BUSINESS
Olive by Embassy to add 2,500 co-living beds in Bengaluru, Mumbai within one year
The company plans to touch 5,500 keys within the next year and 30,000 keys over the next five years across the entire co-living and hospitality segments.
BUSINESS
To let: Brokers arrange special apartment tour packages as rentals soar in Bengaluru
While local brokers have started hiring field executives to look for available inventories in the city, others are arranging "house hunt packages" for prospective tenants.
BUSINESS
Homebuyers cannot claim interest after signing cancellation deed, receiving refund: Karnataka RERA
The state real estate regulator said that once the full and final settlement has been done, claims of interest on the period of delay cannot be considered.
BUSINESS
MC Explains: Can a lock-in period in rent agreements prevent landlords from asking tenants to vacate?
Legal experts say having a longer agreement tenure or a lock-in period in the contract can prevent the landlord from suddenly hiking the rent or asking the tenant to vacate.
BUSINESS
Only serious tenants: Realtors seek deposits to schedule apartment visits in Bengaluru
With almost no rentals available, several tenants who work along the eastern IT corridor are being forced to shift much farther to southern Bengaluru.
BUSINESS
MC Explains: Can unregistered associations collect maintenance charges, sinking funds from homebuyers?
Homebuyers, who are filing FIRs against residents’ associations, claim unregistered RWAs have defrauded them to the tune of Rs 88 lakhs in maintenance charges.
BUSINESS
Realty shift: GenZ, millennial homebuyers prefer sole ownership, larger ticket sizes post pandemic
Both millennials and GenZ are attracted to the sense of financial freedom and security that comes with homeownership; they are stepping up home purchases, especially in affordable cities such as Pune and Bengaluru.
BUSINESS
Why Gen Z homebuyers prefer to buy property rather than live with their parents
Brokers in Bengaluru say queries from younger homebuyers have almost doubled, compared to last year. Gen Z will lead property buyers in the next two years in India, compared to 29 percent of baby boomers, according to a study by real-estate consultancy CBRE.
BUSINESS
Tech-savvy landlords pull data about prospective tenants from cloud servers in Bengaluru
Landlords now decide rentals after interviewing prospective tenants about company business model, burn rate, last-round investors, etc. Some seek up-to-date resumes and LinkedIn profiles.
BUSINESS
Completion certificate issued by architect not valid: KRERA
The regulator stated this in an order pertaining to the Urbana Serene retirement home project in Bengaluru, developed by the Ozone Group.
BUSINESS
Brigade Group to launch 2 million sq ft of office space, double flex space portfolio
Last financial year, the company leased 1.25 msf of Grade A office space and raked in revenue of Rs 654 crore from its office verticals, a 43 percent increase over the previous year.
BUSINESS
Increased guidance value will dent affordability in Bengaluru
In most prime locations, or CBD areas, the difference between the guidance value and actual property prices is about 40-50 percent, while in the outskirts it's about 30 percent, local brokers say.
BUSINESS
Karnataka RERA holds landowner, developer responsible for not executing sale deed
The developer is said to be absconding and has changed his contact details. The homebuyer has paid money to both the developer and the landowner, after signing the agreement in 2011
BUSINESS
Prestige Group, WS Industries to develop 6.5 acre IT park in Chennai
The development will be located in the city's prime area of Mount Poonamalle Road, and is likely to have a development potential of 1.1 million square feet.
BUSINESS
Karnataka Budget 2023: Guidance value to be revised; announces major changes in Stamps and Registration Dept
While presenting the state Budget for FY24, Chief Minister Siddaramaiah said the government is looking at a scientific and rational guidance value system for the Stamps and Registration Department with the use of Geographic Information System (GIS).
BUSINESS
Embassy Group to launch 4 million sq ft of residential portfolio, eyes Rs 3,300 cr revenue
By the next financial year, the company will launch another 4.6 msf of office space in Bengaluru. The new launches will be between the REIT and non-REIT segments with a potential capex of Rs 2,200 crore.
BUSINESS
Incuspaze to triple its managed office space portfolio; eyes Rs 180 crore revenue by 2025
The company plans to add 1.3 million square feet of flex office space in Bengaluru, Chennai, Jaipur and Delhi-NCR with a revenue potential of Rs 12-15 crore per month.
BUSINESS
Bengaluru municipal body cancels project’s occupancy certificate for plan violation
Casagrand Lorenza has not met the provisions for fire safety and the Karnataka State Pollution Control Board norms. Additionally, the project violated the civic body bylaws by deviating from the approved plan, the order said.
BUSINESS
Lack of parking facilities depreciate real-estate assets in Bengaluru
While a 2BHK with a parking space in Bengaluru commands a rental of Rs 40,000 monthly, without parking facilities, it will be Rs 18,000-Rs 22,000. Apartments selling at Rs 1 crore are being priced at Rs 70-80 lakh for lack of parking space.
BUSINESS
MC Exclusive: Mahindra Lifespaces eyes Rs 500 crore of annual revenue in industrial leasing by 2025
The company is also looking forward to a bullish expansion of industrial clusters across Pune and Chennai.
BUSINESS
Senior living: Buy or rent?
Experts say that while the rental model makes it more affordable for the elderly, it poses several challenges for developers, like low rental yields and a much smaller pool of customers
BUSINESS
Homebuyers taking possession without OC not entitled to compensation: Karnataka RERA
Experts say the local municipal corporation by-laws clearly state that possession should be offered only after an occupancy certificate has been received, thus certifying the apartment as fit for habitation.
BUSINESS
MC Explains | Madras HC says homemakers entitled to equal share in property purchased from husband’s income
Experts said the order will challenge the socioeconomic fabric of India and will set a precedent for future litigation between spouses or within a family
BUSINESS
The Executive Centre to double flex Grade A office portfolio in India, invests Rs 100 cr
The Hong Kong-based company has added 2 lakh square feet of Grade A flex office space in India in H1 2023. It has tied up with eight centres with about 2,200 workstations in key cities across India, with Bengaluru having more than 25 percent of the total share.
