Goldman Sachs seals India's biggest office space deal






NEW DELHI: US banking group Goldman Sachs has agreed to take on lease 1.6 million sq ft of office space - an area the size of nine football fields - in Bangalore, in what is the biggest recorded commercial property deal to date in India.

The two-step transaction, according to people familiar with the transaction, will see the New York-headquartered investment bank initially taking up one million square feet. Another 600,000 square feet will be taken up in the second step of the transaction.

The space, housed in a purpose-built block of three buildings for Goldman, is located on Bangalore's Sarjapur outer ring road. To be built on 14 acres by local builder Kalyani Developers, it will be ready in 2017 and house a bulk of the bank's staff in Bangalore, now scattered across six offices in a city IT park.

A spokesman for Goldman's Asian operations confirmed the bank had taken on lease one million square feet. "This new lease is...to consolidate our presence and to accommodate future growth in the country," he said. A senior executive at Kalyani, asking not to be identified, also confirmed the deal.

The transaction is welcome news for the commercial property business, which has been plagued by overcapacity and hit hard by the economic slowdown that has crimped demand for office space. While the slowdown has meant a sharp drop in new ventures seeking space, even businesses that need office space are choosing to adopt a wait-and-watch strategy in the hope of sealing deals at lower prices.

Goldman employs 4,000 people in Bangalore, performing back-office functions as varied as technology, finance and other operations.

Deal Hints at Major Ramp-Up

A deal for office space of this size suggests a major ramp-up by Goldman in India in the years ahead, with commercial property market experts estimating that one million square feet of space can seat around 10,000 people.

In March this year, Goldman held its annual board meeting in Mumbai and Delhi. The assembly of all its high-profile directors in India for three days was widely viewed as an acknowledgement of the importance it attaches to the country.

Goldman, which was advised by real estate consultant CBRE, will pay a rental of around Rs 49 per square foot a month, which works out to Rs 60 crore a year as rent for the one million square feet. CBRE declined to comment.

The bank has also engaged New Yorkbased architect Pei Cobb Freed & Partners, which was the key designer for the modernisation of the Grand Louvre in Paris, to design the building and the workspace.

Previous single-location lease deals in India have been well short of the one million square feet mark and this one easily beats the previous record - IT firm Cisco's deal for 700,000 square feet earlier this year, also in Bangalore. This deal is the second big real estate transaction involving a US bank in recent weeks.

Last month, Citigroup bought a building with 297,000 square feet of space in Mumbai's Bandra Kurla Complex for Rs 985 crore to house its India headquarters from a consortium led by the Purnendu Chatterjee Group.

According to property advisory firm CBRE, demand for office space slowed down in the January-March 2012 quarter, with around 4.1 million sq ft getting absorbed across the top cities in India, compared with almost 6.5 million sq ft in the previous quarter.



Goldman Sachs seals India's biggest office space deal - The Economic Times
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  • J P Morgan provides $70 million debt fund to Puravankara

    An investment arm of J P Morgan has extended about $70 million (Rs 375 crore) funding to listed Bangalore developer Puravankara ProjectsBSE 2.30 % for developing a 4.2 million sqft premium residential project in Chennai, said people briefed on the matter.

    The funding from Wall Street's most profitable bank is in the form of senior debt to a special purpose vehicle executing the project, with an assured return of 18%. The deal was completed in recent weeks.

    Senior management officials at Puravankara Projects declined to comment for the story, saying that they were in a silent period as their third quarter financial results are due next week.

    The project, Purva Windermere, is coming up on a 54-acre land parcel along Chennai's Old Mahabalipuram Road. Financial investors, more specifically private equity firms, have increasingly opted for debt financing through their NBFCs or structured equity deals in real estate investments. This insulates them from execution, marketing and demand-supply risks.

    JP Morgan, through its proprietary and asset management arms, has been a prolific investor in Indian real estate and infrastructure sectors, though it has turned cautious on the former in recent times.

    In the commercial real estate market, which tends to produce stable rent yielding assets, investors prefer to go for an outright buy. In the last two years, PE giant Blackstone has invested $950 million in India, picking up 25 million sqft of commercial and residential developments.



    J P Morgan provides $70 million debt fund to Puravankara - The Economic Times
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  • Puravankara expects Rs 250 crore sales from new project at Bangalore

    Realty firm Puravankara Projects Ltd today said it is expecting revenue of over Rs 250 crore from its new luxury housing project in Bangalore.

    The company will develop more than 300 units in this project. The price has been fixed at around Rs 7,000/sq ft.

    "Expected gross revenues from the project are in excess of Rs 250 crore," the company said in a statement.

    Puravankara Projects have presence in Bangalore, Kochi, Chennai, Coimbatore, Hyderabad and Mysore. It has completed 34 residential and two commercial projects comprising 7.8 million square feet of area.

    The company has 30 million sq ft of projects under development with an additional 81.5 million sq ft in projected development over the next 7-10 years.



    Puravankara expects Rs 250 crore sales from new project at Bangalore - The Economic Times
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  • Metro tests Reach 3 tracks

    Trial runs for the metro trains will start from Peenya village in two months. The 10.43 km line between Peenya and Sampige metro station in Malleswaram will be the first stretch on the Green Line, and the second metro line in the city to begin commercial operations. The line between Peenya and Malleswaram (Reach 3 and Reach 3A) is expected to be opened to the public in July-August.

    The BMRCL has started to charge the line for test runs. The first test run was conducted on Wednesday from Peenya, not on the main track but only from the yard till the viaduct ramp. This was the first test after charging the installation for Reach 3A.

    Bengaluru Metro uses the third rail system where the power supply line is placed in between the two lines of the track and the train gets power from the third line. The Delhi Metro in its initial two stages uses the traditional overhead power line system.

    The trial run was successful from the Peenya depot for a distance of 1.2 km on Wednesday, said B. L. Yashavanth Chavan, chief PRO, BMRCL. “Trial and tests will be extended to the entire line of Reach 3 as and when we charge the line. This should take another two months. We are starting the trial run from the Peenya side as the charging of this line is completed first. Work on Reach 3B is yet to be completed and charging on this line will take some more time,” Mr Chavan said


    Metro tests Reach 3 tracks | Deccan Chronicle
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  • The third coming: Metro says city needs Phase III

    The expanding Namma Metro promises to integrate the city, if proposals and plans are anything to go by. Close on the heels of the in-principle approval for Phase II of the project, Bangalore Metro Rail Corporation (BMRC) has begun talking about the city needing a Phase III of this mass rapid transit project.

    Tweeted BMRC MD N Sivasailam: "Bangalore requires at least 250 kms of metro lines for the present population and city spread. Plans are ready for phase 3. It is the state government's privilege to announce it. It is waiting for GOI approval for phase 2."

    Phase I, for which work is under way, covers 42.3km long, Phase II, which requires final clearance from the Centre, is about 72km. That leaves at least 135km of additional track to be laid to knit the city into a connected metropolis.

    BMRC officials point out that vast stretches of the city, like Koramangala, Marathahalli, Sarjapur, HRBR Layout, Hebbal and Magadi Road need to be brought within the Metro's coverage.

    "Phase III should ideally connect areas on the ring routes and connect outlying regions with the central business district, commercial hubs and prime work places," said SK Lohia, OSD (urban transport) and ex-officio joint secretary, Union ministry of urban development. Lohia is also a director on the BMRC board.

    With the first two phases focusing on radial routes, the proposed ring routes would complete a network that will make the mass rapid transit system accessible to most residential, commercial and industrial hubs through some efficient feeder services.

    Unlike Phase I, which is almost in place and will be fully operational by the end of 2014, and Phase II which is awaiting formal clearance to shift from the drawing board to becoming a ground reality, Phase III is still in the proposal stage. But enough things are happening at the level of decision-makers and policy analysts.

    "It's the prerogative of the state government to announce it (Phase III) which they (state government) will do after the central government clears Phase II for implementation. After the state government gives the nod for Phase III, we will begin with detailed project report (DPR) preparation which will take up to 18 months," Sivasailam told TOI.

    The story so far

    Phase I: Comprises four reaches. Reach 1 is operational, Reach 2 is expected to open by mid-2013 and the phase is expected to be fully operational by 2014-end

    Phase II: The four reaches of Phase I will be extended and two new lines laid between Nagawara and Gottigere, and RV Road and Bommasandra (total of 72km). DPR has been approved by the state government. BMRC has started testing earth samples and will take up land acquisition and tendering of civil work after formal clearance from the Centre. Work is estimated to be complete by 2017-18

    Ridership: The two phases have been designed for a capacity of 40,000 PHPDT (Peak Hour Peak Direction Trips) which means that 40,000 people can travel in one hour during peak hours. The number of daily passengers is estimated at 12 lakh in 2013 and 19 lakh in 2021


    The third coming: Metro says city needs Phase III - The Times of India
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  • Prices go up by 17 per cent on Hebbal Flyover, Bangalore

    28 jan

    As areas in the vicinity of Hebbal Flyover are witnessing rapid expansion and growth, Hebbal Flyover is also doing well in terms of sale. According to the data available with .com, sale prices of multi-storey apartments in Hebbal Flyover have increased by 17 per cent in October-December 2012 quarter.

    Industry experts also say that Hebbal Flyover will soon become the city centre. “During last quarter, sale prices of multi-storey apartments have shot up by Rs 7-10 lakh. This appreciation is a result of various reasons,” says Anand from Vijay Associates.

    Hebbal Flyover is near to Electronic City which is at a distance of only six to seven kilometres. “Also, the area is close to airport and Manyata Tech Park which is attracting many people to buy property here,” adds Anand.

    It is also near to Silk Board and road leading to MG Road. Hebbal Flyover also has good transport services along with shopping centres and malls. Hebbal Flyover also enjoys scenic view of a lake in its environs and has great connectivity to north, south, east and west zones of the area.

    At Hebbal Flyover, there are 1, 2, 3 and 4 BHK configurations. 2 and 3 BHK are more in demand. “The sale price of 2 BHK now ranges between Rs 50-70 lakh for 1,200 sq ft area, whereas, the cost of 3 BHK has gone up to Rs 70-1.10 crore spread in 1,500-1,700 sq ft area,” says Anand.

    Earlier, the 2 BHK and 3 BHK were available for Rs 50-60 lakh and Rs 70-1 crore, respectively. So who’s buying? “Mostly business class and IT people are buying 2 and 3 BHK configurations here. The area is safe and has police stations with effective police patrolling also,” says Anand. As there are more buyers and less investors, end-users’ and investors’ ratio stands at 80:20.

    Presently, Shobha Constructions are coming with projects in Hebbal Flyover which also hosts several companies like such as Astra Zeneca, Integra Micro Software Services, CEFA and MRO Tech.
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  • Article Window

    The third coming: Metro says city needs Phase III
    STILL AN IDEA
    Circular Network Proposes To Connect Expanding Suburbs To City Centre
    Aparajita Ray | TNN


    The expanding Namma Metro promises to integrate the city, if proposals and plans are anything to go by. Close on the heels of the inprinciple approval for Phase II of the project, Bangalore Metro Rail Corporation (BMRC) has begun talking about the city needing a Phase III of this mass rapid transit project.
    Tweeted BMRC MD N Sivasailam: "Bangalore requires at least 250 kms of metro lines for the present population and city spread. Plans are ready for phase 3. It is the state government's privilege to announce it. It is waiting for GOI approval for phase 2."
    Phase I, for which work is under way, covers 42.3km long, Phase II, which requires final clearance from the Centre, is about 72km. That leaves at least 135km of additional track to be laid to knit the city into a connected metropolis.
    BMRC officials point out that vast stretches of the city, like Koramangala, Marathahalli, Sarjapur, HRBR Layout, Hebbal and Magadi Road need to be brought within the Metro's coverage.
    "Phase III should ideally connect areas on the ring routes and connect outlying regions with the central business district, commercial hubs and prime work places," said SK Lohia, OSD (urban transport) and ex-officio joint secretary, Union ministry of urban development. Lohia is also a director on the BMRC board.
    With the first two phases focusing on radial routes, the proposed ring routes would complete a network that will make the mass rapid transit system accessible to most residential, commercial and industrial hubs through some efficient feeder services.
    Unlike Phase I, which is almost in place and will be fully operational by the end of 2014, and Phase II which is awaiting formal clearance to shift from the drawing board to becoming a ground reality, Phase III is still in the proposal stage. But enough things are happening at the level of decision-makers and policy analysts.
    "It's the prerogative of the state government to announce it (Phase III) which they (state government) will do after the central government clears Phase II for implementation. After the state government gives the nod for Phase III, we will begin with detailed project report (DPR) preparation which will take up to 18 months,” Sivasailam told TOI.
    aparajita.ray@timesgroup.com THE STORY SO FAR
    Phase I Comprises four reaches. Reach 1 is operational, Reach 2 is expected to open by mid-2013 and the phase is expected to be fully operational by 2014-end Phase II
    The four reaches of Phase I will be extended and two new lines laid between Nagawara and Gottigere, and RV Road and Bommasandra (total of 72km). DPR has been approved by the state government. BMRC has started testing earth samples and will take up land acquisition and tendering of civil work after formal clearance from the Centre. Work is estimated to be complete by 2017-18
    Ridership The two phases have been designed for a capacity of 40,000 PHPDT (Peak Hour Peak Direction Trips) which means that 40,000 people can travel in one hour during peak hours. The number of daily passengers is estimated at 12 lakh in 2013 and 19 lakh in 2021
    (Courtesy: BMRC website) PROJECT NETWORK STATUS OF FOUR CITIES WHERE METRO IS HAPPENING
    DELHI Phase I (65km) and Phase II (125km) were completed in 2006 and 2011 respectively, covering 190km. Phase III and IV scheduled for completion in 2016 and 2021, respectively. Work on Phase III has started, touching almost all outskirts and adding 140km to the existing network
    MUMBAI
    Being taken up in three phases. Phase I covers 63km. The entire network will cover 146km over a 15-year period and is slated to be completed by 2021
    CHENNAI
    Two lines cover 45km, but Jayalalithaa government has dropped the proposal for Phase II
    KOLKATA
    The first city in India to operate an underground Metro over 25km. In 2010, six new lines were added to cover a route length of 117km
    TIMES VIEW
    The proposed third phase of Metro Rail will be a welcome addition to the radial network which, when complete, will truly connect the city. And if, as per speculation, it’s a circular network along the periphery, it will add another dimension to connectivity and commuting. This will enable commuters to reach virtually every corner of the city. The government must enable this proposal to become a reality by fast-tracking land acquisition for the project. Bangalore needs a better transport option and a wider Metro Rail network will help realize it.
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  • Originally Posted by vinay21verma
    Thats true with Bangalore. The real estate prices have shot up to 20-25 percent on average, and upto 40 percent at some of the prime locations in last 10 months. The area around New Airport/Devanahalli had already been unaffordable after last Global Investors meet. Again this years Global Investors Meet which is going to happen soon, might drive the prices again in certain belts where the industries would sign up their deal.
    Unlike many other cities, Bangalore outskirts have really beautiful places to live. If the public transport facility improves, or the metro becomes functional throughout the city (may take 5-8 years, who knows), then most people would love to live in outskirts, given the calm and peaceful it offers at much cheaper prices.
    I too have seen this trend that people now prefer to live in villas in outskirts which comes at the same price of a 2 BHK flat in city, even if they have to drive an hour extra to reach office. And the speed with which the outskirts are being part of city, the idea seems logical.


    This is a very important information for all new buyer of Flat , pls pass it through your channels for awareness

    Normally a Builder can ask the buyer to go for the agreement in two ways

    A. composite sale agreement (Where you need to sign just one agreement) : for ST & VAT Calculation is as below

    Service Taxes : 1. 3.09% on Basic cost (rate/sqft * Flat Area ) ( Its is calculated as 12.36% on 25% of basic cost as govt. assumes that out of basic cost service part is just 25% , rest is land , material & labor cost )
    2. Full amount against of Amenities, KTPCL + BWSSB , , generator , power back up , Internal envelopment charges , External development charges, Prime location charges etc is charged at 12.36 %

    3. Car parking doesn't attract any kind of Service TAX


    VAT: It is charged at 4 % rate on “full” amount paid to Builder (basic cost + “car park” + amenities + bescom + BWSSB + PLC….).....Normal VAT rate is 5% but in case of flat 20% of cost is assumed to be of Land..Which is not liable for VAT, so final VAT is just 4 % (5% * 80%)

    B. Dual agreement : The Other ways builder used is to ask Buyer to sign two different agreements known as Sale agreement ( for sale of Land ( Un Divided Share )) & Construction agreement ...Normally the ratio of cost of UDS & Construction is 50:50 ...but it could varies depending upon price of land i.e. location ...and there is no clear guideline by govt.

    Service Tax: Service Tax is paid at rate of 12.36% on 33 % of Construction agreement value (12.36% * 33%) .as Govt assumes that out of total construction cost, service part is just 33% ..Rest is matte rial and labor cost..So final rate of ST would be 4.12% on full construction amount / value

    VAT: VAT is to be paid on “full” construction agreement vale at a rate of 5 %

    Land sale agreement (UDS) doesn’t attract Service TAX & VAT, as it is just a transfer of owner ship ...not a service



    There is one point to be noted for every new buyer: if Builder has made two agreements 1. For land sale (UDS) and 2nd for construction ...then Service tax is "NOT" applicable on Land sale agreement ...So builder will pay ST only on construction agreement value which is in most case ~ 50% of total flat sale value.

    While most of the corrupt Builder charges the VAT & ST on whole sale vale ...but in actual they pay only on construction agreement value & save ~ 50% amount ....which in turn is a black amount for them


    So every buyer must ask for a clear tax statement on builder letter head & Xerox of receipts from builder while signing the agreement ….otherwise they will eat your hard earn money

    As a good practice do not talk anything about tax calculation in the starting …finalize the base price an get the cost break up on a paper …later just one day before of signing the agreement ask the builder to give the detailed tax statement and of course the total tax amount he is charging against of tax must be stated there , with builders VAT & SERVICE TAX “ TIN “ numbers ( TIN ; Tax identification Numbers )

    For easy of understanding you can check the tax calculation used by reputed builders, as hirnandani , mantri , prestige , purva , shobha etc.
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  • Dear Abhay,
    Some of the information in one of ur posts is incorrect.

    Hebbal is not 6-7 km from electronics city, who says that ???
    Hebbal is not very near to silk board or mg road ...who says that ??

    Anyone can check the distance from google maps. Though i agree that rates in hebbal area are growing but not this much. Banagalore has many private builders (small small) who r offering 2BHK ( under 40L) and 3BHK (under 60L) ...so people can easily afford that because of services city.

    Thanks
    Deepak
    CommentQuote
  • Tata Housing unit announces sale of 100 units

    Smart Value Homes Limited (SVHL), a 100 per cent subsidiary of Tata Housing Development Company Limited (THDCL), today announced sale of 100 units of the recently launched New Haven here within 15 days of launch.

    New Haven is the first project in the city by Smart Value Homes Limited, which aims at being the first green township.

    The project offers all amenities essential for modern day living - swimming pool, a well-equipped gymnasium, retail shopping facilities and an indoor games room, THDCL MD and CEO Brotin Banerjee said in a statement here


    Tata Housing unit announces sale of 100 units - The Economic Times
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  • AIG private equity buys out Bangalore-based RMZ's stake in Hyderabad project

    BANGALORE: New York-based private equity fund AIG Global Real Estate has bought out Bangalore-based developer RMZ Corp's 50% stake in their stalled joint venture mall project in Hyderabad, a person with knowledge of the development said.

    "RMZ has exited its Rs 53-crore investment in the mall-cum-office project," the person said. "AIG now plans to set up a residential property on the 11-acre plot and is willing to put in additional capital for developing it."

    The project will be launched by the first quarter of the next fiscal, subject to internal approvals, the person added. Bamasish Paul, managing director of AIG Global Real Estate's India operations, did not confirm the development, but RMZ's managing director Raj Menda said, "The dispute was settled amicably."

    The deal closes a chapter of wrangling between the partners over whether the project should be residential or for mixed-use. The project, which was to be completed by early 2012, never came up, blocking AIG Global Real Estate India Advisors' Rs 350-crore investment.

    About four months ago, the AIG firm had served a legal notice to RMZ for failure to let it exit its investment in the project.

    ET had reported in October last year that RMZ had sought $20 million from AIG as payment towards notional loss of profit for allowing it to exit the project. The person quoted earlier said AIG will build over 1,500 apartments, priced between Rs 50 lakh and Rs 60 lakh each, with a total out lay of Rs 1,000 crore.

    According to property consultants, the residential sector in Hyderabad has bounced back after the slowdown and price correction of 2008.

    "Total absorption in the Hyderabad property market went up 14% to 4.06 million sq ft in the third quarter of current fiscal," according to a recent report by property research firm Liases Foras.










    AIG private equity buys out Bangalore-based RMZ's stake in Hyderabad project - The Economic Times
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  • Eight city clusters to be developed at Rs 2,100 cr

    Bangalore: Karnataka government today decided to develop eight city clusters in Bangalore Metropolitan Region Development Authority (BMRDL) areas at an estimated cost of Rs 2,100 crore.

    Government will avail Rs 1,400 crore loan from Asian Development Bank and contribute Rs 700 crore to develop the city clusters, Minister for Urban Development, S Suresh Kumar told reporters after the cabinet meeting here.

    The Karnataka Industrial Development Corporation had submitted a plan to the government suggesting development of city clusters in areas falling under BMRDL as its study indicated that the population there would inflate to 1.80 crore by 2030, he said.

    Kumar said the city clusters will come up between Ramanagar and Channapatna, Nelamangala-Dabaspet, Anekal-Jigani, Devanahalli-Vijaypura and Hoskote-K R Puram. City clusters will also be developed at Magadi, Kanakapura and Doddaballapur, he added.

    The cabinet also decided to expand four-lane to six-lane Bus Rapid Transit System (BRTS) corridor project on Hubli-Dharwad road, Kumar said.

    "The Rs 82 crore project will be allocated to GVR Infrastructure Projects Limited and will have to complete it by 2015," he said.









    Eight city clusters to be developed at Rs 2,100 cr
    CommentQuote
  • Knight Frank's list of top ten Indian destinations

    All,

    Please find investment advisory report for top ten indian destinations.

    hope it helps.

    Thanks,
    Amit
    CommentQuote
  • Element Capital to raise $1 bn fund for low-cost housing

    Real estate-focused private equity firm Element Capital is in the process of launching a billion-dollar (about 5,400 crore) fund that will invest in low-income housing, as it looks to take advantage of a resurgent property market.

    The Element Value Housing Fund, which is expected to be launched by this August, has received commitments of about $300 million ( 1,600 crore) from many high net-worth individuals, endowments and pension funds, according to fund manager Sharik Currimbhoy.

    "We hope to have the first and final close of the fund by August 2012, and are in the process of identifying projects in Hyderabad, Bangalore, North Delhi, among others," Currimbhoy told ET. The news comes at a time when the country's moribund residential property market is expected to see an uptick in fortunes in 2013, driven by improved economic conditions.

    "The residential property market in India is doing quite well currently, and may even be doing better than commercial realty," said Ambar Maheshwari, managing director of corporate finance at Jones Lang LaSalle.

    The fund is expected to make investments of $100 million per project, and will look to stay invested for a minimum of five years, with the option of two one-year extensions. "The investments will be straight up equity investments, and we will be creating special purpose vehicles for each project identified by us," Currimbhoy said. Separately, recent policy changes have given fresh hope to fund managers, who have otherwise failed to deliver the promised double-digit returns to investors, even as the country's economic growth continued to contract.

    Last December, RBI allowed real estate players to avail external commercial borrowings for low-cost housing projects. Also, state-owned HUDCO has announced an interest rate cut of 0.5%, which will see floating interest rates for housing schemes for the poor range between 8.50% and 8.75%. "The availability of ECBs and HUDCO's rate cut have come as a huge positive, and we are looking to take advantage of that," Currimbhoy said.



    Element Capital to raise $1 bn fund for low-cost housing - The Economic Times
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  • BBMP recovers Rs 6cr tax in surprise inspection

    BANGALORE: High-value property tax defaulters are now under the BBMP scanner. On Wednesday, BBMP's revenue inspectors accompanied by members of the tax and finance standing committee inspected two tech parks and a well-known mall near Whitefield.

    The surprise inspection of the huge buildings helped BBMP recover unpaid tax amount of Rs 6 crore on the spot.

    "The self assessment scheme of paying tax has been misused by many property owners who end up undervaluing the property and pay less. From the mall alone, the BBMP should get minimum Rs1.5 crore more," said K A Muneendra Kumar, chairperson of the committee.

    This time, the civic body did not do its usual drum beating exercise, but directly entered the malls and tech parks. The exercise finally resulted in it reaping money, BBMP officials said.

    The builder and owner of the mall showed the built-up area as vacant land. According to records in possession with BBMP, the mall owner had not declared tax for a whopping 1.5 lakh sqft of property, and showed the same as vacant land, paying merely 12 paise per sq ft. "Some of the shops inside the malls have not even obtained occupancy certificate from BBMP and this amounts to illegal occupancy," said Palike officials.

    On Wednesday, the BBMP commissioner had instructed his officials to collect dues of Rs 750 crore from four lakh property owners across the city by March.









    BBMP recovers Rs 6cr tax in surprise inspection - The Times of India
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  • Will the issue with Sahara have any implication in the market?
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