Strata, a real estate investment platform, has acquired Bangalore's iconic 11-storey Cafe Coffee Day Square on Vittal Mallya Road for INR 150 crore, expanding its Karnataka asset transactions to over INR 410 crore. The property boasts a total built-up area exceeding 100,000 sq. ft., with each floor averaging around 9,000 sq. ft. Strata, currently has over INR 1500 crore in AUM. The company has 34 assets spanning 3.7 million sq. ft. across India, attracting over 100,000 members and backed by major investors like Kotak and Mayfield India.Read more

Embassy Group has finalized a joint development agreement for 3.75 acres of land in Whitefield, Bengaluru, aiming to introduce a premium residential project with an estimated revenue potential of INR 550 crore. The project will offer approximately 400 apartments across various configurations, with modern amenities and timeless aesthetics catering to millennials. Envisioned for Q4 FY24 launch, the development spans 5.4 lakh sq ft of saleable area and targets the growing demand from young professionals in the IT sector. Additionally, Embassy Group plans to launch INR 5,000 crore worth of inventory in the upcoming year to meet the demand for luxury living spaces.Read more

The Bruhat Bengaluru Mahanagara Palike (BBMP) plans to implement an Integrated Voice Response System (IVRS) to remind its six lakh property tax defaulters of their dues. Munish Moudgil, Special Commissioner (Revenue), confirmed the initiative, likening it to reminders sent by banks. The BBMP aims to streamline revenue collection and reduce the burden on officials by outsourcing IVRS services. The system targets 20 lakh properties registered for property tax, with over 6 lakh in default. IVRS will handle reminders, feedback collection, and citizen queries through Sahaya 2.0, with an AI-based system expected to manage up to 70,000 calls daily.Read more

B&B Infra and Xanadu Realty unveil B&B Opulent Spire in Bengaluru's prestigious 9 Jayanagar, offering luxurious 4 BHK residences starting at INR 4.99 crores. Positioned as a pinnacle of luxury living, this collaboration signifies a commitment to excellence and innovation in real estate. Aditya B. Raju of B&B Infra highlights their dedication to exceptional living experiences, while Vikas Chaturvedi of Xanadu Group emphasizes setting industry benchmarks. B&B Opulent Spire promises unparalleled luxury and sophistication, showcasing the expertise and commitment of both companies. With its prime location and innovative design, it redefines luxury living in Bengaluru, offering residents an unmatched lifestyle experience.Read more

The Karnataka government has partnered with Wistron, a Taiwan-based ICT Service Management Solutions company, to establish a laptop manufacturing plant near Bengaluru. With an investment of Rs 1,500 crore, the fully automated facility is set to create 3,000 jobs and become operational by January 2026. This first-of-its-kind unit in Karnataka will manufacture laptops for various brands, exporting more than 50% of its production. The plant's focus on Industry 4.0 standards extends to producing IoT components and Electric Vehicle (EV)-related parts. This is aimed at positioning Karnataka as a leader in electronics manufacturing and fostering innovation.Read more

Bengaluru-based Bagmane Developers Pvt Ltd has leased 2.23 lakh sq ft of office space at Bagmane Tech Park in Lake View, to semiconductor manufacturer Texas Instrument Pvt Ltd for a monthly rent of INR 1.4 crore. The five-year lease agreement, effective from January 1, 2024, includes a deposit of INR 12.8 crore and entails a yearly rental escalation of 5%. This follows Bagmane Developers' previous strategic leasing deals, including transactions with Qualcomm India and Amazon Development Centre, underscoring the company's prominent role in meeting the demand for commercial real estate in Bengaluru.Read more

Bengaluru's Century Real Estate plans to invest Rs 1,700 crore in developing 4.5 million sq ft of residential space by FY25, creating a Rs 5,000 crore pipeline. The company surpassed FY23 sales in the first six months of the current fiscal year and aims to launch six projects in FY25. Projects include luxury residences in Indira Nagar, mid-segment apartments in Yelahanka, and mixed-use developments in East Bengaluru. Plotted development is on the rise, with a 25-acre project in Devanahalli. Additionally, 2.5 million sq ft of commercial space with Prestige group and 7 million sq ft of business parks are in the pipeline.Read more

Concorde, a prominent real estate developer in Bangalore, has unveiled its latest project, Concorde Antares, a high-rise apartment complex in the lakeside surroundings of Yelahanka, Vidyaranyapura. With a projected development value of Rs 525 crore, the 7-acre property features 592 units, including 2, 3, and 4 BHK apartments and duplex penthouses. Comprising five towers with 16 floors each, the development prioritizes community-oriented living with over 60 amenities, including a 19,000 sq. ft. smart clubhouse, Evolve. The project emphasizes smart living, sustainability, and modern design, offering tech-enabled features like Alexa control. With a focus on open spaces, indigenous plants, and picturesque views, Concorde Antares is set to redefine the living experience in North Bangalore.Read more

Edelweiss Special Opportunities Fund has reportedly provided a Rs 350 crore debt facility to Shreshta Infra Projects Pvt Ltd, an entity associated with Bengaluru's Adarsh Developers. The financial support will be utilized to repay ongoing loans and complete two under-construction projects. The debt facility comprises listed, secured, and rated non-convertible bonds, featuring a 41-month and 24-day tenor with a 20.5% annual interest rate. Shreshta Infra, a special purpose vehicle of Adarsh Developers, plans to infuse Rs 200 crore through convertible debentures into affiliate companies for debt settlement and allocate the remaining Rs 150 crore for specific projects and general corporate purposes. Acuite Ratings assigned a 'Acuite B Stable' rating to the bonds on December 29, 2023. As of December 31, 2023, Adarsh Group had total sales receivables of Rs 1,034 crore and a cash balance of Rs 54.8 crore.Read more

Apple is solidifying its presence in India with the inauguration of a 15-floor office in Bengaluru's Minsk Square, emphasizing its commitment to the market. The eco-friendly building, powered by renewable energy, accommodates 1,200 employees and features dedicated labs, collaboration spaces, and wellness areas. Apple's growth in India includes a 6% smartphone market share, surpassing Samsung globally, and a reported revenue of 50,000 crore rupees in FY 23. The company aims to boost iPhone production, targeting 50 million units in the next 2-3 years. Apple's FY 23 exports exceeded $5 billion, paving the way for potential expansion in manufacturing units in India.Read more

Pixxel, a spacetech startup supported by Google, has inaugurated Megapixxel, its cutting-edge manufacturing facility in Bengaluru. Spanning 30,000 sq ft with a clean room and testing area, the facility will support the integration and testing of Pixxel's hyperspectral imaging satellites, starting with the Fireflies constellation in 2024. The facility, capable of producing up to 25 satellites simultaneously, positions Pixxel for substantial manufacturing needs over the next two years. The company plans to launch the Fireflies constellation in June and October 2024, with a target of manufacturing 75 satellites annually at full capacity. Pixxel's collaborations span industries like mining, oil and gas, agriculture, and technology, cementing its role in the spacetech sector.Read more

Bengaluru-based Prestige Estates Projects Ltd. reports a remarkable rise in sales bookings, reaching Rs 5,326.1 crore in Q3, reflecting a 111% YoY increase. The success is driven by strong demand for residential properties, with 5.46 million sq ft sold at an average realization of Rs 9,762 per sq ft. Sales for April to December FY24 show an annual rise of 81%, totaling Rs 16,333.4 crore. Notable Q3 projects include the Prestige City in Hyderabad, Prestige Ocean Towers in Mumbai and Prestige Glenbrook in Bengaluru. The company, having completed 12 million sq ft, plans key projects in Bengaluru, Mumbai and Chennai for further sales growth.Read more

Chief Commissioner Tushar Giri Nath of Bruhat Bengaluru Mahanagara Palike (BBMP) outlined an extensive tax collection strategy. This approach includes identifying commercial properties via the Bescom database, tax recovery from businesses, strict review of self-assessment affidavits, and sealing non-compliant properties. The efficacy of these measures is evident in the notable increase in tax collections, surpassing the previous fiscal period. The BBMP is optimistic about reaching the targeted Rs 4,500 crore in property tax collections by March, attributing this projection to dedicated efforts and initiatives aimed at addressing tax defaulters and ensuring compliance.Read more

Colliers India recently orchestrated the sale of a 175-room boutique hotel in Bengaluru for Rs 150 crore. The hotel was transferred to JC Flowers Asset Reconstruction Company (ARC) as part of Yes Bank’s stressed assets in 2022. Colliers engaged with the ARC, Trustee, and the Bank, and facilitated a strategic exit for promoters, meeting both buyer and seller aspirations. This move into the hospitality sector aligns with Colliers' forward-thinking approach. The sale of the hotel reflects India's booming hospitality sector. With 59 hotels signed in Q3 2023, the industry's resilience post-pandemic is evident, portraying a promising future amid increasing tourism and business travel.Read more

Bengaluru's VRO Hospitality secures USD 10 million in bridge funding led by Axis Bank and Gruhas, backed by investor Nikhil Kamath, propelling its expansion plans. VRO’s CEO Dawn Thomas emphasises innovation and excellence, envisioning 55 restaurants by this fiscal year-end and 250 in the next four years, targeting annual revenues of USD 250 million. The majority of funding for property acquisitions and tech bolstering illustrates a strategic push for growth. With significant investors and strategic acquisitions, VRO Hospitality emerges as a pioneering force reshaping India's dining landscape.Read more

Godrej Properties has acquired a 4-acre land parcel in Yeshwanthpur, Bengaluru, with plans to develop premium residential apartments totaling 0.7 million sq ft. The project, estimated to yield Rs 1,000 crore, could reach Rs 1,250 crore with an additional 1-acre land acquisition, making it a 5-acre parcel. Gaurav Pandey, MD & CEO, stated this move strengthens their presence in Bengaluru. The company aims to capitalize on housing demand, targeting multiple land acquisitions this fiscal to generate around Rs 15,000 crore in revenue post-development. Godrej Properties achieved a 48% sales booking growth, reaching Rs 7,288 crore during April-September 2023-24.Read more

The Bruhat Bengaluru Mahanagara Palike (BBMP) is undertaking a comprehensive initiative to revamp property tax collection in Bengaluru. Of the city's estimated 4 million properties, only 2.02 million pay taxes, with over 1.5 million lacking 'A' or 'B' khata documentation. BBMP is launching a program to integrate these unregistered properties into the system, enhancing revenue collection. The goal is to collect Rs 4,790 crore in property tax for FY 2023-24, surpassing the previous year's Rs 3,155 crore.Read more

Sidvin Core-Tech India has secured a 10-year lease for 54,300 sq. ft. at Brigade Deccan Heights, Yeshwanthpur, Bengaluru. The environmentally conscious and technologically advanced commercial space, spanning 2.2 acres with 4.3 lakh sq. ft. of development area, reflects Brigade Enterprises' forward-thinking approach to ecological design. The move allows Sidvin Core-Tech India to boost engineering capabilities and fortify its Bengaluru presence. VP of Operations KN. Karumbaiah anticipates the exciting growth and innovation this spacious, strategically located office affords the company.Read more

The Bruhat Bengaluru Mahanagara Palike (BBMP) has commenced the sealing of properties belonging to individuals with overdue property tax payments in Bangalore. The measure, proposed in November, aims to recover Rs 300 crore from 8,000-10,000 defaulters. BBMP Special Commissioner Munish Moudgil revealed that 500-600 commercial properties have already been sealed, with a focus on those who ignored tax notices. The crackdown extends to residential units among the city's estimated 6 lakh defaulters, including those falsely claiming residential status for commercial purposes.Read more

Chalet Hotels Ltd. and K Raheja Corp Homes have joined forces to launch Raheja Vivarea, a luxury residential project in Koramangala, Bengaluru.. Encompassing 8.25 acres, the development offers high-end gated residences and Grade A commercial space. The project comprises nine towers and a total saleable area of 8.5 lakh sq. ft., with four towers have already received Occupancy Certificates. The project offer spacious 3 & 4 BHK apartments with decks and over forty common amenities. The collaboration leverages Chalet Hotels' expertise in hospitality and asset development with K Raheja Corp Homes' marketing prowess.Read more