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Latest RE News : Bangalore & other major Cities of Karnataka

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  • Re : Latest RE News : Bangalore & other major Cities of Karnataka

    Embassy flat sells for Rs 50 crore, highest ever in Bengaluru

    Avik Das| TNN | Updated: Oct 11, 2017, 06:39 IST HIGHLIGHTS

    • Embassy Group has sold an apartment for Rs 50 crore to chairman and chief executive of engineering outsourcing company Quest Global.
    • Bollywood actress Deepika Padukone and some of the Infosys co-founders were among the first to invest in these branded residences.

    The 1-million-sqft project, previously called CityView, was originally owned by Goldman Sachs (73%) and Day... Read More

    BENGALURU: The Embassy Group has sold an apartment for Rs 50 crore to Ajit Prabhu, chairman and chief executive of engineering outsourcing company Quest Global, making it the biggest residential deal in Bengaluru, according to people familiar with the matter.

    Prabhu has bought the 16,000-sqft apartment in Embassy One, near Hebbal, which houses a 230-room Four Seasons luxury hotel, 110 Four Seasons-branded residences, 150,000 sqft of office space and 60,000 sqft of retail space. The per-sqft rate for the apartment works out to about Rs 31,000. Last year, Flipkart's Binny Bansal acquired a 10,000-sqft home in Koramangala III Block -a coveted neighborhood of self-made billionaires -for Rs 32 crore.

    Prabhu, who grew up in Hubballi, divides his time between Singapore and India. He will own the yet-to-be customized apartment on the top of the South Tower, and it's the 30th floor. The first 21 floors will be dedicated to the Four Seasons hotel, and the rest will be serviced residences. Bollywood actress Deepika Padukone and some of the Infosys co-founders were among the first to invest in these branded residences. Embassy confirmed the deal, but declined to confirm the buyer. Prabhu could not be immediately reached for comment. "Sales like this bring a great sense of confidence in the market," Reeza Sebastian, head of Embassy residential marketing and sales, told TOI.

    The 1-million-sqft project, previously called City View, was originally owned by Goldman Sachs (73%) and Dayanand Pai's Century Real Estate Holdings (26%). The investment bank entered into a conditional agreement to sell it to RMZ a few years ago, but failed following opposition from its minority shareholder.

    Embassy, led by its flamboyant billionaire promoter Jitu Virwani, stepped in and bought the entire project for Rs 605 crore. During this period of uncertainty, the project was hobbled by delays and ran the risk of being classified as a nonperforming asset by the State Bank of India (SBI).

    Prabhu, who has made 75% of the payment, is expected to move in once the apartment is ready by the middle of 2018. Sebastian said the company has sold about 52% of the apartments. The residences will have concierge services, 24 hour valet parking, and residents will enjoy the hotel's paid services such as room service, limousines and apartment-cleaning.










    https://timesofindia.indiatimes.com/...w/61029700.cms
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    • Re : Latest RE News : Bangalore & other major Cities of Karnataka

      Pothole-riddled roads a huge concern for residents

      Times News Network | Oct 10, 2017, 00:30 IST Mysuru: After a dry start to the monsoon season in June, rainfall picked up in the district late in September, leaving many parts of Mysuru city waterlogged. With the rain not relenting even in the first week of October, residents in several parts of the city, particularly south Mysuru are bearing the brunt of the heavy showers.

      The heavy showers left many roads at Srirampura and BEML Layout riddled with potholes, making driving on these roads a near nightmarish experience. However, Mysuru City Corporation (MCC) has assured the people that the potholes will be filled up at the earliest.

      Residents, however, pointed out that, although it has been more than ten days since Mysuru received record rainfall on September 27, MCC was yet to take up work on filling up the potholes. They have urged the civic body to ensure the contractors finish work on the roads soon, and make them accountable for the shoddy condition of the streets as well.

      Dentist Rashmi K, a resident of a revenue layout at Srirampura, said, "All roads connecting Srirampura to the city are damaged. Both the main road, and the inner streets are waterlogged, and motorists are avoiding them owing to their poor condition. But no action has been initiated to repair these roads in the past ten days. I generally travel by my two-wheeler, and avoiding the potholes is a huge challenge."

      Other residents of Srirampura echoed Rashmi's concerns. "Auto and cab drivers are refusing to ply here. They refuse to come to Srirampura, although there are several layouts here. Some autodrivers demand Rs 20 to Rs 30 more saying their autos get damaged because of the potholes," said Veena H, another resident.

      Veena pointed out that some of the roads left damaged by the rain had been fixed early this year. "The contractors should be held accountable," she added. However, pothole-riddled roads are not problems that only Srirampura residents are grappling with. An official from MCC said that they had had complaints from residents near Bogadi Ring Road, Hunasuru Road, etc. "In many of these areas, pothole-filling work has already started," he added.

      Mayor MJ Ravikumar told TOI that the civic body was planning on hiring an automatic machine to fix the problem. "In many wards, work has already been completed. Ward level officers have been instructed to take up repair work on a war footing," he added.








      https://timesofindia.indiatimes.com/...w/61011508.cms
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      • Re : Latest RE News : Bangalore & other major Cities of Karnataka

        Quest Global Chairman Ajit Prabhu buys Rs 50 crore flat in Bengaluru

        Bollywood actress Deepika Padukone and some of the Infosys co-founders were among the first to invest in these branded residences.Avik Das | TNN | October 11, 2017, 14:00 IST

        BENGALURU: The Embassy Group has sold an apartment for Rs 50 crore to Ajit Prabhu, chairman and chief executive of engineering outsourcing company Quest Global, making it the biggest residential deal in Bengaluru, according to people familiar with the matter.

        Prabhu has bought the 16,000-sqft apartment in Embassy One, near Hebbal, which houses a 230-room Four Seasons luxury hotel, 110 Four Seasons-branded residences, 150,000 sqft of office space and 60,000 sqft of retail space. The per-sq ft rate for the apartment works out to about Rs 31,000. Last year, Flipkart's Binny Bansal acquired a 10,000-sqft home in Koramangala III Block -a coveted neighborhood of self-made billionaires -for Rs 32 crore.

        Prabhu, who grew up in Hubballi, divides his time between Singapore and India. He will own the yet-to-be customized apartment on the top of the South Tower, and it's the 30th floor. The first 21 floors will be dedicated to the Four Seasons hotel, and the rest will be serviced residences. Bollywood actress Deepika Padukone and some of the Infosys co-founders were among the first to invest in these branded residences. Embassy confirmed the deal, but declined to confirm the buyer. Prabhu could not be immediately reached for comment. “Sales like this bring a great sense of confidence in the market,“ Reeza Sebastian, head of Embassy residential marketing and sales, told TOI.

        The 1-million-sqft project, previously called City View, was originally owned by Goldman Sachs (73%) and Dayanand Pai's Century Real Estate Holdings (26%). The investment bank entered into a conditional agreement to sell it to RMZ a few years ago, but failed following opposition from its minority shareholder.

        Embassy, led by its flamboyant billionaire promoter Jitu Virwani, stepped in and bought the entire project for Rs 605 crore. During this period of uncertainty, the project was hobbled by delays and ran the risk of being classified as a nonperforming asset by the State Bank of India (SBI).

        Prabhu, who has made 75% of the payment, is expected to move in once the apartment is ready by the middle of 2018. Sebastian said the company has sold about 52% of the apartments. The residences will have concierge services, 24 hour valet parking, and residents will enjoy the hotel's paid services such as room service, limousines and apartment-cleaning.









        http://realty.economictimes.indiatim...aluru/61030812

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        • Re : Latest RE News : Bangalore & other major Cities of Karnataka

          Residents invoke Yamaraj to highlight pothole menace

          TNN | Updated: Oct 12, 2017, 09:21 IST HIGHLIGHTS

          • Residents of Kaggadasapura, Byrasandra, CV Raman Nagar and GM Palya placed wreaths and lit candles on a `grave' marking the 'demise' of Kaggadasapura Main Road in East Bengaluru.
          • This was done to draw the attention of the BBMP to the pathetic state of the road that has been riddled with huge crater-like potholes for the last six months.

          A resident places a candle on the 'grave' of Kaggadasapura Main Road, east Bengaluru.

          BENGALURU: A road laid to rest. Yes, you read that right. This is precisely what 120 residents of Kaggadasapura, Byrasandra, CV Raman Nagar and GM Palya did on Wednesday when they placed wreaths and lit candles on a `grave' marking the 'demise' of Kaggadasapura Main Road in East Bengaluru.

          A mortal incarnation of Yamaraj, the god of death, accompanied the protesters to highlight the gravity of the situation. All of this was done to draw the attention of the BBMP to the pathetic state of the road that has been riddled with huge crater-like potholes for the last six months.
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          A man dressed as Yamaraj was present at the protest site to lead the battered road to `its heavenly abode'. As homage, residents placed wreaths and flowers on a symbolic grave, representing the mortal remains of the road.

          Fed up with the lacklustre attitude of civic authorities, the local corporator and MLA, citizens decided to organize a silent symbolic protest near the entrance of Versova Layout on the same road. Kannan Iyer, member of Versova Layout Resident Welfare Association and a volunteer activist with Save Kaggadasapura Lake community group, said: "Kaggadasapura Main Road has been dotted with huge potholes for the last six months. Several heavy vehicles, cars, buses and twowheelers have got stuck on this road due to its deplorable condition. Not just that, a couple of months ago, a bus hit and killed an African national as the driver tried to avoid one of these killer potholes.However, no action was taken by the civic authorities despite our repeated complaints and letters."

          Kannan said the silent candlelight protest was organized to highlight the condition of the road. "For us, the road no longer exists and is dead. Recent bouts of rain have worsened the condition. In fact, walking on this road is next to impossible now," he added.









          https://timesofindia.indiatimes.com/...w/61045605.cms
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          • Re : Latest RE News : Bangalore & other major Cities of Karnataka

            Two lakes overflow on Bengaluru's outskirts, leave 140 homes flooded

            Updated: Oct 12, 2017, 09:50 IST HIGHLIGHTS
            • Muddy water of Binnamangala and Nelamangala lakes inundated over 140 houses as the two lakes breached their limits.
            • The Bangalore-Tumakuru highway, which runs close to the two waterbodies, witnessed traffic jams for hours.
            • The two lakes in Nelamangala region of Bengaluru Rural district are located about 25km from Bengaluru city.
            Stranded residents of Nelamangala helplessly look around as rain leaves a trail of destruction.


            BENGALURU: Residents in the vicinity of Binnamangala and Nelamangala lakes on Bengaluru's outskirts woke up to a shocker on Wednesday. Following Tuesday night's downpour, muddy water inundated over 140 houses as the two lakes breached their limits. The Bangalore-Tumakuru highway, which runs close to the two waterbodies, witnessed traffic jams for hours.The two lakes in Nelamangala region of Bengaluru Rural district are located about 25km from Bengaluru city.

            "More than 140 houses in Nelamangala were inundated, with water level rising to 3-5ft. The residents had to be evacuated and given food and shelter.In the past 18 years, neither of the two lakes ever flooded like this," said Sujatha Prakash, president of the Nelamangala Town Municipal Corporation. As frustrated residents blocked the roads demanding immediate relief, traffic came to a halt.

            BV Paramesh, a resident of Nelamangala, said water from Nelamangala lake not only flooded the surrounding areas, but backward flow of water from channels also flooded localities upstream and downstream. "Some localities that bore the brunt are Byarameshwaramagar, Maruthi Layout, Mahatma Gandhi Layout, Janapriya Apartment area, Channappa Layout and Shesha Layout. As the skies opened up on Tuesday, many residents here spent a sleepless night," he added.

            According to meteorological department, Nelamangala region received 120mm of rain by Wednesday morning.

            Traf fic on BangaloreKanakapura Road also came to a standstill in the early hours of Wednesday as the nearby Harohalli Lake flooded. "With 3-4ft water on road, traffic was down to a crawl. Three KSRTC buses got stuck, and passengers had to be evacuated. Water was cleared by around 9am," said Krishna Kumar, sub-inspector, Harohalli.

            City wakes up to traffic jams

            Following Tuesday night's rain, several prominent roads in the city witnessed traffic snarls on Wednesday morning. Whitefiled area and Old Madras Road were severely hit, with commuters having to wait for long to reach there destinations.While Bengaluru city received 5.3mm rain by Wednesday morning, the reading at HAL station was 9.6mm; KIA recorded 0.1mm of rain. RAIN LEAVES METRO STATIONS LEAKING


            Though Metro is attracting more passengers on rainy days, complaints of water leakages have been pouring in from several stations. On Wednesday, passengers at Sir M Visvesvaraya Metro station(Central College station) were caught unawares as two gates of the station were closed due to water leakages. "We could only use the elevator which too was crowded," said a passenger. Recently, Pradeep Singh Kharola, MD, BMRCL, had said that they are in the process of fixing leakages at stations. "We haven't halted operations even for a few minutes during recent rains," he had said.








            https://timesofindia.indiatimes.com/...w/61045625.cms
            Last edited by MANOJa; 6 days ago.
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            • Re : Latest RE News : Bangalore & other major Cities of Karnataka

              Mavallipira landfill: HC seeks status report

              SPECIAL CORRESPONDENT
              BENGALURU, OCTOBER 12, 2017 00:00 IST
              UPDATED: OCTOBER 12, 2017 03:42 IST

              The Karnataka High Court on Wednesday directed the Bruhat Bangalore Mahanagara Palike (BBMP) to submit a status report by November 10 on the bio-mining activities undertaken at Mavallipura landfill.

              A Division Bench comprising Justice B.S. Patil and Justice B.V. Nagarathna issued the direction while hearing PIL petitions related to problems of solid waste management.

              The BBMP, in 2014, had told the court that it had initiated the process for bio-mining of the mixed waste dumped at the landfill over several years.

              The court also asked the BBMP to furnish the final list of ward committee members after getting approval of the BBMP council. The process of finalising the ward committee members’ list and getting it approved from the BBMP council could not be completed owing to elections to the posts of mayor and deputy mayor, and standing committees.










              http://www.thehindu.com/todays-paper...le19842306.ece
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              • Re : Latest RE News : Bangalore & other major Cities of Karnataka

                Confusion ends: BDA, KHB projects come under RERA

                ManuAiyappa Kanathanda| TNN | Oct 13, 2017, 06:26 IST Representative image

                BENGALURU: After dilly-dallying, state-owned housing development agencies, including the Bangalore Development Authority and Karnataka Housing Board, have agreed to register their projects under the Karnataka Real Estate Regulation Authority (KRERA).

                "Initially, there was confusion. Now that the Karnataka law department has cleared the air, we've decided to register our ongoing projects under KRERA,'' BDA commissioner Rakesh Singh said.

                This gives hope to beneficiaries of houses and sites developed by government housing development autho rities, especially those who were allotted sites in BDA layouts -Nadaprabha Kempe Gowda, Shivaram Karanth and Arkavathy.

                "Once these layouts are registered, government agencies will have to complete their projects on time or face action. All property disputes would have to be addressed in 60 days or else the buyer will get compensation," said a KRERA official.

                All private layouts appro ved by BDA, BBMP and Bangalore Metropolitan Regional Development Authority must register under KRERA.

                "We've identified 188 layouts approved by BDA in north Bengaluru and issued notices to get registered under KRERA at the earliest. So far, 12 have complied. We'll identify such layouts in other parts of Bengaluru,'' KRERA secretary R Vinoth Priya said.

                The KHB has registered three ongoing projects in Bengaluru. "KHB projects and KHB-approved projects will come under RERA now and they have registered all ongoing projects,'' said Priya.

                The BDA and other housing development authorities were hoping for exemption from RERA since they are registered as nonprofits.These agencies had received relief after the Karnataka State Government Employees' House Building Cooperative Society and others had approached the high court, claiming RERA infringed on their rights under the Karnataka Co-operative Societies Act, 1959, as the power for making legislation for cooperative societies is the exclusive jurisdiction conferred upon the legislatures.The court is awaiting the order of the Bombay High Court where the hearing is on a similar petition. Quoting RERA, Priya said both private and public institutions which develop real estate projects for sale to the public must register under RERA. Madhusudhan S, a realty consultant, said bringing housing projects developed by government agencies under the purview of RERA will impact the progress of layout development as it could end up in legal tangles.

                But this would certainly put an end to fly-by night operators who lure buyers by carrying an `approved by BBMP, BDA, BMRDA' tagline in ads for their projects.








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                • Re : Latest RE News : Bangalore & other major Cities of Karnataka

                  After another nightmare unveils, Bengaluru totters and traffic crawls

                  TNN | Oct 14, 2017, 08:29 IST A 90-year-old house collapsed in Binnypet.

                  BENGALURU: Heavy rain on Thursday night left Bengaluru tottering again: flooded roads reduced traffic to a crawl through the night, and at least three houses came crashing down in Binnypet ward.

                  The city received 7cm of rain till 8.30am Friday. The southeast parts of the city were the worst hit, with Koramangala receiving the highest amount of rainfall at 73.5mm, while Nagarbhavi, Nayandahalli, Kengeri and Cottonpet received rainfall in excess of 40mm.

                  Traffic all but to ground to a halt on several stretches along Bannerghatta Road and Mysuru Road. Koramangala 4th Block was among the worst-affected areas. "There was 3ft of water on the roads, and it entered our sumps as well. This time it took longer for the water to recede," said GM Shetty , president of Koramangala 4th Block RWA.

                  80 Feet Road in Koraman gala was also inundated, exa s p e r a t i n g c o m m u t e r s."Whenever it rains, this road gets flooded, with water rising knee-high. For some reason, the BBMP had removed all slabs covering the drains.Since it's raining, pedestrians are not able to see these open drains, and we have to keep warning them to ensure that nobody falls in. At least three cars were stuck on the road because of the swirling waters, and traffic was moving very slowly," said Santosh BA, who runs a showroom on the road.

                  The overnight rain's effect lingered on Friday. "Three houses, which were home to more than seven people, collapsed in the wee hours. We got a call at 5.30am, and by 11am, we had cleaned up the area with the help of an arthmover. We issued a noice to the owners and ten nts, as the houses were more han 90 years old, and nobody hould have been living in hem. The inmates have shift d elsewhere, and we have made it clear that nobody hould live there as it is not afe," said Mahadevamma Nagaraj, the corporator.

                  Residents in Nayandahalli protested the delay in the construction of a retention wall for the storm water drain, which is leading to excessive waterlogging near Bangalore University entrance.

                  "Roads around Silk Board Junction are in terrible shape as silt has accumulated, making the roads slippery . There was 2ft of water on the road, and traffic was crawling.Since I was on a two-wheeler, I was scared to put my feet on the ground. At **** World Junction, my bike went into a pothole, and I was lucky to have escaped uninjured," said Anush BM, who commutes along this stretch every day .










                  https://timesofindia.indiatimes.com/...w/61076538.cms


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                  • Re : Latest RE News : Bangalore & other major Cities of Karnataka

                    Residents on alert as Lingambudhi lake overflows

                    Times News Network | Oct 16, 2017, 00:30 IST Mysuru: It has been over 24 hours that Muckatira Karumbaiah Somanna is on alert as the water from Lingambudhi Lake is threatening to inundate his house in Sai Layout.

                    Somanna is worried as the lake water has flooded some parts of the area. "I have been constantly keeping a watch on the situation. I am worried as the water level has been increasing. If this continues, water will enter my house," he told TOI, pointing at the waterlogged field just outside his house.

                    "I am scared now. I have to be alert at all times. The forest department and the district administration need to take necessary measures," he added.

                    Located some 500 metres from the lake, Sai Layout has been flooded as the lake breached. While the water flow is sought to be contained, the residents are a worried lot.

                    Reason

                    The weir installed during the rule of Mummadi Krishnaraja Wadiyar at the Lingambudhi lake, which was earlier used to irrigate agricultural land, has given away flooding the areas abutting the lake. Houses in Sai Layout and Arpana layout are on the verge of getting inundated due to the water leakage posing threat to hundreds of residents.

                    The 217-acre lake, which was built over 150 years ago, has never reached its full capacity in the past 30 years. It has now filled to the brim worrying the residents of the area. The water gushing out of the lake has given the residents sleepless nights it is on the brink of entering the homes of the residents.

                    Expressing concern over the lake losing all its water J Jayanth, a resident of Preeti Layout, said, "The lake is home to many migratory birds which come here to breed. The lake water has been flowing out constantly, causing trouble to both residents and birds."

                    One of the reasons for the flooding of the areas in its vicinity is encroachment of the feeder canals. The weir, which are designed to keep the water bodies safe, has become unstable.

                    Following the inundation, DC D Randeep on Sunday afternoon visited the affected areas. He told TOI: "We are working with the forest department to contain the damage."

                    He said the forest department has placed sandbags to stop the water flow, but it didn't help much. "We will temporarily place an iron plate to stop the outflow," he stated.

                    Range forest officer Girish S, who is trying to contain the situation at the lake, said, "There are two weirs at the lake and one has given away. We have now decided to install an iron plate to ensure the problem is addressed. Later, we will replace it with a valve to ensure that the area doesn't get flooded."

                    - Shivendra Urs











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                    • Re : Latest RE News : Bangalore & other major Cities of Karnataka

                      CM listens to grievances of Paduvarahalli, Kanakagiri residents

                      Times News Network | Oct 17, 2017, 05:30 IST

                      Mysuru: Officials of the Mysuru City Corporation (MCC) were kept on their toes on Monday as chief minister Siddaramaiahdecided to take stock of the damage wreaked by the rain at Kanakagiri and Paduvarahalli. The CM, who listened to the grievances of the affected residents, directed the officials to address the problems in the city's drain network that resulted in waterlogging.

                      "Clear the encroachments along the Rajakaluve," Siddaramaiah instructed the officials, who were caught off guard by his impromptu visit to the two pockets of the city that bore the brunt of late monsoon showers.

                      MCC officials and staff were quick to get started on the repair work near St Mary's School in Agrahara, where residents had staged a protest last week demanding that the authorities clear encroachments along the storm water drains (SWDs).

                      Accompanied by Mysuru MLAs MK Somashekar and Vasu, apart from deputy commissioner D Randeep and MCC commissioner G Jagadeesha, the CM enquired residents of Paduvarahalli about the relief extended to them. "This is the first time that such a situation has arisen in Paduvarahalli. I have directed the MCC and district administration to address the problems and ensure such a situation never recurs," Siddaramaiah said.

                      Basavaraju, a resident of Paduvarahalli, who works at Mahajana's First Grade College, told the CM that he had lost his original certificates in the flood. Siddaramaiah assured Basavaraju that he would talk to the officials concerned, and get the problem solved. Mohan Kumar, whose wife had to be rushed to the hospital after water gushed into their home, too shared his problems with the CM.

                      However, Paduvarahalli residents were unhappy that Siddaramaiah did not speak about compensation for their losses. A resident said, "The CM left our home stating he could not stand the foul smell. When he cannot stand it even for a few minutes, how can we? He should understand our plight."

                      Chaya Rathi, another Paduvarahalli resident, said, "He did not speak about compensating our losses." The residents said that they were informed 30 minutes prior to his arrival.

                      Siddaramaiah subsequently visited Kanakagiri, which was flooded after the Karanji lake overflowed.











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