Advertisement
The Karnataka Real Estate Regulatory Authority (KRERA) issued a significant order against Provident Housing, a subsidiary of Puravankara Ltd, concerning delays in delivering the Provident Noera apartment complex in Yelahanka, north Bengaluru. The ruling addressed the challenges faced by homebuyers due to prolonged project delays, highlighting the plight of Dasari Naresh, who has been paying EMIs without possession since 2019. KRERA invoked Section 18 of the RERA Act, holding Provident Housing responsible for compensating Naresh for financial losses. Amidst high home loan interest rates, ranging between 8-15 percent, KRERA's intervention underscores regulatory oversight's crucial role in safeguarding homebuyers' interests and fostering transparency in India's real estate sector.Read more
The state government of Karnataka has assured that property taxes will not increase in the upcoming fiscal year 2024-25, dispelling concerns raised by earlier talks of a new tax calculation method. Deputy Chief Minister DK Shivakumar clarified that recent rumours about significant tax hikes starting April 1, 2024, are false. The current tax computation method, based on property zones' "guidance value" since 2016, will remain unchanged. Bengaluru's municipal corporation, BBMP, is updating its property tax management software, making stability crucial amidst these changes. To combat misinformation, BBMP chief commissioner Tushar Giri Nath stated that action will be taken against those spreading false news about tax increases, ensuring residents' financial peace of mind.Read more
The Bengaluru consumer court reprimanded Sri Lakshmi Constructions for breaching contract terms in a Vasantha Vallabha Nagar apartment purchase. The builder, accused of failing to provide covered car parking, sewage treatment, BWSSB connection, and rainwater harvesting, was ordered to rectify these deficiencies and compensate the complainant with INR 20,000 for mental distress, plus litigation costs. The complaint arose from purchasing a 2 BHK flat in 2021, with subsequent dissatisfaction over inadequate amenities. Despite the builder's argument against the complainant's consumer status, the court held them accountable, emphasizing their failure to fulfill obligations, particularly regarding parking arrangements.Read more
White Lotus Group announced luxury villa projects in North Bangalore, projecting a revenue potential of INR 1200 crore. These projects, spanning 1 million sq. ft., introduce the "Personal Sanctuary" concept, offering bespoke living experiences. The group emphasises catering to elite clientele's unique tastes, leveraging their asset-light model for joint developments. Recent funding of INR 150 crore from Luxe Port Group aims to help fuel growth and expansion into Hyderabad, Pune, and Chennai. With a new-age team, White Lotus plans 1.5 million sq. ft. developments in North Bangalore by 2025, prioritising collaboration for future milestones and sustainability.Read more
Shriram Properties has achieved remarkable success with its newly launched project "Codename Ultimate" near Electronic City, Bengaluru. It has sold nearly 70% of its inventory in its opening weekend. The project features a Balinese-themed design and prioritizes open spaces, reflecting the company's commitment to providing tranquil living environments. With a strong track record in the micro-market and a history of delivering quality homes, Shriram Properties continues to garner customer trust and satisfaction through its compelling value proposition.Read more
IWG launches HQ in Bengaluru, redefining workspace with dynamic, adaptable environments spanning 10,000 sq. ft. in two locations. Aimed at meeting evolving needs, HQ offers co-working spaces, private offices, and creative zones. Positioned in key business hubs, it supports the '15-minute city' concept, reducing commute times. The move reflects IWG's commitment to flexible working amid rising demand. Bangalore's status as a tech hub influenced the launch, aligning with the city's surge in workspace demand. IWG's global presence, tech investment, and multi-brand strategy position it for exponential growth in the hybrid working era.Read more
Mahindra Lifespace Developers, the real estate development arm of the Mahindra Group, has acquired a 9.4 acre land parcel in Bengaluru's Whitefield area to develop a mid-premium housing project. The project will have a development potential of 1.2 million square feet with an estimated gross development value of Rs. 1,700 crore. Mahindra Lifespaces plans to launch the first phase of the project within the next twelve months. This acquisition is in line with the company's plans to grow its development portfolio and achieve a five-fold increase in pre-sales over the next five years.Read more
Shriram Properties introduces Codename Ultimate, a tranquil residential project near Bengaluru's Electronic City, drawing inspiration from Bali, Indonesia. With over 70% dedicated to open spaces, the development blends modern living with Balinese architecture. Close to IT hubs and upcoming metro stations, it offers two and three-bedroom apartments. Featuring a 14,000 sq. ft. clubhouse with 40+ amenities, it fosters community living. Shriram Properties, known for its quality and value appreciation, aims to meet the high demand for housing in Electronic City.Read more
Deputy Chief Minister DK Shivakumar announced the implementation of a decentralised automated online approval process named 'Nambike Nakshe' for building plans in Bengaluru, specifically targeting residential constructions. Under this new scheme, residential constructions of up to four units on a plot measuring up to 50 x 80 feet can obtain online building plan approvals from authorised architects or engineers, eliminating the need for physical visits to BBMP offices. Additionally, a new property tax system has been introduced, categorising the city into six zones based on asset classes, and a 10% increase in property taxes has been decided, with efforts to bring 18 lakh property owners into the tax bracket.Read more
Zolo Stays, India's leading co-living space, has introduced 'Zolo Diya,' a female-only co-living property in Bengaluru, coinciding with International Women's Day this year. Supported by prominent investors, the initiative aims to empower women through safe, inclusive living spaces. With half of the property already occupied, Zolo Diya prioritizes safety, comfort, and community for its residents. Featuring meticulously crafted amenities and dedicated female staff, it offers a nurturing environment for women to thrive. The official launch event included empowering speeches from female leaders, emphasizing the transformative impact of Zolo Diya on communal living for women.Read more
Advertisement
Prestige Group, renowned for its upscale developments, unveiled "Prestige Somerville" in Whitefield, Bangalore. With 306 apartments spread across 6.5 acres, this low-density project offers an abundance of green spaces. Positioned near key IT hubs and amenities, it promises convenience and tranquillity. Featuring 3 and 4-bedroom luxury apartments, the project boasts a clubhouse, pool, and lush landscapes. Expected to be completed by March 2026, Prestige Somerville aims to redefine opulent living in Bangalore. With prices estimated at around INR 1.5 Crore for 3-bedroom and INR 2.0 Crore for 4-bedroom units, it's poised to captivate discerning buyers seeking elegance and comfort.Read more
In the last quarter of 2023, Bengaluru's real estate market witnessed a surge in sales, revealing notable shifts in property preferences and investment trends. Larsen & Toubro (L&T) emerged as the top seller, recording sales worth INR 1,004 crore, followed by Prestige Group and Sobha Group. Affordable segment properties below INR 50 lakh constituted 48% of total transactions, reflecting a clear trend towards budget-friendly housing. Mid-segment homes valued between INR 50 lakh to 1 crore saw a slight uptick, while the luxury segment also experienced growth. North Bengaluru led in sales, propelled by projects like L&T Raintree Boulevard, while South Bengaluru remained a top choice due to its robust infrastructure and connectivity. Central and East Bengaluru also saw significant success, reflecting the city's vibrant real estate landscape and evolving aspirations of its residents.Read more
Godrej Properties has announced plans to develop a large township project in North Bengaluru under a profit-sharing model. The project, spanning 62 acres, will offer approximately 56 lakh sq ft of saleable area, primarily comprising residential apartments. With an estimated booking value of INR 5,000 crore, the project is expected to launch in the upcoming financial year. Godrej Properties has achieved strong financial performance, with sale bookings rising 59% and net profit increasing 11% in the December quarter. The company has acquired land parcels with a revenue potential of over INR 32,000 crore in FY23 and plans to add more land parcels in the coming months.Read more
Edelweiss, an investment firm, bought a 1.2 million sq ft office complex in Bengaluru for over INR 1,475 crore, marking the city's biggest office tower buyout this year. The fully leased building, located in a prime area, reflects growing investor confidence in the Indian office market, especially Bengaluru, which saw record-breaking office space absorption in 2023. Edelweiss plans to improve the property and build a strong commercial real estate portfolio across major Indian cities. This acquisition aligns with the growing trend of companies acquiring entire office buildings, as seen in recent purchases by Embassy Office Parks and various REITs.Read more
Shapoorji Pallonji Real Estate has introduced ‘Sequoia’, a premium residential development in Bengaluru's Parkwest 2.0 project. The project encompasses 180 luxury apartments, spanning 4.3 lakh square feet with a potential revenue of INR 500 crore. Sequoia completes the 46-acre Parkwest 2.0 complex, offering 3 and 4 BHK apartments. The project boasts excellent connectivity and proximity to key amenities. Shapoorji Pallonji Real Estate's recent launches in Pune and South Mumbai underscore its commitment to the luxury real estate segment in major Indian cities.Read more
hBits, a fractional ownership platform, ventures into Bengaluru's tech hub with the acquisition of Vaswani Centropolis, a commercial building in the Central Business District. The property, valued at INR 54.72 crore, offers a gross entry yield of 9% and an anticipated internal rate of return of 15.6%. With a lease duration of 30 + 30 months and a tenant lock-in period of 24 months, the acquisition expands hBits' assets under management to INR 310 crore. This move aligns with hBits' goal of catering to the increasing demand for real estate investments, particularly from non-resident Indians, targeting an AUM of INR 1000 crore by FY25.Read more
Based on the recent draft notification issued by the Bruhat Bengaluru Mahanagara Palike (BBMP), property tax in Bengaluru is proposed to be calculated based on the guidance value of the property per square foot per year. However, there are concerns raised by stakeholders, particularly the Karnataka Home Buyers' Forum, regarding the fairness and accuracy of this method. They argue that relying solely on the guidance value may not accurately reflect the true value of properties or consider individual circumstances, such as the actual usage of the property and its amenities. Thus, the proposed method suggests a departure from previous tax assessment practices in Bengaluru.Read more
Raagam Phase 1 by TATA Housing in Bengaluru was a remarkable success, selling out in less than a week after it opened and bringing in over INR 650 crores. Situated on 140 acres, the project, which is a part of the Tata Carnatica township, offers innovative planned developments. Raagam Phase 1, which has a total area of 9 lakh square feet and 576 sold plots, is a testament to Tata Housing's dedication to quality and innovation. The project's quick success is attributed to strategic marketing initiatives, a focus on customer happiness, and a variety of living options. These factors have raised the bar in Bengaluru's real estate market.Read more
Under Chief Minister Siddaramaiah's leadership, the Karnataka Government has unveiled a holistic plan to revamp Bengaluru, positioning it as a premier urban centre. Key initiatives include digitizing property tax records for all 20 lakh properties, aiming for a 'record' tax collection of INR 4,300 crore in the current fiscal year. To plug tax leaks, strategies have been devised, while additional revenue streams are to be targeted through revised advertisement policies and a premium Floor Area Ratio (FAR) policy. Infrastructure enhancements focus on road development, traffic decongestion, and the transformation of the Peripheral Ring Road (PRR) into the Bengaluru Business Corridor under a PPP model. Sustainability efforts include establishing captive solar parks, reinforcing Bengaluru's image as an eco-conscious metropolis.Read more
Zomato has secured a 7-year lease for 3.08 lakh sq. ft. of warehousing space at Sumadhura Logistics Park near Bengaluru. This deal, marking one of Zomato's largest warehousing transactions, comes as the company reported a net profit of INR 138 crore for the October-December period. Sumadhura Logistics Park, with an initial investment of INR 600 crore, spans 100 acres and offers 2.5 million sq. ft. of commercial warehouse space. The park aims to expand to 6 million sq. ft. in the next phase. Warehouses play a crucial role in buffering against disruptions, with retail being a key driver of warehousing demand in India.Read more
Advertisement
