Karnataka RERA: List of approved projects and agents
December 12, 2017

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. As per the latest information (as on December 12, 2017) available on the Karnataka RERA website, about 796 realty agents have applied for registration under the Act. Further, applications of 1,737 projects have been submitted to the portal. Of these, 916 projects have been successfully registered with the regulatory authority. Meanwhile, a…

Karnataka highways project gets funding of $346 mn
December 11, 2017

The Karnataka government has received a funding of $346 million for the development of state highways project. The amount is funded by the Asian Development Bank (ADB) for the state’s highway upgradation. Officials have informed that the funded money will be spent on the improvement of 419 km of state highways by upgrading them to two and four-lane and improving culverts and bridges. It is estimated that the total cost of the project would be around $655 million. Of this, the state government will fund $202 million and the private sector will invest an estimated $107 million through hybrid annuity…

Bangalore water board to levy penalty on apartments without STPs
December 4, 2017

Bangalore Water Supply and Sewerage Board (BWSSB) has decided to impose penalty on housing societies and apartments who fail to install sewage water treatment plants (STPs) by December 31, 2017. The penalty quantum will be 25 percent of water and sanitary charges for the first three months beginning from January 2018 till March 2018. Thereafter, the penalty would be increased to 50 percent till the STP is installed. The Board will impose such penalty on apartments with more than 50 units constructed before 2016 and apartments with at least 20 units constructed from 2016 onwards. Officials have informed that the…

Karnataka RERA rejects 18 residential projects till now
November 28, 2017

Since the establishment of Karnataka Real Estate Regulatory Authority (Karnataka RERA), about 18 applications received for registration of ongoing projects under the Real Estate (Regulation and Development) Act (RERA) have been rejected. So far, a total number of 1689 applications have been received by the developers to register their real estate projects across the state. Details about the rejected realty projects are listed on the official Karnataka RERA website. You can check all details here... As per latest information available on the RERA website, about 762 realty agents have applied for registration under the Act. Out of which, 563 agents…

Karnataka govt sanctions Rs 1656 cr for smart city projects
November 25, 2017

The Karnataka government, in collaboration with the central government, has sanctioned funding of Rs 1,656 crore six cities across the state including, Belagavi, Davangere, Hubballi-Dharwad, Mangaluru, Shivamogga and Tumakuru. All these six cities in the state were selected under the Smart City project, initiated by the central government. Out of all sanctioned fund, Mangaluru has received Rs 216 crore including state's share of Rs 105 crore and central share of Rs 111 crore, for the development of infrastructure projects in the city. Roshan Baig, Minister for Urban Development, has recently conveyed the approval in the state assembly. Till now, a…

Namma Metro Phase 2 to get over Rs 2000 cr funding soon
November 24, 2017

The Bangalore Metro Rail Corporation (BMRCL) is more likely to raise a fund of Rs 2,275 crore from the Asian Infrastructure Investment Bank (AIIB). The loan amount is required to be paid off in 15 years with a 2.2 percent rate of interest. The Bank will fund for the Phase II of the Namma Metro project. Officials have shared that the AIIB team is on the verge of locking the deal soon and is in the final round of discussions with BMRCL officials in Bangalore. Once the terms are finalised, the Department of Economic Affairs (DEA) would sign the finance…

Over 10000 acres of land encroached near lake beds in Bangalore
November 23, 2017

The lake encroachment in Bangalore is rampant. Considering this, the Karnataka government has constituted a legislature committee to identify all encroachments near lake beds. It has been observed that around 10,785 acres (nearly 18 percent) of lake area has encroached in the urban and rural districts of the city. Of the total 57,932 acres of lake area in Bangalore, 10,785 acres have encroached. The highest number of lake encroachment cases have been identified in Bangalore East (18 lakes), followed by Bangalore South (17), Anekal taluk (16), Bangalore North (14), Devanahalli (5) and Nelamangala (3). The committee, headed by KB Koliwad,…

Bangalore authority to launch 2 mega residential projects
November 21, 2017

The Bangalore Development Authority (BDA) has recently decided to develop two new mega residential projects worth Rs 759 crore at Konadasapura village in Bidarahalli hobli in Bangalore East. Officials have stated that the Authority will construct more 3BHK flats in the upcoming residential projects considering the demand among homebuyers. It has been observed that the demand for 3BHK among buyers is more as compared to 2BHK and 1BHK flats. The residential apartments will include 1,344 3BHK flats with the carpet area of 1,150 sq ft, 448 1BHK units with carpet area of 450 sq ft and 672 2BHK houses with…

Office space absorption in Bangalore to hit 26 mln sq ft by 2020
November 20, 2017

According to a report by Colliers, office space absorption in Bangalore is expected to reach 26 million sq ft  by 2020. Till now, the city absorbs about 13-14 million sq ft of commercial office space each year, which is approximately one-third of the total office space leased across the country. The development of office spaces without timely completion of infrastructure would result in a chaotic situation in the city putting pressure on already crumbling infrastructure. This would pose an adverse impact on the office market. The commercial office space stock accounts for approximately 78 percent of Grade A stock in…

Karnataka RERA: Only 69 projects registered in Hubballi-Dharwad
November 16, 2017

The Karnataka Real Estate Regulatory Authority (Karnataka RERA) has witnessed poor registration numbers since the Act was notified. Registrations in areas such as Hubballi-Dharwad and Belagavi have been low. Till now, only 69 projects have been registered in Hubballi-Dharwad. Similarly, the number of projects registered in Belagavi with the regulatory authority is 31. Only three projects have been registered in Vijayapura and one each in Gadag and Davangere. Kapil Mohan, Chairman, Karnataka RERA, has urged all developers and brokers to register their projects and themselves with the state's regulatory authority. RERA registration has been made mandatory to bring in discipline…

Karnataka govt notifies Land Reforms Act
November 2, 2017

The Karnataka government has recently notified the Karnataka Land Reforms (Amendment) Act 2016 to grant rights to agri-labourers over houses developed on land belonging to them prior to January 1, 1979. The state government will soon draft a set of rules for timely implementation of the Act. The move is more likely to benefit over 60,000 unrecorded inhabitants, including residents of Lambani Tanda, Gollarahatti, Vaddarahatti, Kurubarhatti, Nayakarahatti, Majare Grama, Haadi, Doddi, Palya, Camp, Colony among others. According to the Act, the state government will hand over a certificate of ownership to the beneficiaries. A separate fund will be allocated for…

Karnataka RERA: Slow registration continues, raises buyers’ concerns
October 27, 2017

The slow pace of approval for ongoing projects applied for registration under Karnataka Real Estate (Regulation and Development) Act (KRERA) has left buyers worried. The Authority has till now approved only 600 projects out of the 1,600 applications received. However, RERA rules mention applications to be cleared within 30 days. Similarly, the state regulatory authority has received 85 complaints and none of them have been resolved. RERA rules mandate that complaints have to be resolved within 60 days of filing. It should be noted that over 700 applications were received in the first week of the notification of RERA rules…

Snail-paced building plan approvals agitate developers in Karnataka
October 23, 2017

Delay in getting building plan approvals by Bangalore Development Authority (BDA) has led to an increase in development of illegal constructions across the city. The city has received low ranking in the ease-of-doing business due to persistent delays in the recent past. Developers have raised their concerns as the building plan approval sometimes stretches up to 24 months. A developer has to submit 31 applications including development plans, sketch plans to get building plans approved by BDA.    Farook Mahmood, President, Federation Internationale des Administrateurs de Bien-Conselis Immobiliers (FIABCI), has stated that such long delays in approvals have translated to…

Karnataka housing agencies to register with RERA
October 13, 2017

Three months after the notification of the Real Estate (Regulation and Development) Act (RERA) rules across Karnataka, state-owned housing development agencies, including the Bangalore Development Authority (BDA) and Karnataka Housing Board (KHB), will register their ongoing projects under the Karnataka Real Estate Regulation Authority (Karnataka RERA). Once the project or its layout is registered with the regulatory authority, the government agencies are bound to complete their projects on time or face penalty. Officials have stated that all property disputes would be addressed within 60 days or else the homebuyer will be compensated. R Vinoth Priya, Secretary, Karnataka RERA, has stated…

Karnataka to notify new rules to ensure timely project delivery
October 5, 2017

The Karnataka government will soon notify sale-of-agreement rules across the state to ensure timely delivery of properties to the homebuyers. The to-be-rolled-out rules would also ensure buyers that buyers can avail all amenities promised in the agreement. R Vinoth Priya, Secretary, Karnataka Real Estate Regulatory Authority (Karnataka RERA), has stated that the Authority is working on all suggestions and objections shared by buyers and sellers and is going to submit the final draft to the concerned authority to seek approval in the month of October 2017. As per the proposal, if a developer fails to meet the promised delivery deadline,…

Karnataka RERA issues notices to 60 realty projects
October 3, 2017

The Karnataka Real Estate Regulatory Authority (Karnataka RERA) has issued notices to over 60 ongoing realty projects across the state for late registration under the Real Estate (Regulation and Development) Act (RERA). After Maharashtra, Karnataka is the second most active state with respect to RERA implementation. The Karnataka government had launched an online portal for registration and filing complaints under the new real estate Act, and a regulatory authority for smooth execution of rules in the state in July this year. As per the latest information available on the Karnataka RERA website, about 595 realty agents have applied for registration…

Karnataka approves construction of 1 lakh houses for EWS
September 30, 2017

The Karnataka government has approved construction of around 1 lakh residential units in and around Bangalore for the people living in the economically weaker sections of the society. All beneficiaries are required to pay Rs 1 lakh as deposit. The state government has decided a strict deadline of one year for the completion of announced houses. The estimated budget of the project is Rs 6,000 crore. TB Jayachandra, Law and Parliamentary Minister, has stated that the central government will also fund the project. Karnataka Housing Board (KHB), Rajiv Gandhi Housing Corporation and Slum Board will jointly  complete the project. The…

Bangalore Metro’s Reach-4B corridor to become operational by 2018-end
September 25, 2017

Namma Metro's Green Line, extending from Yelachenahalli to Anjanapura Township Station, is expected to become operational by the end of 2018. KJ George, Minister, Bangalore Development and Town Planning, announced that the state government has asked the contractor, NCC Limited, to complete civil work on the corridor by March 2018. If all things are completed as proposed, the stretch would be opened to the public by December 2018. The Reach-4B corridor is a part of Metro Phase II, an elevated 6.29 km southern extension of the Green Line. The route will cover five stations, including Anjanapura Cross Road, Krishna Leela…

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