Tag: Bengaluru

Latest StoriesRegulatory

Karnataka HC: RERA-validated co-ops can manage apartments

By Sanjana CS BENGALURU: A significant ruling from the High Court on June 30 has brought much-needed relief to flat owners. The single bench’s decision supports a registered cooperative society of allottees who have faced challenges for over 11 years. Justice Suraj Govindaraj presided over a case highlighting disputes among apartment owners, agreement holders, and builders concerning the completion and maintenance of an apartment complex. It was revealed that builders had manipulated an unauthorized association for illicit activities, contesting a Real Estate Regulatory Authority (RERA) order. The High Court dismantled this facade and reaffirmed the RERA order, thereby reinstating authority…

InfrastructureLatest Stories

PM Launches Bengaluru Metro’s Yellow Line

BENGALURU: On Sunday, Prime Minister Narendra Modi inaugurated the highly anticipated “Yellow Line” of the Bangalore Metro Rail, designed to alleviate traffic congestion across various bustling corridors linked to the city’s IT sector. During the event, the Prime Minister rode the metro from RV Road (Ragigudda) to the Electronic City station and engaged with students onboard. The Yellow Line spans over 19 kilometers from RV Road to Bommasandra and is a key part of the Bangalore Metro Phase-2 project, totaling approximately Rs 7,160 crore and featuring 16 stations, according to officials. This new line will expand the operational metro rail…

IndustryLatest Stories

Puravankara reports ₹68.55 crore net loss in Q1 FY26

NEW DELHI: Puravankara reported a net consolidated loss after tax of ₹68.55 crore for the quarter ending June 30, 2025, compared to a profit after tax of ₹14.78 crore in the same quarter last year, as stated in a BSE filing. The company’s net consolidated total income for Q1 FY26 was ₹538.64 crore, reflecting a decline of 20.27% from ₹675.55 crore in the same quarter the previous year. Ashish Puravankara, the company’s managing director, commented, “Our handovers and sales did not meet expectations due to regulatory changes, including e-Khata and modifications in byelaws. Despite this, our team is optimistic about…

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…