Morgan Stanley Advantage Services has extended its lease for 136,000 square feet of commercial office space in Bengaluru's Ecoworld. The property, leased from RMZ Corp. for 120 months, includes a 15 percent rent escalation every three years. The lease, signed with Artiga Ecoworld Infrastructure, requires a security deposit of Rs 9.4 crore. Additionally, Morgan Stanley plans to relocate its India headquarters to an 86,000-square-foot office space in Mumbai's Altimus Worli. Amidst a 12 percent YoY absorption dip in H1 2023, India saw a 12 percent QoQ office leasing increase. RMZ Corp. had earlier sold 12.5 million square feet of assets to Brookfield for $2 billion.Read more

The "Puneeth Rajkumar Housing Complex," a project by the Bangalore Development Authority (BDA) that includes 322 upmarket villas in north Bengaluru, is almost finished. The property, which is situated on 31 acres of land, has necessary features including a clubhouse, park, and sports facilities. On a first-come, first-serve basis, the villas will be sold through an online application process. A 320-unit residential building has also been built by BDA nearby. The project demonstrates BDA's dedication to improving Bengaluru's housing alternatives and is projected to generate significant interest from purchasers looking for contemporary and well-equipped homes.Read more

Officials from BBMP have issued notices to nearly 9,736 alleged illegal A-khata property holders in Bengaluru, giving them 15 days to prove the legitimacy of their A-khatas or have their properties shifted to the B-khata registry. An investigation revealed that over 45,000 A-khatas were issued since 2014, with suspicions that many were illegally obtained due to erroneous development charge collections. Zonal teams are currently reviewing all A-khatas, potentially leading to more reclassifications.Read more

Bengaluru has witnessed a remarkable 1,005% increase in its urban built-up area from 1973 to 2017, according to the "Liveability Index" report by CiRE (Corporates in Real Estate). The city, home to over 15% of Karnataka's population, has solidified its role as a significant tech and employment hub, with software exports soaring to Rs 6.3 lakh crore in 2022. In the real estate sector, Bengaluru accounted for 20% of India’s commercial leases last year, absorbing 12.5 million sq ft of office space in 2022 alone. The report predicts sustained growth for the city, fuelled by ongoing infrastructure projects and a positive investment climate.Read more

The Bangalore Development Authority's (BDA) land layouts in Karnataka have fallen short of promises, prompting the Deputy Chief Minister's call for immediate action. Urban planning discrepancies have raised concerns about the city's liveability and growth. The BDA's incomplete layouts could lead to inadequate infrastructure and services, necessitating urgent intervention to align development with residents' needs and ensure sustainable urban expansion.Read more

BHIVE, a leading Bengaluru-based co-working provider, introduces a ground breaking Rs 400 crore CAT-2 alternative investment fund to revolutionize the co-working sector. With a strong performance record of transactions exceeding Rs 200 crore in the past year, BHIVE strengthens its position as a trusted player. The company's visionary approach involves acquiring prime commercial real estate properties, inviting High Net-worth Individuals and family-owned businesses to invest a minimum of Rs one crore. BHIVE's expansion and innovative fund underscore its commitment to shaping the co-working landscape and accommodating the evolving demands of modern workspaces.Read more

BBMP officials have reported that a number of builders and developers have taken their grievances to the high court, resulting in court orders to lower the fees collected by the agency. This move comes as fears of a substantial loss amounting to over Rs 2,300 crore loom over the Bengaluru municipal body. In response, BBMP has proposed adjustments to two laws to mitigate potential losses. The agency aims to find a balance between revenue generation and accommodating the concerns raised by builders and developers regarding fees.Read more

In a recent case, the Karnataka High Court ruled that the 'as is where is' clause in a public auction does not absolve a bank from providing a property free from encumbrances. The court ordered Punjab National Bank to refund Rs 30.7 crore to a bidder due to the bank's failure to ensure an unencumbered property, emphasizing the importance of due diligence in property transactions. This decision sets a precedent for auction purchasers' rights and underscores the consequences of inadequate oversight by lending institutions.Read more

Tata Realty and Infrastructure Ltd. (TRIL), the real estate arm of the Tata Group, is set to acquire a 25.3-acre land parcel in Bengaluru for approximately Rs 986 crore. The strategic acquisition, located in Doddanekundi Village near the IT hub of Whitefield, underscores TRIL's expansion plans. The company aims to introduce 5 million square feet of office space through two IT parks in Hebbal and Whitefield, requiring an investment of Rs 4,000 crore. This move aligns with the trend of developers engaging in smaller land transactions for diverse developments, showcasing the dynamic nature of India's real estate market.Read more

More than 6,300 property owners in Bengaluru have filed objections to errors found in draft cards under the Urban Property Ownership Records (UPOR) project. The project, which aims to issue property cards for 25 lakh properties within BBMP limits, faced discrepancies including wrong property dimensions and name printing. Commissioner Manjunath acknowledged the issues but emphasized that the objections constitute less than 3% of the total cards issued. The officials are committed to correcting the errors in the final cards, with the remaining wards expected to be surveyed in the coming months.Read more

Prozo, a prominent player in the SME sector, has announced a strategic expansion by establishing three state-of-the-art warehouses in Bengaluru and Ludhiana. With a focus on revolutionizing the supply chain landscape, the move aims to serve a broader customer base efficiently. Equipped with cutting-edge technology and eco-friendly practices, Prozo's warehouses will ensure seamless order processing and timely deliveries, reinforcing its position as a leader in the SME supply chain space. The visionary move aligns with the growing demand for reliable supply chain solutions, further empowering SMEs to adapt to the evolving business landscape.Read more

The Chief of Bangalore Development Authority (BDA) is instructed to return Rs 2 lakh to a property allottee following a complaint of unauthorized collection. An investigation confirms the irregularities, raising concerns about corruption. The incident prompts discussions on transparency and integrity in property allocation procedures. Authorities vow to implement reforms to prevent future malpractices, emphasizing the importance of ethical conduct in public institutions. Stakeholders hope for a corruption-free environment and increased accountability within BDA. The directive highlights the need for stringent oversight mechanisms and fosters calls for comprehensive training programs to uphold credibility and public trust.Read more

Fidelity International expands its presence in India with a state-of-the-art office in Bengaluru, complementing its Gurugram and Mumbai offices. The strategic move aims to tap into a new talent pool while reinforcing its commitment to the country's dynamic business landscape. Situated in Manyata Embassy Business Park, the 25,000-square-foot office is designed for 700 to 800 professionals. The company is hiring diligently and plans to appoint a local head. India plays a vital role for Fidelity International, encompassing technology, operations, research, client service, cyber security, and shared services. This expansion promises a bright future of innovation and collaboration.Read more

Indian edtech startup Byju's has taken measures to reduce office spaces in Bengaluru as it faces financial challenges and attempts to cut costs. The downsizing process involves reducing workspace from multiple floors to only a few. Sources close to the matter state that the company’s main corporate office, which initially spanned across six floors, is now operational on only three floors. This move comes amidst financial and legal challenges the company is currently facing. This decision is being seen as a response to the company’s financial difficulties and a shift in its business priorities.Read more

Bengaluru's civic body has announced the creation of zonal-level teams tasked with verifying a total of 45,133 recently issued A khatas, with approximately 90% of them suspected to be illegal. The move comes as part of the city's efforts to tackle unauthorized land transactions. Any A khatas found to be invalid will be reverted to B khata status. This comprehensive verification process aims to rectify the prevalence of illegal land holdings and ensure transparency and legality in property ownership.Read more

Residents in Bengaluru have voiced alarm over safety issues stemming from a local builder's disregard for setback norms in the ST Bed Layout area. The negligence has resulted in hazardous traffic conditions, including a perilous blind curve. Amidst growing concerns and resident protests, local authorities intervened to halt construction. However, questions remain about the project's initial authorization and the oversight of building regulations.Read more

Bengaluru's civic body, the Bruhat Bengaluru Mahanagara Palike (BBMP), has announced plans to extend its 'Road Reader' initiative, adding property tax data to the existing QR code system on street nameboards. This innovative measure is intended to boost awareness about property tax payments and enhance collection rates. BBMP's Special Commissioner (Finance) Jayaram Raipura said the initiative would "nudge defaulters" and promote civic duty, with a Rs 1.5 crore investment planned to expand the project.Read more

Enzyme Office Spaces, a leading provider of plug-and-play office solutions in Bengaluru, is expanding its managed workspace portfolio with a new facility in Whitefield. The 1 lakh square feet workspace, set to be operational by November 2023, will cater to the growing demand for flexible workspaces in the city. With this expansion, Enzyme Office Spaces will offer over 27,000 seats across Bengaluru. The company's success reflects the increasing popularity of managed workspaces, driven by cost efficiencies and the rise of hybrid work models. Enzyme Office Spaces aims to support emerging start-ups in sectors like fintech and AI, providing cost-effective infrastructure solutions.Read more

Property Share achieves a significant milestone by acquiring Phase I of Prestige Tech Platina, a Grade A property in Bangalore spanning 533,000 square feet. Valued at Rs 370 crore, this acquisition positions Property Share as the leading tech-enabled commercial property investment platform in India. The property boasts a prestigious tenant, attractive rental yield, and a secure lock-in period, aligning with Property Share's vision of premium assets in sought-after locations. Property Share aims to raise the total value of listed properties to Rs 2,500–3,000 crore in the coming year.Read more

Global leader in smart, sustainable building technology, Johnson Controls, has inaugurated its most advanced OpenBlue Innovation Centre in Bengaluru, India. This cutting-edge facility integrates cloud, edge, and AI technologies, demonstrating the potential of net-zero building technology. The centre also introduces the first experiential zone in India, providing real-time demonstrations of advanced building technology in action, and plans to become a strategic hub for smart building innovation in India.Read more