StayAbode and CP Developers announce Asia’s largest co-living project
December 13, 2018

StayAbode-CP Developers announces Asia’s largest co-living project 13th December 2018 StayAbode Ventures has recently joined hands with CP Developers for developing Asia’s largest co-living project in Whitefield, Bangalore. This will be the largest A-Grade co-living project in India with 1,400 people living in a community environment. Bangalore's Whitefield is a professional hub neighbouring ITPL and large MNCs with a working population of over 50,000 millennials. Equipped with the latest smart technology across security and space management, the co-living project will have different layout options coupled with a host of facilities across dining, gyms and recreation centres along with community breakout…

Four-laning of Dharmapuri-Hosur highway underway: Bangalore
December 12, 2018

The National Highways Authority of India (NHAI) has invited bids to widen a 71 km-long Dharmapuri - Hosur (Thorapalli) highway. An amount of Rs 1,331 crore has been sanctioned for the development of the four-lane highway project. Officials have shared that the highway project will be developed in two phases under the Bharatmala Pariyojana Phase - I. The 36.75 km Hosur (Thorapalli Agraharam) - Jittandahalli section will be widened at a cost of Rs 709.72 crore, while the 34.36 km Jittandahalli - Dharmapuri road will be developed at an estimated cost Rs 624.69 crore. The land survey for the highway…

Bangalore Metro: Peripheral Ring Road corridor to follow PPP model
December 11, 2018

The Bangalore Metro Rail Corporation Limited (BMRCL) is planning to develop an upcoming metro corridor along the Peripheral Ring Road (PRR) and NICE Road on a Public-Private Partnership (PPP) model. The Corporation is exploring a PPP model with the Bangalore Development Authority (BDA) and NICE. The Urban Development Department (UDD) has directed the BMRCL to prepare a feasibility report for the same. The feasibility report will be prepared considering the specific suggestions made by S Mohandas Hedge, Former Secretary, Karnataka Pradesh Congress Committee. According to Hegde, the development of the metro project can be expedited by adopting the PPP model.…

Bangalore civic body owns 38,800 acres of land
December 5, 2018

The Bangalore Development Authority (BDA) has recently commenced a comprehensive land audit to determine the land area the Authority owns in the city. The Authority is believed to hold 38,800 acres of land and hopes to recover another 10,000 to 12,000 acres of encroached land. The Authority has developed 64 housing layouts till now, but maintained no account of the owned and encroached land. In 2012, a survey to ascertain the land area was carried out, however, failed to deliver valuable results. Recently, the decision to carry out a fresh survey was taken in a meeting chaired by G Parameshwara,…

Karnataka RERA: List of approved projects and agents
December 4, 2018

After Maharashtra, Karnataka is the second most active state in the implementation of the Real Estate (Regulation and Development) Act (RERA) rules. The Karnataka government had launched an online portal for registration and filing complaints under RERA, and a regulatory authority for smooth execution of rules in the State. Karnataka RERA: Approved Projects and Agents Registered Projects 2193 Registered Agents 1159 Complaints Resolved 503   As per the latest information (as on December 04, 2018) available on the Karnataka RERA website, about 1,472 realty agents have applied for registration under the Act. Further, applications of 2,771 projects have been submitted to…

Reliaable Developers launches Reliaable Residenza
November 30, 2018

Reliaable Developers launches Reliaable Residenza30th Nov 2018 Reliaable developers have recently launched their second in-house project by the name of Reliaable Residenza. The project is a BDA approved luxury development, located close to HSR Layout, off Sarjapur road in Bengaluru. Instituted in proximity to world-class amenities, Reliaable Residenza is the largest BDA approved residential layout and an ideal development providing impeccable standards of leisure and luxury. 

BBMP proposes hiking property tax by upto 30 percent
November 26, 2018

In order to generate more funds for executing ongoing civic projects and to undertake new ones, the Bruhat Bengaluru Mahanagara Palike (BBMP) has proposed a 25 percent increase in property tax for residential properties and 30 percent for commercial units. Property tax hike is more likely to come into effect from April 1, 2019. N Manjunatha Prasad, Commissioner, BBMP, has informed that the revision of property tax has been proposed as provisioned under the Karnataka Municipal Corporation Act. The Act mandates revision of tax once in three years. The revenue department has drafted a proposal and will be tabled to…

Karnataka RERA to appoint permanent regulator soon
November 24, 2018

After several delays, the Karnataka government has invited applications for the establishment of a permanent Real Estate Regulatory Authority. Recently, the State government has issued a notification to set up the regulatory authority comprising a Chairman and two members. Officials have shared that last date of submission of applications is set as December 15, 2018. At present, the Home Secretary acts as an interim RERA chairman. For the post of Chairman, a retired IAS officer with 20 years of experience in fields such as administration, urban development, housing, and infrastructure development can apply. Any retired bureaucrat with 15 years of…

Affordable homes in Bangalore to be built in high-rise format
November 21, 2018

In order to provide affordable housing options for the urban poor, the Karnataka government has decided to amend State’s housing scheme of developing one lakh affordable homes. The State government will develop affordable homes in high rises instead of ground-plus-three-floor structures. Officials have shared that the State government will now construct ground-plus-14-floor structures to increase the number of low cost housing units in Bangalore. Krishna Byre Gowda, Law and Parliament Affairs Minister, Karnataka, has shared the recent development. The decision has been taken after considering the resource constraint and lack of availability of land. The State government is also considering…

Centre urges Karnataka to set up smart city forum
November 20, 2018

Since the announcement of Bangalore as a Smart City in 2017 under the Smart Cities Mission, the city has failed to implement several smart projects. Furthermore, the concerned authorities have not even established the Bangalore Smart City Advisory Forum. Noting this, the Ministry of Housing and Urban Affairs (MoHUA) has termed the failure as a violation of the guiding principle of the Smart Cities Mission. Durga Shanker Mishra, Secretary, MoHUA, has emphasised on accelerating the process to set up the forum. The forum is meant to advise and enable collaboration among various stakeholders. As per the guidelines, the Smart City…

Altico Capital invests over Rs 550 crore in Bangalore’s realty
November 20, 2018

Altico Capital invests over Rs 550 crore in Bangalore's realty19th November 2018: Altico Capital, the non-banking finance company, promoted by Clearwater Capital (now Fiera Capital), Abu Dhabi Investment Council and Varde Partners, has recently invested Rs 120 crores in affordable plotting projects with  Century Group, in Bangalore. This is Altico’s second investment with the Century after initially co-investing INR 765crs with Piramal in a portfolio of projects in 2015. 

Sobha Group announces Q2 FY’19 financial results
November 12, 2018

Sobha Group announces Q2 FY’19 financial results12th November 2018 Bangalore-based real estate developer Sobha Group, has generated a turnover of Rs 6,762 million during Q2 FY’19 on a consolidated basis. While the company’s Profit Before Tax (PBT) stood at Rs 891 million, its Profit After Tax (PAT) was Rs 602 million on a consolidated basis. Further, in Q2 FY’19, the company attained the new sales volume of 10,31,602 sq ft at a total valuation of Rs 7,408 million.

Bangalore Metro Phase 2 hit by land acquisition hurdles
November 5, 2018

Development of the Bangalore Metro (Namma Metro) Phase 2 has hit a roadblock on the back of land acquisition issues. The Bangalore Metro Rail Corporation Limited (BMRCL) is still struggling in acquiring land parcels for the proposed project. Officials have shared that the Corporation has acquired merely one-third of the land required for the project, whereas it needs to acquire about 131 hectares for the construction of Phase 2 metro project. BMRCL has acquired 74 hectare of land till date. BMRCL is yet to acquire land for the Byappanahalli-Jyothipura stretch, Jindal and BIEC stations (Nagasandra to BIEC line), two parcels…

Construction work on Namma metro Phase-II depots likely to begin
November 4, 2018

At a recently-held high-level meeting at Vidhana Soudha, the parent body of the Karnataka Industrial Areas Development Board (KIADB), the Commerce and Industries department assured officials of the Bangalore Metro Rail Corporation Limited (BMRCL) to fix the compensation amount for land owners of Kothanur and Hebbagoddi depots in a fortnight. With the government guaranteeing to provide a solution to the issue, construction work these two depots under Phase-II of the Namma Metro can begin. While the Authority had already carried out civil works on metro lines along all routes, issues concerning land acquisition led to the delay in work on…

Bangalore registers 25 pc dip in unsold inventory: Report
October 31, 2018

According to a recent report by ANAROCK, Bangalore has registered the maximum dip in unsold housing inventory among seven major cities across the country till September 2018, as compared to unsold housing stock in the year-ago period. A 25 percent decline was registered during the last one year. The unsold housing units in Bangalore stood at 76,500 flats till September. However, it was 1,02,740 units in the year-ago period. After Bangalore, Pune followed with a 10 percent decline in unsold inventory which came down to 90,610 units in Q3 2018. The unsold stock was 1,01,020 units in Q3 2017. Delhi…

Allottees file complaints against BDA under RERA
October 29, 2018

Karnataka Real Estate Regulatory Authority (Karnataka RERA) has issued notices to Bangalore Development Authority (BDA) for a delay in providing civic amenities at various sites in the city. The move to issue notices was taken after receiving complaints from allottees against the development authority under Real Estate (Regulation and Development) Act (RERA). As of now, the Karnataka RERA has received around 800 complaints under the Act. It has been noted that the number of complaints against BDA is rising. Officials have shared that most of the complaints filed by the allottees are for failing to execute the projects due to lack…

Bangalore civic body to introduce new policy to prevent infrastructure problems
October 28, 2018

To provide better social infrastructure and facilities to the residents, the Bruhat Bengaluru Mahanagara Palike (BBMP) has formulated a new policy, as per which, contractors for each ward will be responsible for the state of roads and garbage problems. BBMP is currently formulating a set rules for these contractors. Once implemented, the new policy will not only address the needs of the stakeholders but will ascertain complete transparency. According to a BBMP official, under the current system, the civic body awards a tender to the same contractor to undertake work in different parts of the city. Shortage of manpower leads…

Sumadhura Group offers luxurious abodes for NRI buyers
October 25, 2018

Sumadhura Group offers luxurious abodes for NRI buyers11th October, 2018  Sumadhura Group, is a premiere real estate brand located in Bangalore. It is an ISO 9001:2015 certified organization that has a portfolio of 46 projects, 42 world-class residential and four commercial projects, across India’s top metropolitan cities- Bangalore and Hyderabad. The brand has carved a niche in luxury segment and offers elegant abodes that explicitly caters to the comfort and convenience of NRI homebuyers.