outlets. Founder Dheeraj Gupta views Bengaluru as a key market due to its status as India's burger capital and its vibrant youth demographic. The South Indian market, including Bengaluru and Hyderabad, is projected to contribute 20% to Jumboking's market share. The company plans to open 150 to 200 stores in Bengaluru over the next decade and expand with 24 new stores in Delhi and Mumbai and 12 in Hyderabad and Bengaluru. With a first-quarter revenue of INR 35 crore, Jumboking aims for INR 40 crore by the third quarter.Read more