Tag: Bengaluru

IndustryLatest Stories

Bengaluru: E-Khata Error Leaves Owner with Massive Tax Bill

BENGALURU: The Bruhat Bengaluru Mahanagara Palike (BBMP) launched e-khata services at BangaloreOne centers across the city on November 11, 2024. The launch was announced by BBMP Chief Commissioner Tushar Girinath following a week-long training for the BangaloreOne staff. This initiative aims to alleviate the challenges faced by property owners and protect them from exploitation by private cyber centers, which often charge up to ₹5,000 for e-khata-related services that are now available at government centers for regulated fees. If the experience of a flat owner is any indication, property owners must be vigilant and verify their property details before uploading relevant…

Latest StoriesRegulatory

Bengaluru Civic Body Fines Builder, Fires Officials Over Ramp Encroachment

BENGALURU: The BBMP has imposed a fine of Rs. 1 lakh on the owner of a building on MN Krishna Rao Road in Basavanagudi for unlawfully constructing a ramp on a public footpath, thereby hindering pedestrian movement. The ramp, part of a building under construction at Property No. 16, overtook the entire footpath and was covered with green netting, rendering it unusable for pedestrians. Following complaints, BBMP officials conducted an inspection and confirmed the encroachment. The ramp, rather than being confined to private property, extended across the entire pedestrian walkway, forcing people onto the road. This violation was brought to…

Latest StoriesRegulatory

ED Raids Ozone Urbana Developers Over Homebuyers’ Fraud

BENGALURU: The Enforcement Directorate (ED) has executed searches on a Bengaluru-based real estate firm and its promoters, who are accused of defrauding home buyers of several crores in connection with the sale of flats in their residential project, according to official sources. At least ten locations associated with Ozone Urbana Developers Pvt. Ltd. and its key management were searched in Bangalore and Mumbai under the Prevention of Money Laundering Act (PMLA). The main promoter of the company is Satyamoorthi Vasudevan. The ED initiated action against the company and its promoters following multiple police FIRs concerning their residential project named Ozone…

IndustryLatest Stories

Karnataka to Develop Policies Supporting Real Estate Sector

AI generated image for representation purposes. BENGALURU: The Karnataka government is dedicated to fostering a policy environment that bolsters the real estate sector, as stated by a senior official on Thursday. Karnataka Urban Development Department Additional Chief Secretary Tushar Giri Nath delivered the keynote at the second CII Karnataka Real Estate Conference here. “To develop Tier 2 and 3 cities as future growth engines, a robust transportation network, integrated urban planning, and aligned policy frameworks are vital,” he noted. Nath emphasized that as Karnataka experiences swift urbanization, it is essential to ensure that growth remains inclusive and carefully planned. “We…

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,”…