Tag: Bengaluru

CommercialLatest Stories

Applied Materials leases 8.06 lakh sq ft office for ₹855 crore

BENGALURU: Applied Materials, a semiconductor equipment manufacturer, has secured a lease for 8.06 lakh sq ft of office space at ITPB in Whitefield, amounting to Rs 855 crore over a decade. Karnataka’s IT/BT Minister Priyank Kharge shared this update on ‘X’, noting that this facility will accommodate the company’s expanding operations in the city and support the establishment of their Innovation Center for Semiconductor Manufacturing. This is set to be a pioneering R&D fab with an investment of Rs 4,851 crore, creating approximately 1,500 jobs. “From our visit to their US headquarters in 2023 to ongoing discussions through 2024, along…

Latest StoriesRera

Bengaluru Body Claims RERA Order Doesn’t Apply, Cites Status

BENGLAURU: Following Rera’s designation of the Nadaprabhu Kempegowda Layout (NKPL) project as “lapsed” due to significant delays and unmet commitments to allottees, the Bangalore Development Authority (BDA) asserted on Monday that it is not a “promoter” and therefore outside Rera’s jurisdiction. In its official statements, BDA contended that complaints against it do not hold under the Real Estate (Regulation and Development) Act, 2016, as site allotments are solely contractual. The authority highlighted that site allotments are regulated by its 1984 rules, strictly governing the relationship between the BDA and the allottee. Once an allotment is accepted, the allottee is bound…

IndustryLatest Stories

Karnataka Housing Board: 772-Acre Project in Devanahalli

Representative AI image BENGALURU: The Karnataka Housing Board (KHB) has proposed a substantial 772-acre housing development near the Information Technology Investment Region (ITIR) in Devanahalli, in response to the growing residential demand stemming from rapid urbanization and industrial expansion in the area. KHB plans to provide residential plots and affordable housing, particularly targeting economically disadvantaged groups, along with essential infrastructure like roads, water supply, and sanitation services. However, the future of this initiative remains uncertain, following the government’s recent cancellation of the acquisition of 1,777 acres due to farmers’ protests over the loss of fertile farmland. Officials reported that KHB…

Latest StoriesResidential

Karnataka’s Fee Hike Raises Inventory Concerns Amid Slow Sales

BENGALURU: Karnataka’s decision to increase the property registration fee to 2% of the transaction value is set to affect Bengaluru’s housing market, which is already struggling with affordability issues for buyers. The rise in transaction costs for home purchases is steep, with experts warning it may diminish buyers’ confidence in the market. “This change will strain homebuyers’ budgets,” noted Navin Dhanuka, director at ArisUnitern RE Solutions. He added that developers will likely need to adjust project financing to sustain demand, given that significant inventory is expected to enter the market in the coming quarters. Industry estimates suggest that Bengaluru’s housing…

IndustryLatest Stories

Karnataka’s hike in property registration fee sparks backlash

DHARWAD: The state government’s decision to raise property registration fees by 2% has provoked significant backlash from the public and opposition parties, which are now urging an immediate reversal. Deputy opposition leader Arvind Bellad criticized the Congress government’s “anti-people policies” that are adding to the burdens of citizens already facing rising costs. “The government has suddenly doubled the property registration fee. For low-income and middle-class families, this increase—raising stamp duty and registration charges to 7.6%—is a heavy burden,” he remarked, calling for a return to the previous rates. Citizens claim that the state government has used the guise of “better…

InfrastructureLatest Stories

Transit-Oriented Development Can Transform Bengaluru’s Traffic

Representative image The Revised Master Plan-2041 seeks to enhance the sustainability and livability of the city, harnessing advanced technologies and consulting expert global organizations to foster balanced growth over the next two decades. After withdrawing the controversial Master Plan-2011 draft, the Bangalore Development Authority (BDA) has now issued global tenders to develop the Revised Master Plan-2041 (RMP-2041). This ambitious undertaking aims to align rapid urban growth with sustainable planning to create a well-connected, environmentally friendly urban space. The state government plans to engage top private firms through international bidding, moving away from dependency on state-run bodies. Spanning over 500 sq…

CommercialLatest Stories

TCS Signs ₹2,130 Crore Lease for 1.4M Sq Ft in Bengaluru

Mumbai-based Tata Consultancy Services (TCS) has secured a new lease for 1.4 million square feet of office space at 360 Business Park in Electronic City. This represents one of the largest office transactions in Bengaluru in recent years. Lease documents obtained by TOI through Propstack indicate that the agreement includes Towers 5A and 5B, consisting of 6.8 lakh square feet in Tower 5A and 7.2 lakh square feet in Tower 5B. The landlord for this space is Labzone Electronics City Pvt Ltd. The agreement is structured in two phases. The first phase, which encompasses the ground floor plus seven floors,…

Latest StoriesResidential

Property Owners Criticize Bengaluru Body for High Khata Fees

BENGALURU: The high khata transfer fee set by the Bangalore Development Authority (BDA) has faced criticism from property owners in its developed layouts. Property owners express willingness to pay a transfer fee but dispute the significant increase introduced by the BDA. They assert that the hike is not justified and imposes an undue financial strain on individuals updating property ownership records without any meaningful additional service or benefit. A common complaint is that the BDA charges the same fee for transferring khata to a dependent’s name after the original owner’s death as it does for standard sale transactions. Owners have…

IndustryLatest Stories

Abhishek Kapoor Named New CEO of My Home Constructions

NEW DELHI: My Home Constructions, a subsidiary of the My Home Group based in Hyderabad, has announced the appointment of Abhishek Kapoor as the new chief executive officer (CEO), effective immediately. Kapoor recently resigned as group CEO and executive director at Puravankara. “Our goal is to strengthen My Home’s footprint in Bengaluru, Chennai, and Mumbai through innovative products and exceptional customer service,” Kapoor stated. He will be responsible for driving the company’s growth strategy, focusing on business development, land acquisition, sales and marketing, strategic partnerships, and operational execution. My Home Constructions currently has over 50 million sq ft of construction…

InfrastructureLatest Stories

Bengaluru Authority to Launch in September

BENGALURU: The state government is finalizing preparations to launch the Greater Bengaluru Authority (GBA) on September 2. This new entity will replace the Bruhat Bengaluru Mahanagara Palike (BBMP) with five municipal corporations. Draft orders for the new corporations have already been issued, objections have been considered, and a final notification is expected soon. The historic BBMP headquarters, which has housed the city’s administration since 1947, is being renovated to serve as the Chief Minister’s office in his role as Chairperson of the GBA. The Bengaluru Urban Development Minister, acting as Deputy Chairperson, will work from the upgraded Deputy Mayor’s office.…