Tag: Bengaluru

CommercialLatest Stories

Puravankara Leases 1.2 Lakh Sq Ft Retail to Ikea in Bengaluru

NEW DELHI: Puravankara has entered into a lease agreement (ATL) with Ikea India for over 1.2 lakh sq ft of retail space at Purva Zentech Park on Kanakapura Road, Bengaluru. Purva Zentech Park is a mixed-use commercial project featuring approximately 9.6 lakh sq ft of leasable and saleable area. Currently under construction, it is expected to be completed by early 2026. Ikea will take up the first and second floors, with the space slated to be handed over in Q1 2026, and operations planned to begin thereafter. Ikea India has opted not to comment. Colliers India’s office services team facilitated…

CommercialLatest Stories

Jaguar Land Rover Leases 146,000 Sq Ft at Brigade Tech Gardens

Jaguar Land Rover Technology and Business Services India has leased 146,000 sq ft of office space at Brigade Tech Gardens in Bengaluru, marking a significant GCC-driven transaction. Documents indicate that the lease encompasses multiple floors: parts of the ground and first floors, along with the entirety of the fifth and eighth floors, substantially expanding Jaguar Land Rover’s presence at the Brookefield campus. The lease entails a warm-shell rental of ₹65 per sq ft per month, with the total estimated monthly expenditure, including fit-out costs, at around ₹1.67 crore. Jaguar Land Rover has committed to a five-year term with a security…

IndustryLatest Stories

Bengaluru Engineers Appeal Against RERA ‘Promoter’ Order

BENGALURU: Several engineers from the Bangalore Development Authority (BDA) are urging senior officials to contest the Karnataka Real Estate Regulatory Authority (K-Rera) order issued on Nov 7, which classifies the agency as a promoter under the Rera Act. However, sources indicate that BDA chairman NA Harris is reluctant to pursue an appeal, causing unrest within the organization. A senior bureaucrat commented, “The engineers are pressing the government to file an appeal to exempt the Nadaprabhu Kempegowda Layout (NPKL) from Rera’s jurisdiction. Their primary concern is straightforward: the BDA has a history of delays. Being under Rera means they will be…

CommercialLatest Stories

Swiggy Moves HQ to Whitefield as Bellandur Lease Ends

BENGALURU: Food delivery platform Swiggy will relocate its headquarters from Bellandur to Whitefield in the coming months. The move aims to enhance employee connectivity, particularly with the new office’s proximity to the Kadugodi Tree Park Metro station. The location will be accessible from both the Kadugodi Tree Park and Hopefarm Channasandra stations. Sources at Swiggy indicated that the relocation is not a reaction to concerns regarding Bengaluru’s infrastructure, but rather due to the expiration of the lease at the Bellandur campus. “The contract for our Bellandur office is ending, so we chose to move to a larger, future-ready facility. This…

InfrastructureLatest Stories

Draft rules simplify basement and parking norms in Bengaluru

BENGALURU: The state government has proposed significant amendments to Bengaluru’s building regulations under the Revised Master Plan (RMP) 2015, with the aim of facilitating legal construction for homeowners with smaller plots without compromising valuable space. The proposed draft simplifies setback requirements, eases basement regulations, and modernizes parking guidelines — changes that officials claim will streamline compliance and curb unauthorized constructions. “When regulations are overly complicated or impractical, individuals tend to resort to illegal constructions. By simplifying the guidelines, we support small-plot owners who cannot afford to sacrifice buildable space while promoting better ventilation and adherence to legal standards,” stated Tushar…

IndustryLatest Stories

Prestige Estates Q2 FY26 Profit Soars 95% to ₹457.4 Crore

NEW DELHI: Prestige Estates Projects Ltd has announced a 95% increase in consolidated net profit, reaching Rs 457.4 crore for the September quarter, thanks to higher income and reduced expenses. In the same quarter last year, net profit was Rs 234.6 crore. The total income surged to Rs 2,697.8 crore in the second quarter of this fiscal, up from Rs 2,423.8 crore during the corresponding period last year, as reported in their Wednesday regulatory filing. Irfan Razack, Chairman and Managing Director of Prestige Group, stated that the company has delivered strong financial and operational performance. “The first half of FY26…

Latest StoriesRegulatory

Realtor, sub-registrar arrested in Bengaluru land case

BENGALURU: Central Crime Branch (CCB) officials have apprehended a sub-registrar and a realtor-cum-middleman over a land-grabbing case in Beratena Agrahara, Begur. The individuals arrested are Kumari Roopa, who is currently employed at the Kacharakanahalli sub-registrar office, and Naveen Kumar. This case dates back to August 2022, initiated by a landowner at the Parappana Agrahara police station, naming 139 suspects in the FIR. According to the complainant, he entered into an oral agreement with Naveen and others to develop residential sites, with a total of 107 sites designated for this project. However, the landowner claims that the accused, including Naveen and…

IndustryLatest Stories

HDFC Capital Advisors Exits Adarsh Developers Again

HDFC Capital Advisors, the private equity branch of HDFC Bank, has successfully exited its second investment of ₹1,100 crore in Bengaluru’s Adarsh Developers. This comes from a total commitment of ₹2,500 crore across four investments with the company. The platform was established in 2022 to develop 17 mid-income residential projects, totaling 10,000 units across 15 million sq ft, in key Bengaluru areas such as Bellandur, Gunjur, Hennur, JP Nagar, and Banashankari. HDFC Capital’s initial investment of ₹395 crore was exited in Q2 2024 with a gross internal rate of return (IRR) of 21%, while the second investment was exited at…

Latest StoriesResidential

BDA Resolves 20-Year Arkavathy Dispute, Allots 784 Sites

Representative AI image BENGALURU: In a long-awaited resolution to one of its most contentious issues, the BDA on Monday allocated 784 alternative plots in the Nadaprabhu Kempegowda Layout (NPKL) to allottees from the Arkavathy Layout who lost their sites due to land denotification and reallocation. The allotment, which utilized a computerized randomization process at the BDA headquarters, took mere minutes to complete, marking the end of a two-decade struggle for many beneficiaries. Officials stated that this initiative aimed to provide long-delayed relief to allottees awaiting resolution since 2005-06. “We have allocated 784 sites at once to resolve a longstanding issue…

IndustryLatest Stories

Blackstone to Acquire Majority Stake in Ritz-Carlton Bengaluru

BENGALURU | MUMBAI: US investment firm Blackstone is set to acquire up to a 55% stake in the Ritz-Carlton Bengaluru from Nitesh Land. Sources indicate that Blackstone’s stake acquisition of 51-55% could cost approximately ₹600-700 crore, valuing the 277-room luxury hotel between ₹1,200 and ₹1,400 crore. The hotel, managed under the Ritz-Carlton brand by Marriott International, generated earnings before interest, taxes, depreciation, and amortisation of ₹105 crore for FY25. “Blackstone will purchase the stake in Nitesh Residency Hotel, the owning entity. The agreement is signed and expected to finalize within this quarter,” shared an anonymous source. Post-transaction, Nitesh Shetty, founder…