Tag: Bengaluru

IndustryLatest Stories

Bengaluru to Reduce Penalties for Vacant Sites Citywide

BENGALURU: The Bangalore Development Authority (BDA) is considering a reduction in penalties for allottees who have left their residential plots vacant for years. This decision comes after the authority recognized that the current flat-rate penalty system has not been effective. During a recent governing council meeting, officials acknowledged that the existing 10% penalty, linked to market values, has failed to incentivize site owners to either pay or begin construction. Many beneficiaries have ignored demand notices, prompting the BDA to explore a more practical and graded penalty structure. Under the proposed changes, beneficiaries who build homes within five years of receiving…

CommercialLatest Stories

CapitaLand India Trust Secures ₹915 Cr from First Onshore Bond

NEW DELHI: CapitaLand India Trust (CLINT) has successfully raised ₹915 crore through its inaugural onshore bond issuance in India, as announced by CEO Gauri Shankar Nagabhushanam. This initiative aims to achieve a 3.8% increase in distribution per unit (DPU), which will help mitigate currency volatility and enhance tax efficiencies. Currently, only 16% of CLINT’s loan book is situated in India, with plans to expand this to 40-50%, equivalent to between S$800 million to S$1 billion, over the next two and a half to three years as existing offshore tenors mature. The company has signed a forward purchase agreement for a…

IndustryLatest Stories

Bengaluru body to inform public about illegal layouts

BENGALURU: The Bangalore Development Authority (BDA) has identified 258 unauthorized layouts within its jurisdiction as part of its initiative to combat illegal urban development. To educate citizens about proper construction and planning, the BDA is set to release a series of public interest notices. These notices will outline important details, including the definition of a layout, necessary approvals, and the authorities responsible for granting permissions. The awareness campaign, expected to kick off in Budigere and its neighboring areas, has emerged in response to the ongoing conversion of agricultural and green belt lands into residential plots. The BDA has issued a…

IndustryLatest Stories

Karnataka Home Minister Orders Probe into Confident Group Chair’s Suicide

Sure! Here’s a rewritten version of your content: BENGALURU: On Saturday, Karnataka Home Minister G Parameshwara announced that authorities are investigating the circumstances surrounding the death of Confident Group chairperson C J Roy, who reportedly committed suicide in his office while Income Tax officials were present. Parameshwara shared with reporters that the Income Tax Department had previously conducted searches at Roy’s firm and was in the process of finalizing necessary protocols. “Last December, there was a raid at his company. According to regulations, a charge sheet must be filed within 60 days in court. The need for finalization was urgent,…

Latest StoriesResidential

Bengaluru Buyers Complain of Double Tax on Corner Site Development

Representative AI Image BENGALURU: Some allottees are finding that a few extra square meters can almost double their property tax based on the BDA’s current policy. Owners of irregularly-sized plots argue that the existing slab-based rates unfairly penalize them, despite their properties using the same facilities as standard plots. They maintain that only the excess area should be taxed at a higher rate, yet the current system applies the increased rate across their entire site. For the past five years, concerns have been raised by allottees regarding a 2016 BDA resolution on vacant-property taxation, which they deem flawed. Owners of…

InfrastructureLatest Stories

BDA Layout Residents to Join New Greater Bengaluru Authority

Representative AI image BENGALURU: Residents of several previously neglected Bangalore Development Authority (BDA) layouts are on the verge of gaining democratic involvement. The government has started transferring major BDA-developed areas to the Greater Bengaluru Authority (GBA) and its respective city corporations. For the first time, residents will have the ability to hold the GBA accountable for developmental activities. The initiative includes significant residential areas such as Banashankari 6th Stage, JP Nagar 8th and 9th Phases, Anjanapura Township, and Sir M Visvesvaraya Layout, which were under BDA governance for many years—a body not designed for everyday civic management. Residents have expressed…

IndustryLatest Stories

Founder of Confident Group self-shoots during I-T raid in Bengaluru

BENGALURU | KOCHI: C J Roy, founder and chairman of the Confident Group real estate firm, tragically took his own life on Friday afternoon, as confirmed by Bengaluru Police Commissioner Seemant Kumar Singh. Singh stated that Income Tax (I-T) searches had been ongoing in Bangalore for the past three days. At the age of late 50s, Roy suffered a gunshot wound from his licensed firearm at his office near Richmond Circle. Staff rushed to his aid after hearing the gunshot, only to find him in critical condition. Despite immediate efforts to transport him to a hospital, he was pronounced dead…

IndustryLatest Stories

Prestige Estates Reports ₹244.7 Crore Profit in Q3 FY26

NEW DELHI: Prestige Estates Projects announced a net consolidated profit after tax of ₹244.7 crore for the quarter ending December 31, 2025, a significant increase from ₹32.2 crore in the same quarter last year, as stated in a BSE filing. The company’s net consolidated total income for Q3 FY26 reached ₹3,885.5 crore, marking a remarkable growth of 128.84% compared to ₹1,697.9 crore in the corresponding quarter the previous year. The real estate firm reported sales of ₹223,273 million, reflecting a year-on-year increase of 122%. Collections during the first nine months of FY26 amounted to ₹132,833 million, up 49% year-on-year, with…

CommercialLatest Stories

Brookfield REIT’s Q3 FY26 NOI Rises 14%

NEW DELHI: Brookfield India Real Estate Trust (Brookfield REIT) has announced a year-on-year increase of 14% in its net operating income (NOI), reaching ₹5,404 million for the third quarter and nine months ending December 31, 2025, up from ₹4,745 million in Q3 FY25. The company declared distributions of ₹5.40 per unit, totaling ₹4 billion for Q3 FY26, marking a 10% year-on-year growth. Income from operating lease rentals also rose by 13% year-on-year, increasing to ₹5,003 million from ₹4,426 million in Q3 FY25. Additionally, same-store NOI showed a rise of 9% year-on-year. “We achieved strong leasing results with a quarterly gross…

CommercialLatest Stories

Morgan Stanley Leases Brookfield’s Ecoworld for ₹23 Crore

BENGALURU: Morgan Stanley Advantage Services has secured nearly 160,000 sq ft of Grade-A office space at Ecoworld business park in Bengaluru, committing to a five-year lease at an annual rental rate of around Rs 23 crore. The lease takes effect from January 10, with the office expected to be operational by May. The property is managed by Arliga Ecoworld Business Parks. This deal highlights Morgan Stanley’s ongoing expansion in India and the sustained demand from BFSI sector occupiers for premium spaces in Bangalore’s most prestigious office area along the Outer Ring Road. According to lease rental documentation from Propstack, “Morgan…