Tag: Bengaluru

Latest StoriesRegulatory

CBI Files Chargesheet in Ozone Urbana Homebuyers’ Fraud Case

NEW DELHI: The CBI has filed a charge sheet against Ozone Urbana Infra Developers Pvt Ltd and its director in relation to alleged builder-banker nexus scams, where numerous home buyers were reportedly deceived by exaggerated promises made during the purchase of their apartments, officials announced on Friday. The CBI submitted its 17th charge sheet regarding the scam before the Special Court in Bengaluru, targeting the builder for “alleged fraudulent activities” connected to a housing project in the city. A CBI spokesperson stated, “Our investigation has uncovered that the accused builder company and its director engaged in a criminal conspiracy to…

Latest StoriesRegulatory

HC Permits Bengaluru to Invite Karanth Layout Applications, No Allotments

BENGALURU: The Karnataka High Court has revised its earlier interim order regarding the Dr. K Shivaram Karanth Layout case. The new ruling allows the Bangalore Development Authority (BDA) to invite applications for sites but prohibits any allotments without prior court permission. A special division bench, consisting of Justices M. Nagaprasanna and Venkatesh Naik T, passed this order after reviewing an interlocutory application and an affidavit from BDA that outlined the authority’s financial situation. The Advocate General mentioned that in January 2024, the High Court instructed BDA to maintain the status quo on calling applications for the layout. The authority contended…

IndustryLatest Stories

Prestige Estates reports ₹6,579 crore in Q1 FY27 pre-sales

NEW DELHI: Prestige Estates Projects achieved residential pre-sales of ₹6,579 crore in Q1 FY27, selling 3,337 units and covering a sales volume of 6.04 million sq ft. Hyderabad led the quarterly sales, contributing 49% of the total, followed by Bengaluru at 27%, Mumbai at 12%, NCR at 7%, and other markets at 5%. The average price realization for apartments was ₹11,193 per sq ft, while plotted developments averaged ₹8,043 per sq ft. Collections reached ₹4,802 crore in Q1 FY27. The company launched four projects covering a total developable area of 20.16 million sq ft, with a gross development value of…

Latest StoriesResidential

Karnataka CM promises legal steps for apartment owners’ issues

BENGALURU: Karnataka Chief Minister D K Shivakumar assured residents gathered outside his home that the state government would implement legal measures to address their concerns, including issues related to property registration and civic matters. Shivakumar emphasized the challenges many face regarding property ownership, stating that purchasing an apartment should automatically confer rightful ownership. He noted that numerous residents struggle with property registration. “Through the Bhu Guarantee initiative, we will ensure your property is transferred to your name,” he added. This scheme, part of the Karnataka government’s sixth guarantee, aims to secure digital property rights, simplify land ownership, and streamline property…

IndustryLatest Stories

Karnataka Launches Apartment Bill to Protect Property Owners

BENGALURU: On Wednesday, the Karnataka government introduced the proposed Karnataka Apartment (Ownership and Management) Bill, 2026. This initiative aims to repeal outdated laws that have been in place for over fifty years and establish a cohesive legal framework that will protect the rights of apartment owners, improve governance, and support the redevelopment of aging residential complexes. The proposed legislation, developed in consultation with apartment owners’ associations in Bengaluru, seeks to replace the Karnataka Apartment Ownership Act of 1972 and the Karnataka Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act of 1972. The government posits that…

Latest StoriesRera

Karnataka RERA nets ₹1.5 crore from builders for violations

BENGALURU: The Karnataka Real Estate Regulatory Authority (K-Rera) has collected ₹1.5 crore in penalties from builders for failing to timely submit their mandatory quarterly progress and annual audit reports between April 1 and July 9, 2026. This initiative aims to enforce compliance and enhance transparency for homebuyers. This recovery follows a circular issued by K-Rera on July 2, emphasizing its compliance measures and stating that recovery actions against non-compliant promoters would commence on July 16. The circular builds on previous warnings dated January 20, February 7, February 20, and June 19, which outlined penalties for late quarterly filings. Officials indicated…

IndustryLatest Stories

Puravankara Q1 FY27 Pre-Sales Up 28% to ₹1,439 Crore

Representative AI image NEW DELHI: Puravankara reported pre-sales of ₹1,439 crore in Q1 FY27, achieving a 28% year-on-year growth. Collections increased by 40% from the previous year to ₹1,199 crore during the quarter. The sales area expanded to 1.36 million sq ft, marking a 9% rise compared to the same period last year. The average price realization improved by 18% year-on-year to ₹10,589 per sq ft. The company delivered 0.94 million sq ft, completing 745 homes during this quarter. Additionally, Puravankara finalized an agreement with ICICI Prudential AMC for the sale of its commercial property, Purva Zentech. The transaction values…

Latest StoriesResidential

Bengaluru Resident Files Lokayukta Complaint Over Deed Delay

Representative AI image BENGALURU: A resident has approached the Karnataka Lokayukta, claiming that the amended deed of declaration (DoD) for Sobha Aspire apartments in Nagasandra was registered without consent from all apartment owners or proper authorization. The complaint was filed by Subhash S. Shetty, an apartment owner, regarding an amended DoD registered at the Peenya sub-registrar’s office on March 3, 2023. Shetty alleges the document was executed by someone posing as the “grantor” without valid authority, residents’ approval, or necessary documentation. In response to Shetty’s allegations of fraud, forgery, and illegal registration, the district registrar of Rajajinagar instructed the Peenya…

Latest StoriesResidential

Bengaluru Housing Sales Up 5% to 27,968 Units in H1 2026

NEW DELHI: Bengaluru recorded housing sales of 27,968 units in the first half of 2026, reflecting a five percent increase compared to the previous year, according to a Knight Frank India report. New launches totaled 34,749 units during this period, marking a four percent year-on-year rise. However, there was a sequential decline in launches by 1.4%, and sales also fell by three percent. According to Knight Frank, the slowdown in residential launches and sales can be attributed to rising property prices, affordability issues in key micro-markets, and a more cautious stance from both developers and homebuyers. The average residential price…

CommercialLatest Stories

India Office Leasing Falls 2% to 48M Sq Ft in H1 2026

Representative AI image NEW DELHI: In the first half of 2026, office leasing in India’s top eight cities reached 48 million sq ft, representing a slight two percent decline compared to the previous year, according to Knight Frank India. However, supply additions surged by 35 percent year-on-year, totaling 27.1 million sq ft during this period. The total office stock in these markets increased to 1,054.6 million sq ft, marking a six percent annual growth. Vacancy rates remained relatively stable, dipping slightly by 12 basis points year-on-year to 14.6 percent in H1 2026. Bengaluru led the office leasing market with 14.1…