Apple is making a massive play for the Indian market by leasing a 400,000 sq. ft. office tower in Bengaluru, setting a new rental record of over INR 220 per sq. ft. per month. This annual lease, exceeding INR 1,000 crore, signifies Apple's long-term commitment to India. This expansion aligns with Apple's plan to produce 25% of all iPhones in India within a few years, potentially involving $10 billion in investments. With additional offices in Mumbai, Hyderabad, and Gurugram, and new retail stores, Apple aims to solidify its operational and manufacturing presence in India.Read more

BBMP's efforts to increase property tax revenue have fallen short, with collections between April 1 and June 29 this year totaling INR 1,646 crore, 28% less than last year's INR 2,287 crore. This represents only 32% of the targeted INR 5,210 crore. Officials attribute the shortfall to the state's Lok Sabha elections and hope that extending a 5% rebate until July 31 will improve collections. Notably, daily collections picked up to INR 25 crore in the last week of June. Shortfalls vary across zones, with Mahadevapura seeing the highest decline at 38%. BBMP aims to intensify efforts to meet targets.Read more

Brigade Group has launched an 8-acre residential project on Tumkur Road, West Bengaluru, featuring modern apartments at attractive prices. With a total built-up area of 1.2 million square feet (approx. 111,650 square meters), the project will offer two and three-bedroom apartments to meet the growing demand for mid-sized homes. Executive Director Pradyumna Krishnakumar highlighted the project's Gross Development Value (GDV) of INR 1,100 crore (USD 137 million). This launch follows the recent introduction of Brigade Insignia in Yelahanka. West Bengaluru's excellent connectivity and infrastructure make it a desirable location for this new residential venture.Read more

The Karnataka Government is pushing for Central Government approval of two key phases of the Bangalore Metro Rail project. Phase three, costing INR 15,611 crore, awaits Union Urban Development Ministry clearance, while Phase 3A, the 37 km Hebbal-Sarjapur line, estimated at INR 28,405 crore, needs final approval despite state government consent. Additionally, the government seeks approval for the Mekedatu drinking water project and the development of Bangalore International Airport into an Air Cargo Complex. Chief Minister Siddaramaiah also emphasized the need to upgrade state highways and complete various infrastructure projects to enhance connectivity and economic growth across Karnataka.Read more

Leading real estate developer Concorde Group has acquired a 1.6-acre land parcel on Sarjapur Road in Bengaluru for a new residential project estimated at INR 200 crores. Facilitated by Colliers India, the project will feature a high-rise building with 2 and 3 BHK apartments, integrating home automation for enhanced security and energy efficiency. A signature Evolve clubhouse will provide top-notch amenities. The prime location offers access to key IT clusters and improved connectivity with the upcoming Peripheral Road and Namma Metro expansion. This acquisition underscores Concorde's commitment to innovative, high-quality living spaces, reinforcing its position as a top real estate developer.Read more

Godrej Properties has reached a milestone with its Godrej Woodscapes project in Whitefield-Budigere Cross, Bengaluru, selling over 2,000 homes and generating sales exceeding INR 3,150 crore (approximately USD 39 million). This project marks their most successful launch in Bengaluru and the highest sales volume and value ever for the company. This achievement, coupled with another recent launch exceeding INR 3,000 crore in sales, highlights the strong demand for residential properties in Bengaluru. With a robust pipeline of new projects in Bengaluru and plans to enter the Hyderabad market, Godrej Properties is set for continued growth in South India.Read more

In 2024, Bangalore's rental market, particularly in areas like Whitefield, Koramangala, and BTM Layout, showed signs of cooling after a surge earlier in the year. This slowdown in rental growth is attributed to a substantial increase in new apartment completions, totaling nearly 8,850 units launched in Q1 2024. Whitefield alone accounted for about 35% of these launches. The influx of new rental options has stabilised prices, providing renters with more choices. Experts suggest this trend may lead to a rental correction, potentially lowering rents in specific parts of the city, although the full impact remains to be seen as the market continues to adjust.Read more

Homeowners in Bengaluru with properties lacking a Khata have until July 31st to benefit from a new one-time settlement (OTS) scheme launched by the Bruhat Bengaluru Mahanagara Palike (BBMP). This initiative allows residents to clear outstanding property tax dues and obtain a Khata within three months. A Khata is essential for legal property ownership and facilitates connections to utilities, access to home loans, and property sales. The BBMP aims to generate INR 800-1,000 crore annually from the scheme, offering financial relief and simplifying future transactions. This initiative underscores BBMP's commitment to improving property registration and transparency in Bengaluru.Read more

Bengaluru-based Sattva Group announces a bold investment of INR 12,000 crore to INR 14,000 crore (USD 1.5 billion to USD 1.75 billion) over the next 2-3 years, driven by robust growth in India's real estate sector. The strategy marks a shift towards residential development following a surge in sales, aiming to double residential revenues to INR 6,000-6,500 crore (USD 750-812.5 million) by FY25. Expanding into Chennai and Mumbai, Sattva Group plans 23 million sq. ft under construction and eyes a significant commercial office market recovery with projects housing Google, Novartis, and JP Morgan. Financing includes equity, debt, and partnerships with firms like Blackstone Inc., underscoring their confidence in India's property market resilience.Read more

Bengaluru-based real estate developer Concorde has acquired a 1.6-acre plot on Sarjapur Road, valued at INR 32 crore, to develop a high-rise apartment tower with a GDV of INR 200 crore. The project will offer 2 and 3 BHK apartments over 225,000 sq ft, aligning with Concorde's mid-market focus. This follows their March 2024 acquisition of a 4.5-acre parcel in Thanisandra for a INR 400 crore development. Bengaluru's strong IT sector and growing population drive demand for mid-market housing, particularly in areas like Sarjapur Road. Construction is slated to start in July 2024, with further project details expected soon.Read more

Bangalore's logistics sector gets a boost as CJ Darcl Logistics leases 125,000 sq ft of warehousing space from IndoSpace. The nine-year agreement, located in IndoSpace's Narasapura Industrial and Logistics Park, strategically enhances CJ Darcl's operational capabilities. This partnership leverages IndoSpace's extensive network across 11 cities, offering CJ Darcl access to efficient logistics infrastructure crucial for expanding their Warehousing and Distribution (W&D) services. The move underscores Bangalore's role as a key logistics hub in India, supporting economic growth and meeting growing demand for high-quality logistics solutions amid rising e-commerce activity.Read more

The Karnataka government has addressed concerns over reports of selling 25,000 acres around Bengaluru for development. Emphasising balanced economic growth, the government clarified that land sales are not planned. Instead, they aim to increase non-tax revenue from sectors like mining, urban area advertising, and naming rights for public projects. Improving tax compliance and monetizing non-strategic assets without outright land sales are key strategies. The government plans to enhance private land value through infrastructure projects and develop idle government land to generate income. Collaborating with global consultants, they seek private investment for industrial townships, ensuring transparency and sustainable development for Bengaluru.Read more

Despite a directive from the BBMP Commissioner to demolish illegal buildings within 117 days, unauthorised structures in Bengaluru's Whitefield area persist. In October 2023, the BBMP identified 38 illegal buildings, but residents report no demolitions nearly seven months into the drive. Citizens, who were initially hopeful, have become frustrated as enforcement efforts weakened, with BBMP marshals withdrawn in December. RTI responses revealed that out of 72 buildings, only 34 had plan approvals, with 28 having deviations. The lack of action has led to continued construction of new illegal buildings, highlighting the city's administrative failures and possible collusion with violators.Read more

Residents in Bangalore's Vajarahalli area can expect relief as the BBMP has filed an FIR against Provident Apartment for improper wastewater disposal, under Sections 278 and 283 of the IPC and Section 3 of the Prevention of Damage to Public Property Act, 1984. The untreated wastewater, causing significant road damage and health risks, has been a recurring issue. BBMP's Assistant Engineer confirmed prior warnings and police complaints. The Thalaghattapura Police have demanded immediate rectification from Provident Apartments, highlighting the importance of responsible waste management and the BBMP's role in enforcement.Read more

In a pivotal ruling, Karnataka's KRERA reinforces builders' obligations to rectify structural flaws post-handover. Triggered by water seepage issues at SNR Verity, Bengaluru, the case spotlighted SNR Square Pvt Ltd's negligence. KRERA's mandate extends developers' liability for five years post-residents' association formation, safeguarding against common pitfalls like leakages and faulty wiring. Despite RERA's protective framework, challenges persist with developers evading responsibilities, often shifting repair burdens to associations prematurely. Empowered by KRERA's directive, Karnataka's homeowners armed with documentation and procedural knowledge can compel builders to honour their commitments, securing livable homes long-term.Read more

Whitefield, a rapidly developing IT and residential hub in eastern Bangalore, has become a prime real estate destination. With its robust infrastructure, excellent connectivity, and abundant social amenities, Whitefield attracts professionals and families seeking a comfortable lifestyle amidst the growing tech ecosystem. In May, Carmel Heights led the real estate market with the highest number of deals, followed by Prestige Palms and Amrutha Heights. The locality offers diverse housing options, from luxury apartments to budget-friendly choices, catering to a wide range of preferences and budgets. Whitefield's thriving real estate market underscores its appeal as a vibrant and sought-after locality.Read more

Royal Orchid Hotels, a Bengaluru-based hospitality company, has announced an ambitious plan to nearly double its room count to 11,000 keys across India within two years. Targeting new cities in Jammu & Kashmir, Uttar Pradesh, Andhra Pradesh, and Telangana, the company aims to secure management contracts and explore flexible-lease revenue-sharing models. Shifting to an asset-light approach, Royal Orchid focuses on leases and revenue-sharing agreements to accelerate expansion and mitigate financial risks. With over 100 hotels in India, Sri Lanka, and Nepal, the company seeks to strengthen its luxury and smart hotel segments, reflecting optimism in the rebounding Indian hospitality sector.Read more

Amazon is significantly expanding its presence in Bengaluru, leasing over 1.1 million square feet of office space from Sattva Group. Located at Sattva Horizon business park near Bengaluru International Airport, the new 11-story building will accommodate over 7,000 employees and be operational by mid-2025. This lease follows Amazon's other major property deals in India, securing over 1.45 million square feet across Bengaluru, Gurugram, and Hyderabad. Additionally, Amazon Web Services plans a USD 12.7 billion investment in Indian cloud infrastructure by 2030, emphasizing the company's long-term commitment to India's digital and economic growth.Read more

MoEngage, a US-based customer engagement platform, is expanding its Bengaluru operations by leasing an additional 450 seats at 315Work Avenue, doubling its space to 45,000 square feet. This move underscores the growing trend of businesses opting for co-working spaces for flexibility and scalability. 315Work Avenue provides customized, modern workspaces that cater to MoEngage's needs, enhancing employee productivity. Manas Mehrotra, Founder of 315Work Avenue, emphasized their commitment to client satisfaction. This expansion reflects India's booming demand for co-working spaces, projected to comprise 20% of the office market by 2030, driven by the need for adaptable and cost-effective work environments.Read more

Global energy management and automation leader Schneider Electric has launched its largest employee campus worldwide in Bengaluru with a significant INR 200 crore (EUR 22 million) investment. This expansive 630,000 square-foot campus, located at Bagmane Solarium City, serves as a global innovation hub, the first of its kind for Schneider Electric. It aims to foster innovation and collaboration among over 8,000 professionals. This strategic move underscores India's role in Schneider Electric's growth, leveraging the country's rich talent pool and positioning the nation as a pivotal centre for cutting-edge solutions in energy management and automation.Read more