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Quarterly residential real estate analysis of top 8 cities in India

Bangalore Real Estate Report Apr-Jun 2021: Market Updates

127 Jul 19, 2021 Download Report
Namma Metro projects in pipelineThe Namma Metro has received approval for a 58 km-long metro corridor from Outer Ring Road to Kempegowda International Airport, connecting Central Silk Board to KR Puram under Phase 2A and KR Puram to Airport under Phase 2B. Due to the delay in the construction of a depot at Kadugodi, the Seetharampalya-Whitefield Metro stretch on the Purple Line is likely to be completed by December 2022.
Infrastructure projects back on trackWork on Baiyappanahalli-Chikkabanavara corridor of the Bangalore Suburban Rail Project is expected to commence by October 2021 after completion of the tender process. The 10-lane Bangalore-Mysore Expressway is slated to be completed by February 2022 and is likely to reduce travelling time between the two cities from 180 to 90 minutes. The civic body has also planned to issue a fresh tender for the 2.5 km-long Ejipura to Kendriya Sadan rail corridor, which will cross via seven main junctions of the city.
BBMP to convert B-Khata properties into A-KhataThe Bruhat Bengaluru Mahanagara Palike (BBMP) has introduced an online procedure for converting the B-Khata properties to A-Khata. The residents will receive Khata conversion certificate within 30 days of applying on the e-Aasthi portal. The move is aimed at providing clear property documents to the residents and increasing property tax collection in the city.
State notifies premium FAR at an additional feeThe State government has allowed constructing an additional 0.6 times of the existing Floor Area Ratio (FAR) at an extra fee to enable vertical development and increase revenue collection in the city. Locations, such as Peripheral Ring Road and the upcoming Bangalore metro corridors, which have a minimum road width of 9 meters, will benefit from the announcement.

COMMERCIAL REAL ESTATE OUTLOOK


  • About 1.9 million sq ft of co-working spaces were added in the last quarter for technology and pharmaceutical industry, with deals ranging between 2.5 million sq ft and 6 million sq ft.
  • Landlords refrained from introducing special discounts on office space leasing terms. But the second wave corrected commercial leasing rates of prime offices by eight percent, YoY.
  • A rise in COVID-19 infection levels from the first month of the studied quarter resulted in occupiers adopting a cautious stance in deciding their return-to-work timelines.
  • Prestige Estates and Century Group formed a joint venture to build an office park of around 2.5 million sq ft in Bangalore.

 

 

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
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