BUSINESS
Need for Speed: How traffic is changing homebuyers' choices in Bengaluru
Experts say global cities are taking on doughnut shapes, with city centres thinning out. The impact of traffic on real estate – depreciating property capital values and soaring rents – can be seen in the shifting choices of people.
BUSINESS
Shriram Properties to develop 53 million sq ft with revenue potential of Rs 20,000 cr
Out of its total residential portfolio in Bengaluru, Chennai and Kolkata, construction for 20 million square feet is underway. The company also wants to foray into Pune.
BUSINESS
BBMP Budget: Flood mitigation a key focus of Bengaluru municipal body
But the budget for stormwater drains is about 40 percent lower than this year's outlay. The corporation has also declared a 27 percent hike in property tax, its biggest source of revenue.
BUSINESS
Embassy group, Columbia Pacific Communities to invest Rs 165 crore to develop homes for elderly
While Columbia Pacific Group plans to launch 4-5 projects every year across India for a total investment of about Rs 1,000 crore, the Embassy Group is looking forward to launching five projects in southern India.
BUSINESS
Left kidney for sale: Bengalureans struggle with skyrocketing rents, soaring security deposits
A tenant found a 2 BHK for Rs 90,000 in Bengaluru with a security deposit of about Rs 5.4 lakh. Soaring rentals and sky-high security deposits in the city are discouraging working millennials from renting an apartment
BUSINESS
Bengaluru’s ‘late millennials’ on homebuying spree, edge out those in younger age group
The age range of homebuyers has risen by at least 4-5 years to the 35-42 age bracket as prices, rentals shoot up and the pandemic hits early millennials hard. The average investment range for millennials in Bengaluru is Rs 1 crore or less.
BUSINESS
Karnataka sends second notice to developer for non-compliance with environmental regulations
A Prestige Group project has not installed promised solar energy facilities and failed to hand over management services to the RWA, the notice said. The project is also discharging sewage into a nearby water body, it alleged.
BUSINESS
Developers are bound to disclose land discrepancies on the project website: KRERA
KRERA said that in cases of civil litigation regarding project land, homebuyers cannot be held liable for not paying the balance booking amount.
BUSINESS
Bolt from the blue: More than 800 houses under high tension power lines to be demolished in Bengaluru
Experts say such houses come about 20% cheaper, while land prices could be lesser by as much as 30-40%.
BUSINESS
Karnataka Budget: Major infra push, flood mitigation measures for Bengaluru
Experts feel this will go a distance in resolving the silicon city’s infra woes, as also help create new real-estate micro markets.
BUSINESS
Supreme Court orders handover of Mantri Serenity flats by March 13, gives relief to over 1,000 homebuyers
Last month, the Karnataka High Court ordered a status quo on apartments of the Mantri Serenity project, which were seized by the Enforcement Directorate.
BUSINESS
MC Explains: Will Karnataka reform panel’s proposal to impose a sports cess on property tax burden homeowners?
With property tax being the largest source of revenue for the Bengaluru civic body, experts suggest that data-driven budgeting and efficient tax collection can reduce dependence on cesses.
INDIA
PM meets actors, former cricketers, other noted personalities over dinner in Bengaluru
Sources said PM Modi told the actors that the film industries of the southern states have given a great boost to India's culture and identity through their work.
BUSINESS
Back to square one: Local municipal body issues 552 partial OCs in Bengaluru, sparks controversy again
This follows BBMP cancelling about 2,000 partial OCs last month which were issued based on fake documents. BBMP officials say they are in the process of integrating their software system to prevent further incidents.
BUSINESS
Bengaluru municipal body makes a U-turn, allows the sale of non-vegetarian food within 10 km of Aero India
Solid waste management officials said they have teams patrolling the area to ensure proper disposal of restaurant and eatery waste.
BUSINESS
Real estate seeing new consolidation, changing senior living spaces in Bengaluru
With a mid-scale developer buying a Godrej property in Bengaluru for senior living apartments, experts say this will evolve as a sub-asset class for an integrated real estate model.
TRENDS
Bengaluru hotels see full occupancy, room rates triple as Aero show, G20 drive up demand
Over 50,000 rooms have been booked in Bengaluru for the next two weeks. The most preferred choice of location for hotels is in north Bengaluru.
BUSINESS
MC Explains: Madras HC clarifies on homebuyers' share of common areas in the project land
Advocates say that homebuyers should be aware of their undivided share of interest before signing a sale deed. Otherwise, major problems could surface during redevelopment, including having to pay more stamp duty charges.
BUSINESS
TVS Motors buys 4-BHK property in Bengaluru for Rs 21 crore
Located in the prime Koramangala area, the house sprawls over a 5,000 sq ft land parcel, comprising two floors, four bedrooms, a basement, and a covered garage.
BUSINESS
Residential rentals in Bengaluru take a hit on job losses
Experts say several factors like fears of a global economic slowdown and major layoffs have led to a dip in rental demand in the city.
BUSINESS
Chicken vs Plane: Bengaluru eateries shut shop as non-veg banned within 10 km of Aero India
Fishing has been stopped in nearby lakes. Residents have been asked not to consume non-veg at home. Police will start patrols to enforce the diktat.
BUSINESS
Bengaluru’s billionaire towers: Apartment prices in UB City start at Rs 30 crore, rentals at Rs 10 lakh a month
More than a real estate asset, apartments in UB City command a premium as its residents are from the elite; the maintenance amount paid by each resident is around Rs 5 lakh a quarter
BUSINESS
Bengaluru homebuyers living on the edge after local municipal body scraps 2000 OCs
Lawyers point out that homebuyers need to crosscheck every sanction plan and contractual commitment before entering an agreement.
BUSINESS
MC Exclusive: How a registration error is preventing conveyance of land titles to homebuyers in Karnataka
RWAs should be registered under the Karnataka Co-operative Societies Act, 1959. But several developers in the state are pushing associations to be erroneously registered under the Karnataka Apartment Ownership Act, 1972, which does not convey the land title to the association.
