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

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

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

Table Space has acquired 500,000 sq ft of office space at Kalyani Camellia in Whitefield, Bengaluru, for approximately INR 500 crore, marking its second owned asset in the city. Founded in 2017, the company specializes in custom and managed office solutions, operating over 60 centers in seven Indian cities with more than 9.5 million sq ft of workspace. Post-COVID, demand for flexible workspaces has surged as companies adopt hybrid models. This acquisition follows Table Space's earlier purchase of Panchshil Towers in Pune and underscores Bengaluru's importance, contributing 46% of the company's revenue. The expansion solidifies Table Space's leadership in India's flexible workspace market.Read more

The Bruhat Bengaluru Mahanagara Palike (BBMP) has extended the deadline for revised guidelines on paying guest (PG) accommodations to September 21, offering relief to PG owners. The guidelines, which require 70 square feet per person and 90-day CCTV footage retention, face opposition from the PG Owners' Welfare Development Association, which seeks more lenient regulations. BBMP officials are considering the association's concerns, and a meeting is planned to finalize the guidelines and the future of PG facilities in the city.Read more

Sumadhura Group has leased 1.8 lakh sq ft of warehousing space to NX Logistics India (Nippon Express) at its Sumadhura Logistics Park in Bengaluru. The nine-year lease agreement includes ready-to-move-in warehousing facilities. Madhusudhan G, Chairman and Managing Director, highlighted the rising demand for Grade A warehouses across various sectors, emphasising that large-scale industries like FMCG are driving this need. He noted that the FMCG sector is expected to grow into a USD 10 billion industry by 2030, underscoring the importance of high-quality warehousing solutions in supporting this expansion.Read more

Beginning 13th September, the Bangalore Development Authority (BDA) has mandated a shift to e-khata for all properties, replacing the paper-based system. This transition, impacting over 2 lakh properties, enhances transparency in property transactions and helps prevent fraud such as double registrations and illegal dealings. The e-khata, integrated with the Kaveri-2 software, assigns a unique ID to each property, enabling buyers to verify legality and ownership. While properties with existing khatas remain valid, new transactions require e-khata registration. This move strengthens accountability and will soon cover Bruhat Bengaluru Mahanagara Palike (BBMP) properties.Read more

hBits has launched its second Grade A commercial asset in Vaswani Centropolis, Bengaluru, worth INR 28.8 crore. The property, measuring 12,776 square feet and leased for six years, has an entrance yield of 8.75% and an expected internal rate of return (IRR) of 15.12%. This is the company's fourth asset launch this year, bringing its total portfolio to 15 properties with an AUM of INR 400 crore. hBits recently applied for a small and medium REIT licence from SEBI, with the goal of providing more investment alternatives to smaller investors.Read more

BHIVE Workspace has leased 77,000 square feet of grade-A office space from Address Maker on CMH Road, Indiranagar, Bengaluru, for INR 8.5 crore annually. This new space will accommodate over 1,500 seats and feature various amenities like boardrooms, recreational zones, and dedicated parking. In August 2024, BHIVE also leased 42,000 square feet in Mahadevapura, Bengaluru, following a 62,000 square feet expansion in Mumbai's Bandra-Kurla Complex. Aiming for INR 348 crore in revenue for FY25, BHIVE plans to add 3 million square feet by FY26, solidifying its position as a leader in flexible workspaces across India.Read more

Incuspaze has expanded its footprint in Bengaluru by leasing 325,000 square feet of office space at QUBE Software Park, Outer Ring Road, catering to over 5,000 seats. This follows a recent lease of 156,000 square feet in Whitefield, as the company targets one million square feet of space in the city within a year. With Bengaluru's IT sector driving demand for scalable workspaces, Incuspaze plans to add two million square feet across key South Indian cities. Established in 2016, the company now operates 4 million square feet across 44 locations in 18 cities.Read more

Karnataka Deputy Chief Minister D K Shivakumar announced the expansion of a new online building plan approval system across Bengaluru, simplifying the process for sites up to 4,000 square feet. The 'Nambike Nakshe' scheme, initially piloted in two zones, allows provisional approvals by architects or engineers, with final approval online. Shivakumar outlined plans for the repairing of damaged roads and praised BBMP efforts in flood prevention and addressed contractor protests over payments, emphasising that the government will assist within legal limits while discouraging pressure tactics. Awareness campaigns for cleanliness are also being implemented.Read more

IBM has renewed its lease for 830,000 square feet in Bengaluru's Embassy Golf Links Business Park, marking a significant office leasing transaction in India this year. The ten-year lease, costing INR 143 crore annually, involves a monthly rate of INR 140 per square foot, with planned escalations of 12% and 15% after five and eight years, respectively. Despite the rise of remote work, demand for office space remains strong, with India's leasing market up 19% in the first half of 2024. IBM's continued expansion underscores the importance of physical office environments amid evolving work trends.Read more

The Bruhat Bengaluru Mahanagara Palike (BBMP) has intensified efforts to recover unpaid property taxes, aggressively attaching properties and sealing non-residential buildings. Despite these measures, 66,8% of property owners remain defaulters. The East Zone leads enforcement by sealing 1.317 properties, followed by the West Zone. In property attachments, the West Zone tops the list with 9.088 properties. Mahadevapura, although the highest tax-paying zone, also has the most defaulters. Meanwhile, Deputy Chief Minister DK Shivakumar launched an online building plan approval system to streamline procedures and enforce regulations, particularly in areas adjacent to Rajakaluves, where significant infrastructure development is underway.Read more

Urban Vault, a managed co-working firm, has leased 100,000 square feet of prime office space at Brigade Summit in Whitefield, Bengaluru, to meet the growing demand for managed workspaces. The new facility will house over 2,000 desks, with a per-seat cost of INR 9,000 and above-monthly. Urban Vault, with over 20 lakh square feet of office space and 30,000 desks in its portfolio, plans to expand into Pune, Gurugram, Hyderabad, Delhi-NCR, and Mumbai. The company reported a turnover exceeding INR 100 crore in the 2023-24 fiscal year, driven by the demand for Grade A office space.Read more

The Bruhat Bengaluru Mahanagara Palike (BBMP) has unveiled a list of the top 100 property tax defaulters, which includes significant institutions such as transport corporations and educational bodies. With unpaid taxes totalling INR 900 crore, these entities have ignored repeated notices from the BBMP, despite the One-Time Settlement (OTS) scheme offering a 50% waiver on interest and penalties. The BBMP is now intensifying efforts to recover these dues, threatening property seizures for non-compliance. The move targets significant defaulters across various city zones, aiming to restore much-needed revenue for Bengaluru's development.Read more

Bengaluru's civic body has issued a strict directive to contractors, mandating the timely removal of construction debris from project sites or face financial penalties. This initiative addresses the growing issue of construction waste obstructing public spaces, hindering traffic, and posing health risks. Contractors are now responsible for maintaining cleanliness throughout the project lifecycle, with regular inspections by officials ensuring compliance. Fines will be imposed based on the severity of violations. The directive is welcomed by residents, who have long complained about debris-related hazards. To aid compliance, the civic body plans to establish designated debris disposal zones across the city. This move aims to enhance urban living conditions and promote sustainable practices as Bengaluru continues to grow.Read more

Jenika Ventures, a rapidly expanding player in the Indian business landscape, has announced its entry into South India with a new office in Bengaluru. This strategic move aims to tap into the city's vibrant business ecosystem, known for its prominence in technology, innovation, and entrepreneurship. Bengaluru, often dubbed India's Silicon Valley, will serve as a hub for Jenika Ventures to manage regional operations, foster partnerships, and drive growth across sectors like technology, finance, and real estate. The company plans to leverage the city's rich talent pool and dynamic market to expand its service offerings. This expansion reinforces Jenika Ventures' commitment to innovation and economic growth as it broadens its footprint across India.Read more

Residential property prices in India have surged significantly, driven by increased demand and new housing projects. Bengaluru's Bagaluru saw a 90% price increase, rising from INR 4,300 to INR 8,151 per square foot between 2019 and mid-2024, with 17,065 new units added, predominantly mid and premium segment. Hyderabad's Kokapet followed with an 89% rise, from INR 4,750 to INR 9,000 per square foot, supported by 12,920 new ultra-luxury homes. Whitefield in Bengaluru also saw an 80% price hike. These trends highlight a growing gap in affordable housing and varied regional growth across India's urban centers.Read more

Embassy Office Parks REIT has leased 800,000 square feet of premium office space to the Commonwealth Bank of Australia (CBA) in Bengaluru, with an option to expand by 600,000 square feet. This space, part of the Embassy Manyata project, will be a built-to-suit facility, expected for delivery by Q4 2026. Located in North Bengaluru, Embassy Manyata is one of Asia's largest business parks. This deal marks Embassy REIT's largest built-to-suit project and highlights Bengaluru's growing significance as a hub for global financial services.Read more

Bengaluru Metro has launched trial runs for the 3.14 km Green Line extension between Nagasandra and Madavara. Initial tests began on August 20, with trains operating at speeds of 3-35 km/h. Commercial operations are expected by the end of October, with potential public access by mid-September. The INR 298 crore project aims to alleviate traffic along Tumakuru Road, benefiting nearby areas like Nelamangala. Despite construction delays since 2017, major structural work is complete. Service disruptions are planned on specific dates, but the extension is set to significantly enhance Bengaluru's public transport infrastructure.Read more