Tag: Bengaluru

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Illegal Khata Scam: 6 Bengaluru Officials Suspended

BENGALURU: A significant cleanup effort was triggered within the Greater Bengaluru Authority (GBA) following a comprehensive complaint by resident Mohan Babu M. This led to the suspension of six officers and staff from the Begur sub-division for allegedly creating 128 illegal vacant-land khatas. The suspended individuals include assistant revenue officers Suresh, Hemanth Kumar, and Narasimhalu, along with revenue officer Shantesh from Bommanahalli, and second division assistants Bhagyashree and Balalingaraju. Concerns first arose when Mohan Babu contacted the GBA on April 21, 2025, reporting suspicious khata entries related to survey number 31/2 in Naganathapura village, Bengaluru South taluk. He claimed that…

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Embassy REIT to invest ₹3,700 crore in 7.2 million sq ft office project

NEW DELHI: Embassy Office Parks REIT (Embassy REIT), managing a vast 51 million sq ft office portfolio with a 93% value occupancy rate and 40.9 million sq ft of income-generating assets, is gearing up for its next expansion phase. This includes a pipeline of ₹3,700 crore in ongoing construction, scheduled for completion over the next three to four years. The REIT has 7.2 million sq ft currently in development that is projected to yield approximately ₹630 crore in net operating income (NOI). Four months into his role, CEO Amit Shetty emphasizes the need to enhance growth strategies through asset upgrades,…

CommercialLatest Stories

Embassy REIT buys Bengaluru office for ₹8,520 million

NEW DELHI: Embassy Office Parks REIT has signed definitive agreements to acquire a 0.3 million sq ft office property within Embassy GolfLinks Business Park in Bengaluru. The transaction is valued at ₹8,520 million. This grade-A asset is completely leased to a leading global investment firm, ensuring long-term cash flow visibility. The acquisition yields a net operating income (NOI) of approximately 7.9%, which is favorable compared to the REIT’s trading cap rate of 7.4% in Q2 FY2026, according to the company. Amit Shetty, CEO of the company, stated, “With a fully leased, long-term asset backed by a prominent global investment firm,…

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Address Maker Raises ₹200 Crore from AI Growth Partnership

NEW DELHI: Address Maker, based in Bengaluru, has announced a partnership with AI Growth. Under this alliance, AI Growth, via its affiliated companies, will provide a rolling capital framework of ₹200 crore to assist Address Maker in land acquisitions, joint development agreements (JDA), and project financing needs. Khushru Jijina from Address Maker remarked, “Our company has successfully delivered 6.7 million sq ft of residential apartments, villas, commercial spaces, and plotted developments in Bengaluru, with an additional 5.2 million sq ft currently in the pipeline.” Published On Dec 3, 2025 at 10:15 AM IST Join a community of over 2 million…

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Apartment Owners Urge Update to Karnataka Law

BENGALURU: The Bangalore Apartments Federation (BAF), representing over 1,400 Resident Welfare Associations (RWAs), has issued a firm ultimatum to the State Government, demanding the introduction and enactment of the Karnataka Apartment Ownership and Management Act (KAOMA) during the upcoming Belagavi Assembly Session on December 2. BAF advocates for the rights of more than 350,000 households and around 1.5 million residents, stressing the urgent need to update the outdated Karnataka Apartment Ownership Act of 1972. They argue that this update is crucial to mitigate the administrative disarray and legal disputes stemming from unclear ownership and management rights. At a press conference…

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Bengaluru to Add 25M Sq Ft Office Space in H2 FY27: ICRA

NEW DELHI: Bengaluru is set to see approximately 25 million sq ft of new office space coming online in the latter half of FY27, with about 25% already pre-leased. Despite a forecast of 16-17 million sq ft of new space for FY26 and FY27, occupancy rates are expected to reach 91-91.5% by March 2026 and 92-92.5% by March 2027, driven by ongoing leasing activity, according to ICRA’s latest report. In FY25, the city reported 16.3 million sq ft of fresh Grade-A office supply, alongside 8.4 million sq ft in H1 FY26, compared to net absorption figures of 18.4 million sq…

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No Construction Without Plinth Marking in Bengaluru, Say Officials

BENGALURU: Aiming to address building plan violations and unauthorized constructions, the Bengaluru Central City Corporation has enacted a comprehensive order. This mandates plinth-line marking, plan verification, and time-constrained demolitions for all constructions within its jurisdiction. According to Commissioner Rajendra Cholan, “Under the new guidelines, construction work cannot commence without obtaining the approved ‘building plinth-line marking.’ Town-planning officials are required to mark foundation boundaries within 30 days of plan approval and issue a foundation certificate before any construction can proceed.” He further mentioned, “Senior planning officials have been tasked with ensuring compliance with this process. To enhance transparency, approved building plans…

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BHIVE Signs Lease for 15,000 sq ft in Jayanagar, Bengaluru

NEW DELHI: BHIVE Workspace has secured a lease for 15,000 sq ft of office space in Jayanagar 4th Block, Bengaluru, from Garuda Group. This marks the second partnership between the two companies, following the establishment of Garuda BHIVE Workspace at BTM Campus. The new center will provide flexible seating options, private offices, and managed office solutions, accommodating over 650 seats at an average rent of ₹8,500 per seat per month. “Currently, the center is about 40% occupied, and we anticipate reaching 90% occupancy within the next six months,” stated Shesh Rao Paplikar, founder & CEO of the company. BHIVE Workspace…

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Umiya Buildcon Buys 20,000 Sq Ft in Bengaluru CBD

Representative AI image NEW DELHI: Umiya Buildcon has acquired a 20,000 sq ft plot in Bengaluru’s central business district (CBD), located off Cunningham Cross Road, for a residential development. The site offers a built-up potential of approximately 55,600 sq ft, and, upon completion, the project is anticipated to contribute nearly ₹200 crore to Umiya’s financial standing. The acquisition coincides with a period of projected steady growth in Bengaluru’s residential market. A recent analysis by ICRA indicates that the city’s housing market is set to see a 3–5% increase in area sold in FY2026, primarily driven by sustained demand in mid-income…

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Mt K Kapital Unveils $450M Real Estate Fund for Major Cities

NEW DELHI: Mt K Kapital, a real estate investment management firm, has launched its second fund with a target of USD 450 million. This fund receives backing from both general and limited partners. The firm’s objective with this new fund is to invest in projects during the acquisition stage, focusing on locations such as Mumbai, NCR, Pune, and Bengaluru. The target for fund deployment is set for early 2026. Boman Irani, CMD of Rustomjee Group, remarked, “The initial fund, a ₹790 crore MMR-focused initiative, has set a precedent in underwriting, project oversight, and investor relations.” Published On Nov 27, 2025…