In 2023, Bengaluru leads India's cities with a remarkable surge in rental rates, surpassing 30%, as reported by No Broker's Real Estate Report and Anarock Consulting. Seven percent of Bengaluru and Mumbai landlords opted for a significant over-30% increase. Over half of Bengaluru landlords rely solely on rental income, and 42% of residents consider property acquisition due to rising rents. Anarock's report reveals a 31% rise in Whitefield's 2BHK flat rents and a 27% increase in Sarjapur. This surge, fuelled by population growth and limited space, outpaces Delhi NCR, Mumbai, Chennai, and Kolkata, marking a broader trend of escalating urban rental costs.Read more

Bengaluru Urban police have issued a legal notice to a private builder following a criminal complaint accusing them of encroaching on Hennagara Lake in Jigani. CEO of Jigani city municipal council, Rajesh, lodged the complaint, citing violations of the Karnataka Land Revenue (Amendment) Act-2007 and IPC sections 447 and 427. An FIR has been registered. The police directed the builder's representatives to appear before them, emphasizing the need for land records and measurements. The alleged encroachment involved dumping soil and materials on the lake bed without permission. Investigations are set to accelerate pending document submission.Read more

Assetmonk has introduced its latest venture, AM Whitefield, offering retail investors the chance to participate in Bengaluru's Grade A commercial property landscape. Developed by the Brigade Group, this LEED-certified property is situated within Brigade Tech Park in Whitefield, covering an entire floor, spanning 32,300 square feet, and featuring 31 leased car parking spots. The property is currently occupied by a leading American multinational. With a targeted internal rate of return (IRR) of 16%, an initial rental yield of 8.50%, and a capital multiplier of 1.8 over 4-6 years, AM Whitefield aims to be a significant investment opportunity through its fractional ownership model.Read more

The BBMP plans to digitize 5,100 handwritten property registers by March 2024, seeking proposals for scanning and digitization. Handwritten records are often prone to wear and illegibility. Their transition to digital format will enhance readability and longevity. The BBMP aims to complete this undertaking by March 2024, with BBMP Revenue Department officials ensuring accuracy. Outsourcing, instead of using internal teams, is now the chosen approach. The initiative, part of the Nanna Swathu program, involves door-to-door visits to digitize property records, aiming to uncover tax evasion and building violations, potentially boosting BBMP revenue. Digitizing land records curtails corruption and ensures accountability.Read more

Alok Kumar Singh, head of Rushmore Estates, and Prabhat Kumar Tiwary, leading YourOwnROOM, have formalized a $4 million collaboration. The partnership aims to construct studio pads in Bangalore, catering to the demand for high-quality residences for young professionals. Over the next 5-7 years, they plan to develop 8–10 projects with 7,500–10,000 units. The first project in Sarjapur, valued at Rs 200 crore, comprises 630 units and is set for phased possession in April 2025. YourOwnROOM will serve as the exclusive rental and property management partner for the project, expecting a total rental value of Rs 34 crore over 5 years.Read more

Edtech giant Byju's is reducing its real estate footprint in Bengaluru, vacating 620,000 sq ft of office space, including 550,000 sq ft in Kalyani Tech Park and 70,000 sq ft in IBC Knowledge Park between 2022 and 2023. Think and Learn, parent company of Byju's, continues to hold 350,000 sq ft in Prestige Tech Park and 150,000 sq ft in IBC Knowledge Park. The move aligns with cost-cutting measures amid various crises, including legal battles and a restructuring initiative impacting over 4,000 employees. Byju's aims to raise capital and address ongoing challenges through these measures.Read more

Brigade Enterprises unveils 'Brigade Sanctuary,' a premium residential project spanning 14 acres on Whitefield-Sarjapur Road, Bengaluru. The joint development features 1275 units with 1-, 3-, and 4-bedroom homes, boasting a gross revenue potential of Rs. 2,000 Cr. Positioned strategically for easy access to Sarjapur, Varthur, Whitefield, and the outer ring road, the project prioritizes comfort, functionality, and aesthetics. Brigade Group commits to preserving over 500 trees, maintaining 80% open spaces, and providing a 32,000 sq ft clubhouse and 35 modern amenities. The project incorporates diverse natural elements and has set a completion target for December 2028.Read more

The Bangalore Development Authority (BDA) contemplates raising prices of 1,700 unsold flats by 10% due to the state government's upward revision of property guidance values. With poor sales in projects in Kaniminike and Konadasapura, officials are considering the move to pose a challenge to their marketing strategy. The potential hike may also affect the Puneeth Rajkumar Housing Complex's villa project, complicating the sale of the 322 villas there. Officials indicate a possible 10-20% increase in villa prices from the base cost, impacting BDA's ambitious development plans.Read more

Birla Estates Pvt Ltd, the real estate arm of the Aditya Birla Group, has unveiled a project pipeline with a gross development value (GDV) of Rs 45,000 crore. CEO K T Jithendran announced plans, including the launch of the second phase of the Birla Niyaara project in Mumbai's Worli area, offering 8.5 to 9 lakh sq ft of saleable area. With acquisitions in Walkeshwar, Mumbai, and RR Nagar, Bengaluru, the company aims for a gross pre-booking value of Rs 3,000 crore. Birla Niyaara, priced at approximately Rs 80,000 per sq ft, emerged as the highest-selling project in the Mumbai Metropolitan Region in CY2022.Read more

The Bangalore Metro Rail Corporation Limited (BMRCL) is gearing up for significant developments as it prepares to embark on Phase 3 of the Namma Metro project. In an upcoming initiative, the corporation will commence preliminary activities related to land acquisition, marking a crucial step forward for the ambitious expansion. The initial phase involves the identification of 100 acres of land for the construction of a depot and viaducts along specific stretches of the corridor. Anticipating progress, officials are set to initiate a joint survey of the targeted properties earmarked for acquisition.Read more

Bengaluru is gearing up for a major upgrade in urban transport with the announcement of a 287 km circular rail network by the Ministry of Railways. Aimed at easing traffic congestion, the project will connect various peripheral areas of the city, enhancing connectivity. The government has allocated 7 crore rupees for initial studies, with plans for detailed surveys and project reports underway. This initiative is part of a broader effort to modernize Bengaluru's infrastructure, promising a more connected and accessible city in the coming years.Read more

Vaishnavi Group, a leading real estate developer, has expanded its collaboration with Manipal Hospitals to construct a built-to-suit hospital in South Bengaluru. This strategic partnership responds to evolving healthcare needs and quality medical infrastructure, heightened by the COVID-19 pandemic. The Vaishnavi Sushrutha project, spanning 3.3 lakh square feet, will house a world-class tertiary care hospital with 250 beds, offering comprehensive healthcare services. Construction on Kanakapura Main Road commenced in March 2022, aiming for completion by December 2024. The move aligns with India's growing demand for healthcare infrastructure, emphasizing a shift towards prevention and wellness, along with its popularity in the medical tourism sector.Read more

Navin’s, a reputable Tamil Nadu-based real estate developer, has entered Bengaluru's residential market with a Rs. 250 Crores investment. The project would be its first luxury residential apartment project located at JP Nagar, 4th stage. It has also launched its new office at Infantry Road, Bengaluru. Navin’s aims to build upon their strengths, viz. ethical business practices, customer centricity and adherence to rules and regulations that are proved over three decades through 125+ projects delivered on time in Chennai. The proposed luxury project, set for early 2024, features a biophilic theme, integrating green spaces for a harmonious 'Being within the Landscape' experience.Read more

Bengaluru-based RMZ Corporation, a leading real estate developer, has unveiled an ambitious $7 billion investment plan for the next five years. The company, led by Raj Menda and Manoj Menda, plans to develop 125 million square feet in projects valued at $25 billion. This diversification strategy includes luxury residences, mixed-use developments, industrial and logistics spaces, office facilities, and forays into the hospitality sector. The projects will unfold across major cities, including Mumbai, Bengaluru, Delhi, and Hyderabad. RMZ aims to fund this substantial investment through internal accruals and by establishing an investment platform in collaboration with global institutional investors.Read more

Bengaluru-based real estate firm MANA is making strategic moves in East Bengaluru with its latest project, MANA Dale. Positioned in the premium segment, MANA Dale, located in Kodathi off Sarjapur Road, follows the success of MANA Verdant. With the tagline 'Live Brilliantly,' MANA aims to cater to older millennials and their families, offering a lifestyle of luxury and convenience. MANA Dale features apartments, villas, and townhouses, with a clubhouse for community gatherings, dedicated play areas for children, and abundant green spaces. This expansion reflects MANA's commitment to redefining modern living standards and delivering a tranquil oasis in the bustling city.Read more

The Bruhat Bengaluru Mahanagara Palike (BBMP) has taken decisive action in Whitefield, serving self-demolition notices to 26 structures, including completed and under-construction buildings, in the White Rose Layout of the Mahadevapura zone. A total of 70 buildings were scrutinized, and 26 were identified for violations such as unauthorized floors and setback non-compliance. Owners have been given a 15-day window for voluntary demolition; otherwise, the BBMP may proceed with forced demolition after issuing two additional notices, each with a 15-day grace period. Owners of 40 buildings are yet to submit their plans, facing potential legal consequences for unauthorized construction.Read more

The Bruhat Bengaluru Mahanagara Palike (BBMP) has identified a significant challenge in its revenue collection efforts, estimating that around 15 lakh properties in Bangalore lack 'A' or 'B' Khata documentation. This means that these properties are currently not contributing any amount towards property tax. In response to this, BBMP is launching a comprehensive initiative to locate and integrate these properties into the Khata system, a move that aims to not only streamline property documentation but also boost the city's overall revenue. BBMP's initiatives reflect a proactive approach to streamline property documentation, enhance revenue collection, and regulate construction in a manner that aligns with the city's development goals and financial targets.Read more

Bengaluru-based Shriram Properties aims to deliver 2.5 million sq ft (msf) of residential space worth Rs 1,500 crore by FY24, with 50% of the units in the mid-market segment and affordable range. Locations include Bengaluru, Chennai, Kolkata, Coimbatore, and Vizag. The company plans to launch 5,000 units, which is about 5.3 msf, primarily in Electronic City, Yelahanka, and Jalahalli. Despite rising land prices, Shriram Properties aims to manage debt, currently at Rs 430 crore, through asset liquidation and debt reduction strategies including joint investments.Read more

Provident Housing, a Puravankara Group subsidiary, is set to launch its inaugural themed villament project, Provident Deansgate, in Bengaluru. Priced at over Rs 1.9 crore per villa, the project spans 15 acres in North Bengaluru's IVC Road and comprises 288 duplex villaments themed in Manchester architectural style. With pre-sales already accounting for 30%, the CEO anticipates a robust response to the December 10 launch. The company aims for a top line of Rs 600 crore and plans to expand its total launched space to 3.3 million square feet by the end of FY24, investing Rs 1,150 crore across Bengaluru, Chennai, and Kochi.Read more

IndiQube, a leading co-working space provider, has entered into a leasing arrangement to allocate a 1,037-seater managed workspace to Ninjacart, a Bengaluru-based agritech startup. The transaction, advised by Colliers India, supports Ninjacart's expansion into various sectors, including commerce and fintech. The leasing decision aligns with Ninjacart's goal of empowering stakeholders in the agricultural value chain. The company plans to expand its workforce and operations, operating across 70 locations and aiming for a presence in 200 cities and towns in the coming year. The choice of a managed office space, facilitated by Colliers, offers Ninjacart flexibility and cost-effectiveness in its expansion plans.Read more