Karnataka cuts stamp duty to 3% on apartments below Rs 45 lakh – ET RealEstate

BENGALURU: In a bid to revive reality sector in the state, Karnataka on Thursday decided to slash stamp duty on registration of apartments that cost Rs 35-45 lakh from five per cent to three per cent. Briefing reporters after the cabinet meeting, Law and Parliamentary Affairs Minister Basavaraj Bommai said that the stamp duty reduction […]

WeWork lease out 17,000 sq ft space to 3M India in Bengaluru – ET RealEstate

File photo NEW DELHI: WeWork India said that the 3M India, an Indian subsidiary of global technology giant 3M, has leased 17,000 sq ft area of flexible workspace at its Prestige Central building in Bengaluru, for a two-year period. “In recent times we have seen an increased demand from all businesses, especially leading enterprises such […]

Broke Bengaluru development body tweaks rules to sell its unsold flats – ET RealEstate

BENGALURU: Even as the Bangalore Development Authority (BDA) is unable to form new layouts, it is also unable to find takers for the flats already constructed. Currently, about 1,300 flats are yet to be sold. To resolve this, the BDA has decided to tweak its rules to attract buyers. Until now, as per norms, only […]

Karnataka to construct 9 lakh houses in two years under different housing projects – ET RealEstate

BENGALURU: The Karnataka government on Thursday decided to construct 9 lakh houses in two years under different housing projects in the state. The decision was taken at a review meeting chaired by Chief Minister B S Yediyurappa on housing schemes in the state. This includes 5 lakh houses of state housing projects and 4 lakh […]

Karnataka to soon adopt new model tenancy act – ET RealEstate

BENGALURU: Karnataka is contemplating to adopt the Union government’s Model Tenancy Act in order to end the continuous tenant-owner disputes besides revitalising the rental housing sector, state Revenue Minister R. Ashoka said here on Thursday. After reviewing revenue department schemes here, Ashoka told reporters that the state government wants to simplify the existing Tenancy Act. […]

Karnataka CM’s ambitious one lakh housing scheme runs into land hurdle – ET RealEstate

BENGALURU: Persistent land woes and change in housing policy have forced the government to reduce construction of houses by 20% under the chief minister’s one lakh housing scheme. The 2017 scheme was floated in a new avatar after Yediyurappa took charge in 2019 with an eye to woo urban voters ahead of BBMP polls. Senior […]

Model tenancy act to help create effective rental marketplace in India: Report – ET RealEstate

The recently approved Model Tenancy Act, 2021 is expected to help create an effective rental market in India and urban India’s 21.72 million rented households offer a huge market opportunity for market participants to focus on housing projects solely for rental purposes, said a joint report by Knight Frank India and legal firm Khaitan & […]

Bengaluru: Ensure infrastructure before taxing us, say owners who bought sites from BDA – ET RealEstate

BENGALURU: The move to collect maintenance fee by including it in the property tax has triggered a backlash among those who bought sites from the Bangalore Development Authority (BDA). Coming at a time when the civic body is being slammed for lapses in developing layouts and allotting sites, the maintenance fee has put the government […]

Bengaluru: Nadaprabhu Kempegowda layout could miss deadline – ET RealEstate

BENGALURU: The Bangalore Development Authority (BDA) was expected to complete the development of Nadaprabhu Kempegowda Layout by the end of this year. If the delay in constructing the basic infrastructure at the layout is any indication, it seems the deadline is set to be extended by another six months. According to the site allottees, the […]

Bengaluru: Hit by curbs, BMRCL mulls commercial growth at stations – ET RealEstate

BENGALURU: With Namma Metro operations being suspended since April 27 and ridership unlikely to reach pre-Covid levels anytime soon, BMRCL is considering commercial development near Metro stations and selling premium FAR (floor area ratio). The corporation suffered a loss of Rs 170 crore due to suspension of services between March 22, 2020 and September 6, […]