A Bengaluru consumer court has ordered CanFin Homes Ltd to return property documents to a borrower, C Sathyanathan, who had fully repaid his loan. Sathyanathan cleared a loan of INR 60 lakh in 2018, but the company failed to return his documents, citing an unpaid penalty. After reviewing the case, the court found CanFin Homes guilty of service deficiency and ordered them to pay compensation totalling INR 1.3 lakh, along with INR 100 per day until the documents are returned. The company has 45 days to comply with the court's directive.Read more

Birla Estates, a subsidiary of Aditya Birla Real Estate Limited, has achieved remarkable success with Phase II of its Birla Trimaya project, selling 95% of its inventory within 24 hours and securing bookings worth INR 600 Crore. This follows the strong performance of Phase I, which garnered INR 500 Crore in 36 hours. The entire 52-acre project, located in North Bengaluru, is expected to generate around INR 3,000 Crore in revenue. Birla Estates continues to expand across key Bengaluru markets with various premium projects.Read more

The Bangalore Metro Rail Corporation Limited (BMRCL) is starting the acquisition process for properties needed for Namma Metro's Orange Line, connecting JP Nagar 4th Phase to Kempapura. The initial project package identifies 299 private and 29 government properties for an elevated corridor to Mysuru Road. BMRCL plans to construct eight stations and a 3-km double-decker flyover along the route. To complete the 32.2-km line, 1,031 properties covering 1.43 lakh square metres must be acquired. Additionally, BMRCL is reconsidering the size of a planned depot near Byadarahalli due to complications with land ownership and costs.Read more

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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