Tag: Bengaluru

Latest StoriesRegulatory

Bengaluru’s civic bodies meet just 57.96% of property tax goal

BENGALURU: The tax collection landscape in Bengaluru reveals a stark contrast between the South and North regions. With only a few weeks remaining in the financial year, the city’s five corporations have collectively gathered just 57.96% of their property tax target for the fiscal year 2025-26, highlighting a significant gap between expectations and actual revenue. The South corporation has proven to be the strongest performer thus far. It has collected ₹745.33 crore against a goal of ₹1,228.85 crore, achieving 60.65%—the highest rate among all five corporations. They’ve steadily maintained this momentum leading up to the year’s end. Conversely, the North…

Latest StoriesRera

Karnataka RERA Warns Builders About Project Updates

BENGALURU: In a significant move to protect homebuyer rights and promote compliance, the Karnataka Real Estate Regulatory Authority (K-RERA) has taken action against 155 promoters in the state for failing to submit their required quarterly reports. This crackdown serves as a stern warning to builders who do not provide timely updates on their projects. Promoters who do not comply may face penalties of up to 5% of the total estimated project cost along with Rs 25,000 for each quarter missed. However, the 155 builders have not yet been officially labeled as defaulters. A K-RERA officer stated, “If they do not…

Latest StoriesRegulatory

Bengaluru Authority Auctions 7 Properties Over ₹437 Crore Tax Dues

BENGALURU: If you haven’t settled your property tax dues with the Greater Bengaluru Authority (GBA), be cautious—you might lose your unit in a public auction. In a significant move against defaulters, GBA auctioned off seven properties within the East and North City Corporation limits on Saturday to recover longstanding tax arrears. Despite numerous notices and recovery efforts by the former BBMP and the five new corporations under GBA, many property owners still fail to make tax payments. With tax dues reaching ₹437 crore across nearly 7,000 units in the city, authorities have decided to resort to property auctions as a…

Latest StoriesResidential

Home Sizes Up 17% in Two Years Across Seven Major Cities

NEW DELHI: The average size of apartments in India’s top seven cities has increased by 17% over the past two years, highlighting a shift towards larger units and a growing premium housing market, according to Anarock Research. The report indicates that the average flat size rose from 1,420 sq ft in 2023 to approximately 1,676 sq ft in 2025. The National Capital Region (NCR) topped the list with a steep increase of 30%, with average unit sizes growing from about 1,890 sq ft in 2023 to around 2,466 sq ft in 2025, driven by a notable rise in luxury offerings.…

Latest StoriesResidential

New Penalties Replace 10% Levy on Vacant Bengaluru Sites

BENGALURU: The Bangalore Development Authority (BDA) has updated the penalty for owners who do not construct houses within the specified five-year period under lease-cum-sale agreements. Instead of the previous flat rate of 10%, introduced in September 2024, a new tiered penalty system ranging from 2.5% to 10% will be applied based on the size of the site. This change comes in response to feedback from site allottees, who argued that the uniform 10% penalty of the current guidance value for vacant sites was excessive and did not consider the diverse dimensions of sites or individual financial situations. Following these concerns,…

Latest StoriesRegulatory

High Court Orders Inspection of Bengaluru PGs for Violations

BENGALURU: The Karnataka High Court has mandated an inspection of the Paying Guest Accommodation Welfare Association’s premises in Bengaluru to verify adherence to guidelines set by civic authorities. Justice Suraj Govindaraj stated that officials must determine if the structures erected by the petitioners and association members follow the approved plans. In cases lacking sanctioned plans, compliance with existing building bylaws and permissible usages under relevant zoning regulations must be evaluated. The inspection is scheduled to commence at 10:30 AM on February 18 and should be completed within two weeks. The court clarified that petitioners could join the inspection or appoint…

Latest StoriesRegulatory

Panel Formed to Investigate Thanisandra Demolitions in Bengaluru

BENGALURU: The Bangalore Development Authority (BDA) has established a two-member committee comprising retired district judges to investigate the removal of alleged encroachments in Thanisandra village, specifically in Arkavathi Layout. According to a public notice issued on January 29, the BDA appointed this committee to evaluate if proper procedures were followed during the demolition drive conducted on January 8, which resulted in the clearing of around 22 ‘illegal structures’ across two acres. Residents have expressed concerns after claiming they purchased the sites through agents, raising alarms over possible illegal property transactions, reminiscent of the issues previously reported in the Kogilu Layout…

IndustryLatest Stories

Shriram Properties Buys 4 Acres in Bengaluru

Representative image NEW DELHI: Shriram Properties (SPL) has successfully acquired a four-acre land parcel on Sarjapur Main Road in South-East Bengaluru through an outright purchase. The company intends to develop a high-rise residential project on this site, which is projected to encompass approximately five lakh square feet of saleable area with an estimated gross development value (GDV) of ₹550-600 crores. The launch of the project is anticipated in the latter part of 2026. Additionally, SPL has recently completed the acquisition of 100% equity shares in Shrivision Upscale Spaces on February 9, 2026, through a cash transaction at ₹10 per share…

IndustryLatest Stories

Puravankara Q3 FY26 Net Profit at ₹58.34 Crore

NEW DELHI: Puravankara announced a consolidated net profit after tax of ₹58.34 crore for the quarter ending December 31, 2025, according to a filing with the BSE. This contrasts with a loss after tax of ₹92.64 crore reported during the same quarter last year. The company’s consolidated total income reached ₹1,104.06 crore in Q3 FY26, compared to ₹334.20 crore in the corresponding quarter of the previous fiscal year. The board of directors has approved the re-appointment of Ashish Ravi Puravankara as managing director for a five-year term, effective from April 1, 2026, through March 31, 2031. Additionally, the board has…

IndustryLatest Stories

Arvind SmartSpaces Q3 FY26 Net Profit Drops 41.79%

NEW DELHI: Arvind SmartSpaces has experienced a significant decline of 41.79% in its net consolidated profit for the quarter ending December 31, 2025, with a profit after tax (PAT) of ₹29.21 crore compared to ₹50.18 crore in the same quarter last year, as noted in a BSE filing. The company’s net consolidated total income for Q3 FY26 was ₹170.50 crore, down by 20.87% from ₹215.47 crore reported in the equivalent quarter the previous year. The board of directors has approved the re-designation of Priyansh Kapoor, currently the whole-time director & CEO, as managing director & CEO of the company effective…