The Bangalore Development Authority (BDA) plans to redevelop seven of its housing complexes across Bengaluru into shopping malls and commercial spaces to generate more revenue from rental income. However, local residents have strongly opposed the move, arguing it is unnecessary given the existing commercial development in the area. Of the seven sites, the proposal to redevelop the Indiranagar complex into a mixed-use development has faced particularly vocal opposition from Resident Welfare Associations (RWAs). The private developers will have rights over the redeveloped land for 60 years as part of the agreement with BDA. While officials claim annual revenue of INR 40 crore once complete, RWAs have urged them to reconsider the plan due to concerns over traffic, pollution and lack of public consultation.Read more

Brigade Group has successfully secured a prime parcel of land on Old Madras Road in Bengaluru, marking a significant milestone in their real estate endeavours. With a hefty investment of INR 660 crore, the residential project will sprawl across 4.6 acres, emphasising sustainability as a core principle. Managing Director Pavitra Shankar highlights the project's strategic alignment with Brigade's growth trajectory, emphasising its commitment to providing eco-friendly living spaces tailored to meet customer preferences. With an extensive pipeline totalling 12.61 million square feet, Brigade Group continues to revolutionise urban living standards across Bengaluru, Chennai, and Hyderabad.Read more

HDFC Capital exited a Total Environment project in Bangalore, yielding nearly INR 300 crore. Initially, it invested INR 229 crore in a residential project in Whitefield, Bangalore, aiming to develop 1 million square feet under "Pursuit of a Radical Rhapsody." Founded in 1996, Total Environment has delivered 5.5 million square feet of residential and commercial space, with 14 million square feet currently under construction. The Bangalore-based developer generated INR 527 crore returns, providing an exit to HDFC Capital while also returning INR 250 crore against other investments in FY 2023-24. HDFC Capital manages four SEBI-registered Category II Alternative Investment Funds, forming a USD 3 billion platform.Read more

HDFC Capital, the real estate private equity arm of HDFC Group, has exited the "Pursuit of a Radical Rhapsody" project in Bengaluru, generating a remarkable return of close to INR 300 crore, surpassing their initial investment of INR 229 crore. Developed by Total Environment, the project comprises 4.4 million square feet of residential space and 500,000 square feet of commercial development. This successful exit underscores HDFC Capital's strategic investment approach and ability to create value. Partnering with esteemed developers like Total Environment, known for quality, reflects HDFC Capital's commitment to promoting affordable and mid-income housing in India. This achievement highlights the potential for strong returns in Bengaluru's real estate market and HDFC Capital's pivotal role in shaping India's housing landscape.Read more

Leading South Indian real estate developer Shriram Properties Limited (SPL) has announced the acquisition of a 4-acre land parcel in Chandapura, Bengaluru to develop a luxury residential project. The project will consist of approximately 350 meticulously designed apartments within a saleable area of 4 lakh square feet, with an estimated revenue of over Rs. 250 crores. Nestled in vibrant Chandapura with proximity to IT parks and amenities, the project aims to provide a high-quality living experience. SPL has a robust pipeline of 47 projects with 51 million square feet of saleable area, including 25 ongoing projects of 23.5 million square feet as of March 31, 2024.Read more

Hebbal, situated in Bengaluru's northern region, is a rapidly growing residential and commercial area known for its proximity to Kempegowda International Airport. In March, L&T Raintree Boulevard emerged as the top-selling building, with various options available for homebuyers. From luxurious apartments in Crown Aura to budget-friendly choices in Anand Nilaya, Hebbal caters to diverse budgets and preferences. The area offers a mix of housing options, including spacious homes and compact living spaces. With prices per square foot ranging from INR 930 to INR 46,932, Hebbal accommodates different budgets. Close to 52% of apartments sold fell within the INR 1 - 2 crore range, appealing to a large segment of buyers.Read more

The Supreme Court is hearing a case regarding delayed possession of flats in Mantri Serenity, a project in Bengaluru by Mantri Castles Private Ltd. While the developer claims to have offered possession, Moneycontrol found that several flats still lacked occupancy certificates (OC). On April 30th, the Court took up the issue based on submissions from homebuyers' counsel representing 48 buyers who booked flats between 2013-2016 for INR 75-95 lakh but did not receive possession as promised between 2015-2019. While the interim order in November directed the developer to hand over possession, the developer did so without necessary OC. The Court's latest status quo order prevents further unilateral actions until the developer demonstrates fulfillment of all legal requirements to offer rightful possession to the homebuyers.Read more

Sumadhura Group, a real estate developer in South India, has announced land acquisition in Bengaluru, demonstrating confidence in the city's thriving housing market. With an investment of approximately INR 800 crore, the acquisition spans 40 acres across chosen locations. The company plans to develop four new residential projects, addressing the city's growing demand for quality housing. With construction expected to begin within the next three quarters, these projects will collectively offer around six million square feet of saleable area. This move strengthens Sumadhura Group's presence in Bengaluru and positions them for future growth, with plans to explore opportunities in other high-growth cities like Pune and Chennai. This diversification underscores their commitment to catering to diverse demographics and project types, contributing to the overall development landscape of India's real estate sector.Read more

The Rental Yield Plus (RYP) Fund, managed by Edelweiss Alternatives, has acquired MMTP Projects (MMTP PPL) for over INR 1,500 crore, expanding its presence in Bengaluru's tech hub. MMTP PPL owns 1.1 million square feet in Manyata Tech Park, expanding RYP's Bengaluru portfolio to 1.8 million square feet. Subahoo Chordia highlighted the growing investor interest in Grade A office spaces, predicting India's Grade A/A+ office stock to surpass 1 billion square feet, valued at USD 84 billion. With assets exceeding INR 2,500 crore, RYP solidifies its position in commercial real estate. The acquisition signals optimism for Bengaluru's commercial real estate, offering opportunities for investors and businesses alike, with potential benefits including competitive lease terms and access to amenities in prime locations.Read more

Assetz Property Group, a leading Bengaluru-based real estate developer, has teamed up with Inspira Builders to introduce their latest venture, "Melodies of Life." situated off Hosa Road, the 39-acre project offers 505 spacious plots ranging from 1500-3000 sq. ft. Targeted at startup and IT professionals, prices start at INR 1.71 crores, boasting upscale amenities like multipurpose courts, swimming pools, and lush greenery cultivated using the Miyawaki technique. With connectivity to major job centers and educational institutions, the project promises a well-rounded lifestyle.Read more

Ajit Isaac, Chairman and Managing Director of Quess Corp, has made headlines with his recent acquisition of a 10,000 square foot plot in Bengaluru's prestigious Koramangala area. Valued at INR 67.5 crore, this transaction, set at INR 70,300 per square foot, has established a new standard for real estate deals in the city. Koramangala's third block, also known as 'Billionaire Street', boasts upscale residences and exclusive ambiance, attracting prominent figures like Infosys co-founders Nandan Nilekani and Kris Gopalakrishnan. Isaac's strategic focus on Bengaluru's upscale neighborhoods aligns with the city's booming real estate sector, particularly in sought-after areas like Koramangala. With limited land availability and rising demand from discerning buyers, the area is poised for continued growth, solidifying its status as a preferred address for high-profile individuals and investors like Isaac.Read more

Century Real Estate Holdings has secured INR 450 crores in debt financing from Edelweiss Alternative Asset Advisors. Around 40% of the funds will be used to acquire a 72-acre land parcel near Devanahalli airport in Bengaluru to develop a plotted residential project. The rest will be used to repay existing debt and provide working capital for new and existing projects. Managing Director Ravindra Pai said Bengaluru's residential market has been robust, with Century achieving INR 1,000 crores in sales in FY24 and aiming for INR 2,000 crores in FY25. Property consultants note debt transactions in housing have increased due to sales momentum and need for working capital.Read more

Begur, once a serene village, has transformed into a thriving residential and commercial hub in Bengaluru. March witnessed a flurry of real estate activity in Begur, with Splendid Lake Dews leading the charge, followed by Windsor Troika, SNN Raj Serenity, and Splendid Lake Breez. The diverse offerings catered to varying budgets and preferences, from luxurious units to budget-friendly options, and from spacious homes to compact living spaces. With its strategic location, modern amenities, and excellent connectivity, Begur emerged as a real estate hotspot, offering a harmonious blend of affordability, luxury, and convenience.Read more

The 217-room 5-star hotel located near Bengaluru's Kempegowda International Airport that is owned by Lulu Group's hospitality arm Twenty14 Holdings and is being developed to be operated by Marriott International is on the market for about INR 400 crore. While a private equity firm has bid INR 350 crore, an additional INR 40-50 crore is required to complete the project that is currently 75% finished. The sale is expected to close within two months and comes as the Lulu group looks to reduce debt from its rapid expansion in recent years which has caused delays in completing some hotel projects.Read more

Sobha Limited, a leading real estate developer, has launched Sobha Crystal Meadows, a collection of 290 English-inspired luxury row homes in Bengaluru. Located on a 26-acre property off Sarjapur Road, the development offers lavish 4-bedroom homes ranging from 4,237-4,815 sq ft with modern amenities. 68% of the area is reserved as open space. Priced over INR 10.5 crore, the homes are aimed at C-suite executives and provide a blend of contemporary design and traditional architectural elements for a serene living experience away from the city bustle.Read more

The National Consumer Disputes Redressal Commission (NCDRC) has ruled that obtaining an occupancy certificate is irrelevant for builders if possession of the property is delayed beyond the agreed timeline. This ruling came while ordering a full refund for a homebuyer in Bengaluru, even though possession was being offered. The homebuyer had booked an ultra-luxury apartment worth over Rs. 6.8 crore in 2015 with scheduled possession in October 2016. However, possession was only offered in 2020, over three and a half years later. Rejecting the builder's arguments, NCDRC stated the date of receiving occupancy certificate does not matter to homebuyers if possession is not given on time. It ordered the builder to fully refund the deposited amount along with interest, noting inordinate delay in possession of over three years.Read more

Bengaluru's Brigade Group partners with United Oxygen Company Private Limited to develop a 3 lakh sq ft Grade A office space on ITPL Road, Whitefield, with a projected value of INR 340 crore. Joint Managing Director Nirupa Shankar highlights the prime location and sustainable design, anticipating it will meet the demand for top-tier work facilities. The group plans to focus on commercial development in Bengaluru, Hyderabad, and Chennai, while expanding into smaller cities like Thiruvananthapuram and Cochin. Additionally, they aim to double their retail portfolio, adding a destination mall in Hyderabad and two smaller malls in Bengaluru's under-development townships.Read more

Prestige Group has acquired 21 acres of land in Bengaluru for INR 450 crore. The company intends to utilise the land for residential development, with plans spanning approximately four million square feet of developable area. This ambitious project is expected to yield around 1,800 apartments, catering to the growing demand for housing in the city. Venkat K Narayana, Group CEO, expressed plans to launch the project within three quarters and complete development in four years.The acquisition reflects Prestige Group's strategic expansion efforts and commitment to meeting the housing needs of Bengaluru's populace.Read more

PNT Reporter

Major developers Prateek Realtors (Delhi) and Suruchi Properties (Bengaluru) have secured substantial funding from the Edelweiss Special Situations Fund, totaling INR 8,775 crore, highlighting growing private investment in real estate. Edelweiss focused on completed projects, providing stability for investors despite high-interest rates of 18-20%. While this trend addresses financial challenges, it also underscores sectoral difficulties, as reflected in developers' credit ratings. While beneficial for project completion, high-interest financing may affect property prices, presenting both opportunities and challenges for homebuyers and developers alike. Strategic fund utilization will be critical for success in this evolving landscape.Read more

PNT Reporter

Concorde is set to invest INR 250 crore to develop a residential project in North Bengaluru, acquiring 4.5 acres for INR 100 crore. The project will encompass six towers with 424 units, projecting a revenue potential of INR 400 crore. Previously, Concorde acquired a stressed project in October 2023, achieving 85-87% revenue recognition. Targeting INR 440 crore in pre-sales this fiscal year, with H1 FY24 sales at INR 200 crore, the company plans four launches in the next 12 months. Additionally, it's developing 36 luxury towers on two acres, foreseeing revenue of INR 1,400 crore.Read more