BBMP is launching an initiative to deliver draft khatas to property owners in Bengaluru, aiming to make it easier for residents to obtain their e-khata certificates without needing to visit civic agency offices. The initiative, which is expected to launch soon, targets 23 lakh residents who have not yet accessed their property records due to technical challenges or lack of awareness. While the delivery of draft khatas will improve accessibility, challenges with the final issuance of e-khatas remain.Read more

Nexus Select Trust has acquired Vega City Mall, a 96% leased shopping center in South Bengaluru, strengthening its retail presence in the city. The acquisition, completed at 10% below valuation, is expected to generate a Retail Net Operating Income of INR 78 crore and boost Net Distributable Cash Flow by INR 20 crore after debt servicing. Funded through non-convertible debentures at a 7.70% coupon rate, the deal keeps Nexus's Loan-to-Value (LTV) ratio at 17%. CEO Dalip Sehgal emphasized the mall's prime location and potential for leasing, operational, and marketing synergies, reinforcing Nexus's growth strategy in India's retail market.Read more

Plastic pollution remains a critical global challenge, with 430 million metric tonnes produced annually, of which less than 10% is recycled. In India, rapid urbanization and inadequate waste management have led to increased plastic accumulation in landfills and waterways. Prestige Group has taken a significant step toward sustainability by incorporating plastic waste into road construction at Great Acres, The Prestige City, Sarjapur. Inspired by Dr. R. Vasudevan's technique, the project integrates shredded plastic with bitumen, enhancing road durability while reducing plastic waste. Covering 7.17 km, this initiative serves as a scalable model for sustainable urban infrastructure worldwide.Read more

The BBMP is launching 1,000 e-khata kiosks across Bengaluru to simplify property registration and reduce a backlog of 1.4 lakh pending applications. Currently, only 1.6 lakh out of 22 lakh properties have obtained e-khatas. These kiosks will be operated by volunteers who have successfully registered their e-khatas and can assist neighbors in uploading documents through BBMP's system. A nominal fee will be charged for the service. The first kiosk will open in HRBR Layout next week. BBMP is also improving its online portal to enhance accessibility, aiming to ease Bengaluru's rapid urban expansion challenges.Read more

BBMP has launched an auction drive targeting 608 properties across eight zones due to INR 20 crore in unpaid property taxes. This follows its recent success in tax recovery, where four property owners cleared INR 1 crore before a scheduled auction. The move raises concerns among property owners, as legal challenges and market implications come into play. BBMP is intensifying enforcement by sending SMS alerts alongside physical notices, while also expanding its focus beyond commercial properties. With INR 400 crore still pending in tax dues, the civic body's crackdown highlights a shift in strategy, sparking discussions on policy reforms and alternative tax collection methods.Read more

Bengaluru's urban infrastructure is set for major upgrades with Phase 3 of the Metro scheduled for completion by December 2029, covering 44.65 km across two key corridors at a cost of INR 15,611 crore. Complementing this, the BDA plans to allocate 30,000 housing units, with 10,615 flats already completed and 14,909 under construction. The city is also strengthening traffic management through AI-based ASTRAM systems and enhancing public safety with vehicle tracking under the Nirbhaya Fund. Meanwhile, Karnataka's revised policies aim to simplify mining leases and attract investments via its Global Capability Centre Policy 2024-29, reinforcing Bengaluru's tech hub status.Read more

The CAG's latest audit has found that BMTC has failed to protect 521 acres of its land from encroachment, despite recognising the issue as early as 2008. Out of BMTC's 1,400-acre land bank in Bengaluru Urban district, 653 acres remain vacant, with nearly 80% of it at risk. Various government agencies have taken over portions for schools, offices, and housing schemes. Efforts to fence off the land began only after the audit, but progress has been slow. The transport minister has assured that steps are being taken to safeguard these plots, but legal disputes and financial constraints continue to pose challenges.Read more

The Bengaluru Development Authority (BDA) reclaimed property worth INR 120 crore in Malagala village, Nagarabhavi Layout, which had been illegally occupied for over two decades. The land, owned by BDA, had been claimed by an individual as his ancestral property, and unauthorized structures were constructed. This move is part of BDA's broader effort to address widespread land encroachments in the city. The action follows a similar demolition drive in the Machohalli area of Nagarabhavi Layout, where several illegal structures were removed last week.Read more

Birla Estates (BEPL), a subsidiary of Aditya Birla Real Estate, has partnered with Mitsubishi Estate Co. (MEC) to invest INR 560 crore in a residential project in Southeast Bengaluru. The joint venture, structured as an SPV with BEPL holding a 51% stake and MEC's affiliate MJR Investment Pte. (MIPL) owning 49%, will develop four million sq. ft. of premium housing. This marks MEC's first entry into the Indian real estate market. The collaboration reflects Bengaluru's strong housing demand, driven by its growing IT sector and infrastructure development, and signals rising foreign investor interest in India's real estate sector.Read more

Bangalore Metro Rail Corporation Limited (BMRCL) has initiated the land acquisition process for Namma Metro Phase 3, covering 38.65 km with an estimated cost of INR 15,611 crore. The project includes two corridors: JP Nagar Phase 4 to Kempapura (32.15 km) and Hosahalli to Kadabagere (12.5 km). Around 1,29,743 sq. meters of land will be acquired, impacting 777 private properties, with an allocation of INR 1,900 crore for compensation. The metro expansion aims to serve 7.28 lakh daily passengers by 2028, featuring double-decker viaducts and improved connectivity across key interchange stations such as Peenya, Hebbal, and Mysuru Road.Read more

The Bruhat Bengaluru Mahanagara Palike (BBMP) will auction four properties with outstanding tax dues totaling INR 2.52 crore, following repeated warnings to owners. Auctions will take place on February 5 for an East Zone property with arrears of INR 11 lakh and on February 6 for properties in Dasarahalli and Bommanahalli Zones, with dues ranging from INR 30 lakh to INR 1.8 crore. Conducted under Section 156(5) of the BBMP Act 2020, the initiative aims to recover unpaid taxes and enforce compliance. Property owners can avoid auction by clearing dues before the scheduled dates. More than 500 additional auction notices are expected in the coming weeks.Read more

The Bruhat Bengaluru Mahanagara Palike (BBMP) has collected INR 4,370 crore in property tax for the 2024-25 fiscal year, reaching 83% of its INR 5,210 crore target with two months remaining. The success is attributed to the One-Time Settlement (OTS) scheme, which helped bring defaulters into compliance, and rigorous enforcement measures, including property seizures. Weekly collection targets of INR 10-13 crore have maintained momentum, with an additional INR 500 crore expected by March. Zone-wise, Mahadevapura leads with INR 1,169 crore, while Yelahanka achieved 94.95% of its target. BBMP's proactive strategies set a benchmark for municipal tax efficiency.Read more

The Bangalore Development Authority (BDA) is facing a significant financial challenge, as property owners in the Arkavathi and Nadaprabhu Kempegowda layouts owe a total of INR 3,503.64 crores in unpaid development charges. Despite benefiting from infrastructure development in these areas, many owners have not paid the charges, which are essential for maintaining services such as roads and drainage. The BDA is seeking to recover the dues through legal measures. In addition, unauthorized constructions have compounded the issue, leading the BDA to issue notices to property owners to regularise their assets by paying the charges.Read more

BBMP is set to auction properties with large tax arrears after multiple warnings. A property in the East Zone will go under the hammer on February 5, while two properties in the Dasarahalli Zone and one in Bommanahalli will be auctioned on February 6. The auction comes after property owners failed to clear their dues despite receiving showcause notices. The tax arrears range from INR 11 lakh to INR 1.8 crore. BBMP is proceeding with the auction under Section 156 of the BBMP Act 2020 and plans to issue over 500 notices in the coming weeks.Read more

A fire on January 14 at the Bangalore Bioinnovation Centre (BBC) in Bengaluru's Electronic City caused losses estimated at INR 80-INR 110 crore, severely impacting biotech startups and destroying the second floor of the facility. Initial reports blame improper storage of flammable solvents for the blaze, which spread through HVAC systems. Affected startups, including Fermbox and Immunitas, face significant setbacks, while the BBC reported damages of INR 42 crore. Karnataka IT Minister Priyank Kharge pledged government support for recovery efforts. The incident highlights the urgent need for stringent safety protocols in biotech labs as the BBC and its stakeholders plan to rebuild.Read more

India's residential real estate sector has witnessed a 46.8% year-on-year (YoY) surge in under-construction supply, driven by robust demand. Bengaluru leads with an impressive 114% YoY growth, followed by Gurugram at 98%. The average price of under-construction properties stands at INR 12,064 per square foot, with affordable options in Ahmedabad and Kolkata, while Mumbai and Delhi continue to cater to premium buyers. Developers are accelerating project timelines to meet rising demand across segments. This increase highlights the market's resilience and adaptability, catering to diverse homebuyer preferences from affordable housing to luxury developments.Read more

Macrotech Developers, operating under the Lodha brand, has acquired a 20-acre land parcel in Bengaluru for a housing project with a gross development value (GDV) of INR 2,800 crore. The acquisition includes both outright purchases and a joint development agreement. This marks the company's fifth project in Bengaluru, a market it entered a few years ago. The firm has recorded a 20% growth in sales bookings for the 2023-24 financial year and aims to achieve a target of INR 17,500 crore in the current fiscal year.Read more

The Bruhat Bengaluru Mahanagara Palike (BBMP) is preparing to intensify actions against major commercial property tax defaulters following the end of the One-Time Settlement (OTS) scheme. With an outstanding INR 300 crore due from nearly 2 lakh properties, BBMP has developed a comprehensive plan, targeting 240 properties across various zones, focusing primarily on commercial ones. Residential properties will not be seized unless unoccupied. However, the Bengaluru Coalition has criticized BBMP's approach, calling it insufficient and ineffective. They argue that sealing properties under existing laws has had little impact and doesn't address the issue at hand.Read more

The Bruhat Bengaluru Mahanagara Palike (BBMP) has sealed 830 non-residential properties across eight city zones for outstanding property tax dues, with the East Zone leading at 231 closures. Led by Special Commissioner (Revenue) Munish Moudgil, the initiative emphasizes swift enforcement, including property attachment and potential auctions. Over 180 properties were sealed in just 24 hours, signaling intensified efforts from January 1 to 9, 2025. BBMP aims to boost compliance through these actions and better communication with property owners, emphasizing the importance of timely tax payments to fund essential city services. This crackdown underscores a growing focus on sustainable urban governance.Read more

Bengaluru's real estate market has witnessed a 5-20% rise in housing prices, with eastern areas leading the surge. Despite escalating costs in central neighborhoods like Indiranagar and Koramangala, affordable options under INR 1 crore are available in peripheral areas. North Bengaluru, fueled by developments like the airport and Manyata Tech Park, offers 3BHK apartments in Devanahalli and Hebbal priced between INR 4,600 and INR 13,000 per sq ft. Similarly, areas like Whitefield, Sarjapur Road, and Kanakapura Road provide budget-friendly units in smaller gated communities. Upcoming infrastructure projects, including the Namma Metro, are set to enhance connectivity, making these locations increasingly attractive for homebuyers.Read more