Tag: Bengaluru

CommercialLatest Stories

Swiggy Moves HQ to Whitefield as Bellandur Lease Ends

BENGALURU: Food delivery platform Swiggy will relocate its headquarters from Bellandur to Whitefield in the coming months. The move aims to enhance employee connectivity, particularly with the new office’s proximity to the Kadugodi Tree Park Metro station. The location will be accessible from both the Kadugodi Tree Park and Hopefarm Channasandra stations. Sources at Swiggy indicated that the relocation is not a reaction to concerns regarding Bengaluru’s infrastructure, but rather due to the expiration of the lease at the Bellandur campus. “The contract for our Bellandur office is ending, so we chose to move to a larger, future-ready facility. This…

InfrastructureLatest Stories

Draft rules simplify basement and parking norms in Bengaluru

BENGALURU: The state government has proposed significant amendments to Bengaluru’s building regulations under the Revised Master Plan (RMP) 2015, with the aim of facilitating legal construction for homeowners with smaller plots without compromising valuable space. The proposed draft simplifies setback requirements, eases basement regulations, and modernizes parking guidelines — changes that officials claim will streamline compliance and curb unauthorized constructions. “When regulations are overly complicated or impractical, individuals tend to resort to illegal constructions. By simplifying the guidelines, we support small-plot owners who cannot afford to sacrifice buildable space while promoting better ventilation and adherence to legal standards,” stated Tushar…

IndustryLatest Stories

Prestige Estates Q2 FY26 Profit Soars 95% to ₹457.4 Crore

NEW DELHI: Prestige Estates Projects Ltd has announced a 95% increase in consolidated net profit, reaching Rs 457.4 crore for the September quarter, thanks to higher income and reduced expenses. In the same quarter last year, net profit was Rs 234.6 crore. The total income surged to Rs 2,697.8 crore in the second quarter of this fiscal, up from Rs 2,423.8 crore during the corresponding period last year, as reported in their Wednesday regulatory filing. Irfan Razack, Chairman and Managing Director of Prestige Group, stated that the company has delivered strong financial and operational performance. “The first half of FY26…

Latest StoriesRegulatory

Realtor, sub-registrar arrested in Bengaluru land case

BENGALURU: Central Crime Branch (CCB) officials have apprehended a sub-registrar and a realtor-cum-middleman over a land-grabbing case in Beratena Agrahara, Begur. The individuals arrested are Kumari Roopa, who is currently employed at the Kacharakanahalli sub-registrar office, and Naveen Kumar. This case dates back to August 2022, initiated by a landowner at the Parappana Agrahara police station, naming 139 suspects in the FIR. According to the complainant, he entered into an oral agreement with Naveen and others to develop residential sites, with a total of 107 sites designated for this project. However, the landowner claims that the accused, including Naveen and…

IndustryLatest Stories

HDFC Capital Advisors Exits Adarsh Developers Again

HDFC Capital Advisors, the private equity branch of HDFC Bank, has successfully exited its second investment of ₹1,100 crore in Bengaluru’s Adarsh Developers. This comes from a total commitment of ₹2,500 crore across four investments with the company. The platform was established in 2022 to develop 17 mid-income residential projects, totaling 10,000 units across 15 million sq ft, in key Bengaluru areas such as Bellandur, Gunjur, Hennur, JP Nagar, and Banashankari. HDFC Capital’s initial investment of ₹395 crore was exited in Q2 2024 with a gross internal rate of return (IRR) of 21%, while the second investment was exited at…

Latest StoriesResidential

BDA Resolves 20-Year Arkavathy Dispute, Allots 784 Sites

Representative AI image BENGALURU: In a long-awaited resolution to one of its most contentious issues, the BDA on Monday allocated 784 alternative plots in the Nadaprabhu Kempegowda Layout (NPKL) to allottees from the Arkavathy Layout who lost their sites due to land denotification and reallocation. The allotment, which utilized a computerized randomization process at the BDA headquarters, took mere minutes to complete, marking the end of a two-decade struggle for many beneficiaries. Officials stated that this initiative aimed to provide long-delayed relief to allottees awaiting resolution since 2005-06. “We have allocated 784 sites at once to resolve a longstanding issue…

IndustryLatest Stories

Blackstone to Acquire Majority Stake in Ritz-Carlton Bengaluru

BENGALURU | MUMBAI: US investment firm Blackstone is set to acquire up to a 55% stake in the Ritz-Carlton Bengaluru from Nitesh Land. Sources indicate that Blackstone’s stake acquisition of 51-55% could cost approximately ₹600-700 crore, valuing the 277-room luxury hotel between ₹1,200 and ₹1,400 crore. The hotel, managed under the Ritz-Carlton brand by Marriott International, generated earnings before interest, taxes, depreciation, and amortisation of ₹105 crore for FY25. “Blackstone will purchase the stake in Nitesh Residency Hotel, the owning entity. The agreement is signed and expected to finalize within this quarter,” shared an anonymous source. Post-transaction, Nitesh Shetty, founder…

Latest StoriesRera

Karnataka RERA Orders Registration of Delayed Bengaluru Layouts

BENGALURU: In a significant development for homebuyers who have awaited possession of plots for nearly a decade, the Karnataka Real Estate Regulatory Authority (K-Rera) has ruled that the Bangalore Development Authority (BDA) must be classified as a “promoter” under the Real Estate (Regulation and Development) Act, 2016. K-Rera has instructed the BDA to register the long-overdue Nadaprabhu Kempegowda Layout (NPKL) within two weeks and to justify why penalty proceedings should not be initiated for selling sites without the necessary Rera registration. The ruling, issued on November 7 by a two-member bench, followed multiple complaints from allottees who claimed that the…

InfrastructureLatest Stories

11 Illegal Buildings in Bengaluru Scheduled for Demolition

BENGALURU: Following numerous alerts regarding extensive building violations, the Bengaluru East City Corporation (BECC) has initiated the demolition of 11 illegal structures that deviate significantly from their approved plans. As per the additional commissioner (development), a building in Whitefield with several unauthorized floors is presently being demolished. “The demolition is progressing slowly as it is being conducted manually,” the official commented. Recently, the East Corporation carried out a survey of over 600 under-construction buildings, issuing notices under the Karnataka Town and Country Planning Act, 1961. While many cases are currently in litigation or postponed due to court stay orders, the…

InfrastructureLatest Stories

East Bengaluru Residents Fear G+5 Buildings Will Collapse Road

BENGALURU: Residents of Nanjappa Layout in Kalkere, part of Bengaluru East City Corporation, have expressed concerns about unauthorized G+5 apartment constructions on an 18-foot road. They allege that builders are breaching height limits and safety regulations, resulting in a strain on basic infrastructure and an invasion of their once peaceful neighborhood. Residents have reported that despite numerous complaints—both verbal and written—to the Greater Bengaluru Authority (GBA), there has been no substantial action against the offenders. One local resident stated, “Barricades have been erected in our compound. One building started two years ago, while another began seven months ago. We’re suffering…