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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

    Land sale: Karnataka govt plans new asset monetisation policy

    BV Shivashankar | TNN | Mar 22, 2021, 09:54 IST

    At a rate of Rs 30 crore per acre, land in Bengaluru is worth Rs 4.8 lakh crore, almost twice the size of budg...Read More

    BENGALURU: Fund-starved Karnataka government has set its eyes on encroached parcels of land to replenish its cash reserves. Till date, the government has cleared encroachments and reclaimed land to the extent of 2.7 lakh acres. Eviction process is on for another 1.3 lakh acres of land.

    Since there has been legislative pressure to provide more momentum to the process, the government is working on a policy to mop up non-tax revenue through asset monetisation. “Discussions are on to formulate guidelines for the implementation of the new asset monetisation plan. A policy is expected to be announced shortly,” said Naveen Raj Singh, regional commissioner (Bengaluru division) and director of Karnataka Public Lands Corporation Limited (KPLC).

    In Bengaluru Urban district alone, 16,149 acres of land is readily available for monetisation. AT Ramaswamy, senior JD(S) legislator who headed a joint legislature committee on land encroachment in 2006, said in the legislative assembly last week that an acre of land in Bengaluru sells for roughly Rs 30 crore.

    At a going rate of Rs 30 crore per acre, land in Bengaluru alone is worth Rs 4.8 lakh crore, almost twice the budget outlay of Rs 2.4 lakh crore, announced for fiscal 2021-22. “If it is seriously pursued, asset monetisation may fetch revenue double the size of the state budget. The government need not borrow so extensively if it is focused on selling reclaimed land,” Ramaswamy said.

    Land encroachment, especially in Bengaluru Urban district, has been the subject of serious debate in the ongoing budget session and the government has come under severe attack for its failure to evict squatters. Revenue minister R Ashoka even admitted in the Assembly that “his hands are tied from cracking down on land grabbers in the state”.

    The government bid to sell the available parcels of land has been painfully slow. It could sell just 7 acres of land in and around Bengaluru through auctioning in phase-1 in 2020. About 104 acres are set to go under the hammer soon. “The response so far has been tepid due to multiple reasons. The Covid-induced slowdown has impacted a lot. We hope the demand will pick up in the new financial year,” said Manjunath, deputy commissioner of Bengaluru Urban district.

    As a first step, the district administration would fence the land parcels, he said. It would be enlisted for auctioning, after fulfilling the land quota for housing agencies like Rajiv Gandhi Housing Corporation, and the BBMP to construct solid waste management plants.

    Industrial and real estate representatives said the asset monetisation plan will be successful only when the land cost is reduced by slashing the guidance value. “From the industry’s perspective, the price of the auctioned land should be comparable with that of KIADB land, which is cheaper,” said TR Parasuraman, president of Bengaluru Chambers of Industries and Commerce.

    He said industries prefer an undivided parcel of land of about 20 acres to 50 acres, but the reclaimed land is normally auctioned in “bits and pieces”, creating poor demand.










    Land sale: Karnataka govt plans new asset monetisation policy | Bengaluru News - Times of India (indiatimes.com)

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

      Bengaluru civic body to replace all street lights with LED

      It has been decided to replace all the street lights of the city of Bengaluru under the LED lighting implementation project and 1 lakh of LEB street bulbs will be fixed by July 2021 in the first stage. Representative Image



      BENGALURU: The Bruhat Bengaluru Mahanagara Palike (BBMP) on Saturday presented the budget for the financial year 2021-22, with a focus on administrative decentralization at the zonal levels. The budget has an outlay of Rs 9,287.81 crore.

      The state government has enabled financial and administrative decentralization at the zonal levels of BBMP, and ward levels by introducing BBMP Act-2020, and a fund of Rs 2000 crores has been distributed for zones.

      The budget has intended to provide a fund of one per cent of the collected property tax in order to promote the participation of citizens in property tax collection. On the basis of demand from citizens, each ward committee will be given Rs 20 lakhs for repairing of footpaths under, "footpath for citizens' initiative.

      As per the budget, a new software has been developed under the framework of 'Ease of Doing Business, which facilitates providing starting from building license to domicile authentication certificate.

      A major part of the budget has been kept for solid waste management. Meanwhile, Public toilets will be maintained as per "Open Defecation Free ++ specifications" and it has been aimed to construct 67 new toilets.

      Aside from this, the healthcare sector has been allocated an amount of Rs 337 crore. The funds are in addition to the grants that will be provided by the Karnataka government.

      It has been decided to award Rs 5000 every Poura Karmika through direct payment to facilitate the celebration of Dr. B.R.Ambedkar's birth anniversary.

      According to the budget, the BBMP also aims at improving the maintenance of 1200 parks under its ambit and distribute the work on the basis of the ward and allocate the same through tendering process.

      It has been decided to replace all the street lights of the city of Bengaluru under the LED lighting implementation project and 1 lakh of LEB street bulbs will be fixed by July 2021 in the first stage.

      The priority for overall development of Bengaluru is given to the integrated traffic management system of the city and plans have been created to implement the up-gradation of 12 high-density corridors, to extend the metro routes and sub-urban rails.

      Besides this, measures have been taken already to revive 25 lakes belonging to BBMP with the view of preserving the Greener Bengaluru.

      Moreover, Public services like providing Khata, information/payment of property tax, birth/death certificates, business license, map of buildings, etc will be simplified in online mode and a unified digital portal system will be made available. (ANI)












      BBMP Budget 2021: Bengaluru civic body to replace all street lights with LED, Real Estate News, ET RealEstate (indiatimes.com)
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      • Re : Latest RE News : Bangalore & other major Cities of Karnataka

        BWSSB’s work is the pits, says 73-yr-old

        ByBellie Thomas / Updated: Mar 27, 2021, 06:00 IST

        The pit was constructed for laying of sanitary pipes underground
        She got hurt outside her Benson Town home

        A 73-year-old woman sustained multiple fractures on her wrist after she fell face down after her leg got caught in a pit which Bangalore Water Supply and Sewerage Board (BWSSB) workers had dug up in front of their apartment in Benson Town for laying underground sanitary pipes recently.

        Victim Shalini’s husband IK Kumar, (78), alleged that there were no cordoning tapes or barricades and no precautionary sign boards at the stretch of the road where the civic work was going on. The senior citizen filed a complaint with the JC Nagar police accusing BWSSB engineer, supervisor, contractor and others for causing grievous injuries by act of endangering life or personal safety of others.

        Though the incident happened on March 13, and Kumar filed a complaint promptly the next day, JC Nagar police registered an FIR only on March 23 booking the accused officials responsible for the civic work.

        BWSSB engineers, contractors, supervisors and their labourers were carrying out digging work at the Benson Cross Road which is a very narrow road in front of HM Astoria Apartment in JC Nagar in mid-March. The apartment dwellers could not even bring in their cars to the basement parking and so they had parked their car at a distance from their apartment waiting for the digging work to get over. The civic work was that they were relaying the underground sanitary pipelines.

        Kumar’s wife Shalini was the caregiver to her mother who was 93 years old. Shalini used to drive her car to meet her mother regularly to nurse her. As Shalini was staying in HM Astoria, she too had parked her car at a distance as the work was going on. On March 13, around 11 am, Shalini was going to take something from her car and she was crossing the road when her leg got stuck in a pit and she fell face down. To avoid her face from being hit, she braced it with her hand and her wrist got grievous injuries. Her wrist and hand were swollen and she was rushed to a hospital where the doctors told her she had multiple fractures to her wrist, and she had to get titanium implants.

        Kumar then approached the JC Nagar police and complained that there were no cordoning tapes or barricades or any precautionary sign boards or safety sign boards, and the board which stated that the work was going on would be covered with mud and dust. “We have taken up a case against BWSSB engineer, contractor, supervisor and others under IPC sections 337 and 338 and we will issue notices to them to appear before us for questioning,” said a senior police officer.










        BWSSB’s work is the pits, says 73-yr-old (indiatimes.com)
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        • Re : Latest RE News : Bangalore & other major Cities of Karnataka

          All hands on deck before this lake ceases to exist

          ByY Maheswara Reddy / Updated: Mar 27, 2021, 06:00 IST

          An earth moving machine with a sticker was found dumping debris into the lake

          If dumping debris into Pattandur Agrahara Lake doesn’t stop, it may go down in history as one of the lakes that failed to survive in Bengaluru

          Going by the looks of Pattandur Agrahara Lake, it seems the Bruhat Bengaluru Mahanagara Palike (BBMP) authorities are in a hurry to add this water body to the list of lakes that are a part of the city’s historical identity.

          An earth moving machine with a sticker – BBMP on duty – was found dumping debris into the lake that is already on the verge of meeting an unnatural death. According to residents, the driver of the machine allegedly told them that he was avoiding the task of going all the way to Yelahanka, where the designated quarry is situated for dumping debris and construction materials.

          The residents have taken a video of the earth moving machine dumping debris on the lake bund, which has gone viral. But the authorities have not taken action either to penalise the person responsible for dumping of debris or removing it altogether.

          “I have visited the spot recently. It seems the authorities have made temporary arrangements to prevent dumping of debris on the lake bund but we want them to take measures to end this menace,’’ said Deepa, a resident of Whitefield.

          Expressing disgust over the negligence of the BBMP authorities, Gautam Mishra, a resident, said they have been demanding the authorities to protect the water body since 2006. “People have been running from pillar to post to protect Pattandur Agrahara Lake. They appealed to the then Mahadevapura City Municipal Council to protect the water body. They continued to appeal to the BBMP authorities till date but in vain,’’ said Mishra.

          Residents have been demanding the BBMP authorities to take two acres of land adjacent to the lake into their custody and fence it. “Despite several requests and demands, we are not sure why they are so negligent,’’ said a resident, on conditions of anonymity. The BBMP authorities should put up a board claiming that the property belongs to the civic body and then develop the land into a park, said others in the neighbourhood. There is no other park in the Kadugodi ward, so this is a good idea that the BBMP can consider, they added.

          Another resident said the saga of dumping debris has been continuing since 15 years. “On March 16, an earth moving machine was found dumping debris on the lake bund. It is more than just a garbage dumping incident. The question here is the apathy as a result. The front portion of the lake, which is now reduced to a pond, has been identified as a government land based on the RTI reply from the erstwhile city municipal corporation in 2006,’’ he said.

          Meanwhile, BBMP Chief Engineer (Lakes) Mohan Krishna has assured that dumping of debris on the lake bund will be stopped. “I have already deputed an assistant executive engineer to the spot,’’ he said.









          All hands on deck before this lake ceases to exist (indiatimes.com)
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          • Re : Latest RE News : Bangalore & other major Cities of Karnataka

            Karnataka government decides to resume stone quarries and crusher units

            The minister who has been taking over all stock of the situation since the closure, said the closure of stone quarries and crusher units resulted in revenue loss. Representative Image


            BENGALURU: Karnataka Mines and Geology Minister Murugesh R Nirani on Monday announced a decision to resume operations of stalled stone mining and crusher units across the state.

            The Mines and Geology department issued a circular in this regard on Monday.

            Post two tragic blasts that occurred in Hunasodu quarry in Shivamogga district and another blast in a quarry in Chikkaballapur district that killed six each in a gap of month, Karnataka, had not only tightened its vigil but also ordered suspension of quarrying operations across the state. Since the closure, it is estimated that the state exchequer had incurred a loss of revenue of more than Rs 300 crore.

            Nirani told reporters that the owners of quarries and stone crushers will have to give an undertaking to the authorities stating they would abide by the rules and regulations and would submit NoC (No-Objection Certificate) from Centre's Directorate General of Mines Safety (DGMS) to use explosives within 90 days.

            The minister who has been taking over all stock of the situation since the closure, said the closure of stone quarries and crusher units resulted in revenue loss.

            "Almost all stone quarries and crusher units stopped operating following tragic incidents in Shivamogga and Chikkaballapur districts. State exchequer has incurred a loss of more than Rs 300 crore due to closure. Resumption of stone mining will not only garner revenue but also improve employment prospects," the minister explained.

            Expressing concerns over job loss and adverse impact on construction, he observed that construction activities affected the state as the government laid more emphasis on safety measures following two tragic incidents.

            "Owners had started laying off large number of workers as they are unable to maintain the stalled units. The prices of raw materials have steadily skyrocketed in the market due to closure of stone quarries and crusher units. Public in herneral finding it difficult to purchase these materials," he said.

            There are over 2,500 stone quarries and stone crushing units in the state and less than 10 per cent of these have NoC from DGMS. "For use of explosives of less than two kgs and less than five acres, DGMS certificate is not needed," he said.

            The owners and associations involved in this business had recently met Murugesh Nirani and requested him to allow resumption of mining activities.

            Batting in favour of quarry owners, Nirani observed that it was impossible to operate stone quarries and crusher units without using explosives. "Though it is mandatory to obtain permits from the DGMS, the owners are finding it very difficult to purchase, store, and operate explosives due to tough conditions. The Mines and Geology department has decided to ease the process by changing the present guidelines and obtaining undertaking for resuming operations," he explained.

            Nirani said that stone mining activities ought to continue as owners who have invested huge money by availing loans in the banks are now facing hardship to repay the loans due to closure of industry in the past few months, which would result in turning as NPAs.

            The minister further added that the government has been taking steps for optimum use of the district mineral fund.

            "We have devised several action plans for optimum usage of district mineral fund (DMF) for developmental works in the mining districts. Programmes formulated to address drinking water problem, health, environment protection, education, skill development, welfare of women, child, aged and differently-abled persons, basic infrastructure, irrigation, conservation of power and water," he said.













            Karnataka government decides to resume stone quarries and crusher units, Real Estate News, ET RealEstate (indiatimes.com)
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            • Re : Latest RE News : Bangalore & other major Cities of Karnataka

              Byju's leases 4 lakh sq ft office space in Bengaluru

              Byju's has leased the space from property developer Prestige, in a facility the latter has on the Outer Ring Road. That stretch of the Outer Ring Road has for several years been the go to micromarket for companies.



              File photo

              BENGALURU: Ed-tech company Byju's has leased about 0.4 million sqft office space in Bengaluru as it looks to consolidate its real estate portfolio, people familiar with the matter said. This comes at a time when the company's valuation is soaring due to demand for its services during the pandemic.

              Byju's has leased the space from property developer Prestige, in a facility the latter has on the Outer Ring Road. That stretch of the Outer Ring Road has for several years been the go to micromarket for companies. The stretch houses major tech parks hosting companies like JP Morgan, Goldman Sachs, Uber, Intel, Accenture and Cisco.

              Byju's, whose investors include the Chan-Zuckerberg Initiative and Sequoia Capital, is paying about Rs 70 per sqft, which converts to annual rent of about Rs 34 crore. The rate is much lower than the Rs 90-95 that prevailed in this micro-market previously, and could be an indication of the impact of the pandemic on commercial real estate.

              Byju's and Prestige did not comment when approached by TOI.

              Byju's has the option to expand its lease to about 1 million sqft. Currently it can house about 4,000 people. About half of its workforce is already working from the new office.

              Byju's has emerged as the dominant player in the ed-tech segment. It recently raised about $460 million from a bunch of investors, valuing the company at about $13 billion, a few shades behind Paytm, which is India's most valuable start up at $15 billion. Byju's bought Aakash Educational Services for $700-800 million and is reportedly in talks to buy Epic, a US-based digital reading platform for more than $300 million.











              Byju's leases 4 lakh sq ft office space in Bengaluru, Real Estate News, ET RealEstate (indiatimes.com)
              Last edited 1 week ago.
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              • Re : Latest RE News : Bangalore & other major Cities of Karnataka

                Bengaluru: Smart card rule deters bus riders from taking Namma Metro


                Many prefer a simple pay-as-you-go system to commute in the city.

                BENGALURU: The majority of BMTC buses have been off roads for the past three days, but only a small percentage of the users have migrated to Namma Metro. BMRCL’s decision to discontinue trip tokens, which could be earlier bought at ticket counters, and insist on smart cards with a minimum balance of Rs 50 is putting off bus commuters, who prefer a simple pay-asyou-go system.

                Before the strike began on Wednesday, BMTC ferried around 22 lakh passengers daily. Anticipating a rush because of the stir, BMRCL started running trains at intervals of 4.5 minutes instead of the earlier 10 during peak hours and increased daily trips from about 250 to 290. It seems the measures have not succeeded in increasing the ridership drastically. On March 31, Namma Metro’s daily ridership was a little over 1.6 lakh. On Wednesday, it was close to 1.7 lakh and on Thursday, more than 1.7 lakh.

                “I need a smart card and at least Rs 150 to travel in Metro. Cash is not accepted. So, I took a private bus to Banashankari. Ideally, BMRCL should have allowed paper tokens during the strike period,” said Arun S, a commuter. Some people who travel as a group said that calling a cab was cheaper than using Metro.

                BMRCL increased focus on contactless and cashless travel in the wake of the pandemic, replacing tokens with smart cards. Before lockdown, around 40 per cent of Metro riders used to buy tokens by paying cash at station counters. Now, a new rider has to spend at least Rs 150: Rs 50 for the smartcard, Rs 50 for the fare and Rs 50 for the minimum balance. Station counters accept debit/credit cards or e-payments, not cash. People who are not regular Metro riders or are visiting the city for a short period don’t like to purchase smart cards.

                “During a transport strike, BMRCL should come up with daily or weekly passes for passengers. The fare should be lower than what is normally charged. People who have BMTC passes should be allowed to travel for free or offered a refund,” said K Venugopal, a commuter waiting at Majestic.

                Before the pandemic, Namma Metro’s daily ridership was around 5 lakh. Services were suspended on March 22, 2020, and restarted on September 7. Apart from Covid-19 concerns, remote working has also affected ridership. The hours of operation have changed from 5ammidnight to 7am-9pm.

                Some other Metro operators in the country are still issuing tokens. An official of Chennai Metro Rail Limited said: “We encourage people to buy smart cards, but some don’t prefer it. If passengers insist, then tokens are issued. Tokens are sanitised on return.” BMRCL officials said the central government should decide on continuing tokens in Bengaluru.












                Bengaluru: Smart card rule deters bus riders from taking Namma Metro | Bengaluru News - Times of India (indiatimes.com)


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