Tag: Bengaluru

CommercialLatest Stories

IndiQube Falls 15% in Trading Debut on July 30

Shares of IndiQube Spaces dropped nearly 15% on their trading debut on Wednesday, as broader markets remained subdued ahead of an impending U.S. tariff deadline. This scenario values the Indian workspace solutions provider at ₹44.13 billion ($506 million). IndiQube’s debut is notable among a dozen Indian IPOs this month, being only the second to list at a discount. The firm raised $80.3 million through an IPO that was 12.4 times oversubscribed last week, showing strong demand from both retail and institutional investors. Its shares opened at a 9% discount to the IPO price of ₹237 in Mumbai and were down…

IndustryLatest Stories

Over 370K Bengaluru Properties Pending Tax Payments

BENGALURU: The Bruhat Bengaluru Mahanagara Palike (BBMP) has identified approximately 370,000 properties with overdue taxes totaling between Rs 700 and 800 crore. Maheshwar Rao, the chief commissioner of BBMP, announced that notices will be sent again through SMS and email to remind defaulters to settle their dues. According to Special Commissioner (Revenue) Munish Moudgil, even though auction notices were issued for 6,000 to 7,000 properties, compliance rates remain unsatisfactory. To enhance compliance, BBMP plans to block the e-khata accounts of tax defaulters, preventing any property sales until taxes are paid. “This process may take 4-5 months, but it is crucial…

IndustryLatest Stories

Sobha Q1 FY26 Net Profit at ₹13.61 Crore

NEW DELHI: Sobha has reported a remarkable 124.96% increase in its net consolidated profit for the quarter ending June 30, 2025. The profit after tax reached ₹13.61 crore in Q1 FY26, compared to ₹6.05 crore in the same quarter of the previous fiscal year, as per a BSE filing. The company’s net consolidated total income was ₹901.40 crore in Q1 FY26, marking a growth of 34.57% from ₹669.85 crore in the corresponding quarter last year. Published On Jul 25, 2025 at 06:34 PM IST Join a community of over 2 million industry professionals. Subscribe to our newsletter for the latest…

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Embassy REIT Secures ₹2,000 Cr via 10-Year NCDs

Representative image created by AI NEW DELHI: Embassy Office Parks REIT (Embassy REIT) has successfully raised ₹2,000 crore through a 10-year non-convertible debenture (NCD). The offering was priced with an effective coupon rate of 7.33% over ten years, featuring a step-up structure of 7.25% for the initial five years, followed by 7.45% for the next five years. The raised funds will be used to refinance existing debts, leading to annual interest savings of approximately 70 basis points (bps). The issuance attracted interest from over 15 prominent institutional investors, including insurance companies, pension funds, and mutual funds, and was oversubscribed by…

IndustryLatest Stories

Govt to Regularize B-Khata Buildings, Excludes Vacant Lots

BENGALURU: The state government has decided to regularize all existing B khata buildings and multi-storey apartment complexes in Bengaluru, given they were constructed on unauthorized layouts or lands and registered with the BBMP before September 30, 2024. However, vacant plots with B khata status will not be included in this regularization initiative. The cabinet approved this decision on July 17, following a suggestion from the Urban Development Department (UDD). This aims to provide legal relief to thousands of homeowners while upholding standards against unapproved developments. According to the UDD, vacant lands converted under Section 95 of the Karnataka Land Revenue…

IndustryLatest Stories

Karnataka Cabinet Approves 1% Fire Cess on New High-Rises

BENGALURU: Karnataka’s Law and Parliamentary Affairs Minister H K Patil announced on Thursday that the state cabinet has approved several significant initiatives, including the establishment of a Centre of Excellence (CoE) in space technology and the launch of the Local Economy Accelerator Programme (LEAP). The proposed SpaceTech CoE will be formed as a Section 8 company under the Companies Act, 2013, with an allocation of ₹10 crore over five years. “The Satellite Communication Industry Association (SIA-India) has been chosen as the industry partner. The project has received exemption under Section 4(g) of the Karnataka Transparency in Public Procurements Act, 1999,”…

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Concorde to co-develop 2.16 acres of residential project in East Bengaluru

Representative image created by AI NEW DELHI: Concorde has announced a joint development for a high-rise residential project named Concorde Élevé, located on Old Madras Road (OMR) in East Bengaluru. The project offers a development potential of approximately 3.2 lakh sq ft and is estimated to have a gross development value (GDV) of ₹475 crore. Spanning 2.16 acres, it will consist of 136 units available in 3 and 4 BHK configurations. The tower is set to reach 36 floors with four units per floor, while maintaining an overall open space of 70%, as per company details. The development plans include…

Latest StoriesResidential

Manipal Group’s Promoters Purchase ₹64 Crore Bengaluru Apartment

Image for representation Shruti R Pai, the spouse of Manipal Education and Medical Group Chairman Ranjan Pai, has purchased a luxurious apartment in Bengaluru’s Jayamahal Extension for ₹64 crore, as per property registration records from Zapkey. The sale was made through Savyasachi Projects, with representatives Parag S. Maniar and H. Vijayanath Hegde facilitating the transaction. The apartment, situated in the exclusive Savyasachi Sarayu project, occupies the 13th and 14th floors, covering a super built-up area of 12,800 sq ft and a carpet area of 9,929 sq ft. This deal translates to ₹64,457 per sq ft based on the carpet area—a…

IndustryLatest Stories

Bengaluru e-Khata Reveals Extensive Property Tax Evasion

BENGALURU: The Bruhat Bengaluru Mahanagara Palike (BBMP) has made significant strides with its newly launched e-Khata system, aimed at eliminating fraudulent property transactions and the fabrication of documents. Since its implementation on October 1, 2023, the system has uncovered substantial property tax evasion, recovering an impressive Rs 500 crore. BBMP officials highlight that the final e-Khata requests have exposed inconsistencies indicating considerable underreporting of property sizes and the inappropriate application of residential tax rates on commercial properties. These vulnerabilities, previously exploited through self-declaration, are now being addressed. Over 5.5 lakh e-Khatas Issued Since the introduction of the e-Khata system, more…

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Brigade Group buys 20.19 acres in Bengaluru for ₹588.33 crore

Representative image created by AI NEW DELHI: Brigade Group has acquired a 20.19-acre land parcel located in the Whitefield–Hoskote corridor of Bengaluru. This acquisition was finalized for ₹588.33 crore through Ananthay Properties, a subsidiary of Brigade Enterprises. The site is poised for mixed-use development, with a gross development value (GDV) estimated at ₹5,200 crore and a potential development area of 4.2 million sq ft. Recently, BuzzWorks, the managed and flexible offices division of Brigade Group, leased over 50,000 sq ft at Mindspace Business Park in HITEC City, Hyderabad. The center can accommodate 1,000 seats. Published On Jul 21, 2025 at…