Tag: Bengaluru

IndustryLatest Stories

Bengaluru Civic Body Faces E-Khata Grievance Backlog

Representative image created by AI BENGALURU: The BBMP is facing a growing backlash over 31,000 e-khata show-cause notices for property tax on parking areas, resulting in a significant backlog of unresolved grievances and a high rate of reopened complaints. In four wards—Kengeri, Hoodi, Horamavu, and Begur—over one-third of cases related to BBMP’s e-khata notices remain unresolved. As of August 7, 32 new complaints were reported, with 70 cases resolved in the past day, leaving 124 complaints pending. Additionally, 46 complaints were reopened, indicating dissatisfaction with previous resolutions. The Mahadevapura zone has the most unresolved complaints, with Hoodi (12 pending) and…

CommercialLatest Stories

DRA & Balajadia Launch $100M Platform for Commercial Development

NEW DELHI: Chennai-based DRA Group has signed a memorandum of understanding (MoU) with the Philippines’ Balajadia Family office to establish a special purpose vehicle (SPV) platform. This 50:50 joint venture aims to develop one million sq ft of grade-A commercial and retail spaces in Chennai and Bengaluru during the first phase, with an estimated investment of $100 million. Ranjeeth Rathod, managing director of DRA, stated, “This collaboration allows us to combine local expertise with global capital to drive sustainable real estate growth.” Lloyd Balajadia expressed enthusiasm, saying, “We look forward to creating landmark developments in India and exploring future collaborations…

Latest StoriesRegulatory

Bengaluru Body Revises OC Stance After Yearlong Delay

BENGALURU: The Bangalore Development Authority (BDA) has issued a new circular regarding rectified occupancy certificates, providing much-needed relief to home buyers. For years, many buyers struggled to obtain occupancy certificates because of the requirement to reserve 10% of flats for Economically Weaker Sections (EWS). This regulation was challenged in court, and the High Court deemed the original BDA circular from November 8, 2010, unconstitutional. While the petition was resolved on August 7, 2024, the BDA took almost a year to release the revised circular. The High Court ruled that according to Article 300A of the Indian Constitution, no individual can…

IndustryLatest Stories

Karnataka Revises Setback Rules for Bengaluru Buildings

BENGALURU: In a significant development for future construction in the tech capital, the state government has amended the zonal regulations under the Revised Master Plan (RMP) 2015. Effective from August 1, this amendment introduces clear and updated setback norms for buildings, particularly those exceeding 12 meters in height. The term “setback” refers to the minimum open space required between a building and its property boundary. This has long been a contentious issue in urban planning within the city, where rapid vertical expansion has often outpaced regulatory guidelines. The new rules aim to clarify setback requirements based on building height and…

IndustryLatest Stories

Prestige Estates Q1 FY26 Net Profit Up 1.47%

NEW DELHI: Prestige Estates Projects has reported a 1.47% increase in its net consolidated profit for the quarter ending June 30, 2025, with a profit after tax of ₹311.50 crore for Q1 FY26, compared to ₹307 crore in the same quarter last year, as per the company’s filing with BSE. The net consolidated total income for Q1 FY26 reached ₹2,468.70 crore, marking a 21.94% rise from ₹2,024.50 crore during the equivalent period in the previous fiscal year. In April 2025, Prestige Hospitality Ventures (PHVL), a fully-owned subsidiary of Prestige Estates, submitted a draft red herring prospectus (DRHP) to the Securities…

IndustryLatest Stories

Ashiana Housing Allocates ₹425 Crore for FY26 Plans

NEW DELHI: Ashiana Housing is set to allocate ₹425 crore for senior living initiatives during FY26. This budget will cover landowner payouts, construction, execution costs, and other project expenses. A substantial part of this budget is targeted at expanding their senior living offerings, with plans to enter the Mumbai, Bengaluru, and Delhi-NCR markets. In FY25, the company invested ₹213 crore in senior living and recorded a booking value of ₹382 crore. “This year, we aim to launch five new phases in our existing senior living projects, which will encompass roughly 5.71 lakh sq ft of saleable area,” stated Ankur Gupta,…

IndustryLatest Stories

Assetz Purchases 11.5 Acres in East Bengaluru

Representative image NEW DELHI: Bengaluru-based Assetz has acquired an 11.5-acre land parcel on the Old Madras Road (OMR)/Hoskote Highway in East Bengaluru. The company intends to develop a luxury residential community with an estimated gross development value (GDV) exceeding ₹1,400 crore. This strategic acquisition, which includes a joint development with Vanshee Builders & Developers, is backed by a funding partnership with Motilal Oswal Alternates. The project will encompass 1.4 million sq ft of saleable built-up area (SBA), offering about 800 units. Sunil Pareek, executive director of the company, stated, “In the last two years, we have built a pipeline of…

CommercialLatest Stories

Sumadhura Capitol Towers Leases 500K Sq Ft in Bengaluru

Sure! Here’s a rewritten version of your content: NEW DELHI: The Sumadhura Group has leased 500,000 sq ft of office and retail space to international companies at Sumadhura Capitol Towers, located in Whitefield, Bengaluru. The leasing activities are expected to yield an annual revenue of ₹50 crore. Madhusudhan G, the chairman and managing director, stated, “Bengaluru’s Grade A+ office real estate continues to attract significant interest from both local and international tenants, driven by solid infrastructure development, increasing demand, and improved connectivity.” Sumadhura Capitol Towers covers 8.67 acres with a leasable area of 1.5 million sq ft and was designed…

Latest StoriesRegulatory

Karnataka HC: BDA Must Prove Title in Sadashivanagar Case

BENGALURU: The Karnataka High Court has resolved two writ appeals concerning a protracted land use and ownership dispute over a one-acre plot adjacent to the Sadashivanagar Club. The court ruled that the land use designation in the Bengaluru Master Plan has expired due to non-utilization. A division bench consisting of Justice SG Pandit and Justice TM Nadaf stated that any further actions on the application filed by members of the former Mysuru royal family would hinge on the outcome of a pending civil suit before the Bengaluru city civil judge. The appeals were put forth by the Bangalore Development Authority…

CommercialLatest Stories

India’s Office Market to Surpass 1 Billion Sq Ft: Report

NEW DELHI: A recent report by Knight Frank India indicates that India’s total office stock will exceed one billion square feet by Q3 2025. The report reveals that the cumulative office space in the top eight Indian cities was 993 million sq ft as of H1 2025. From less than 200 million sq ft in 2005, the office supply has experienced a compound annual growth rate (CAGR) of 8.6%, approaching one billion sq ft by 2025. Bengaluru currently leads with 229 million sq ft, representing 23% of India’s total office stock. It is followed by the National Capital Region (NCR)…