Now, transferable development rights can be used anywhere in Bengaluru
Tired of too many ads? go ad free now
This is the second major reform to the TDR framework in the past one year and is expected to make the market more attractive to builders, landowners, and intermediaries. GBA, currently spread over 709 sq km, includes both core and peripheral regions under the restructured BBMP jurisdiction.
Earlier, DRCs issued by one planning authority, such as BDA, could not be used in areas governed by another authority like the Bengaluru-Mysuru Infrastructure Corridor Planning Authority.
These jurisdictional barriers limited the market, especially in areas where land values varied significantly, making TDRs unattractive for landowners.
The restrictive system also led to malpractices, with instances of DRCs being applied illegally in high-value zones through collusion between builders and officials. By enabling city-wide utilisation, the govt now treats Bengaluru as a single planning entity.
BDA will maintain records of all DRC transactions across GBA, ensuring better oversight. A senior BBMP official hailed the move as "a much-needed reform," while a city-based builder noted that the relaxation will remove ambiguity and facilitate vertical growth to meet housing demands.
In 2024, the state govt allowed agricultural landowners to receive TDR compensation on par with residential land, provided they pay the necessary conversion charges—another step toward strengthening the TDR ecosystem.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
2 hours ago
- Hindustan Times
Bengaluru's Hebbal flyover loop finally opens, may cut traffic by 30%; DK Shivakumar makes stylish entry
In a significant development aimed at easing one of Bengaluru's most notorious traffic bottlenecks, the newly constructed Hebbal Flyover Loop was officially inaugurated today by Karnataka Chief Minister Siddaramaiah. Marking the occasion with a personal touch, Deputy Chief Minister DK Shivakumar rode his vintage Yezdi RoadKing motorcycle across the new loop and said he was 'reliving his college days'. Bengaluru's new Hebbal flyover loop stretch inaugurated today by CM Siddaramaiah and DCM DK Shivakumar to improve traffic flow in the city.(X) ALSO READ | 'Stop Hebbal land scam': Bengaluru MP slams move to sell public land below market rate Constructed at a cost of ₹80 crore and completed in a swift 7 months, the 700-metre-long loop is expected to reduce traffic congestion at Hebbal Junction by at least 30 per cent. This junction, a key node for traffic heading to and from the Kempegowda International Airport (KIA), IT corridors and northern suburbs, has long been a source of daily frustration for Bengaluru's motorists. ALSO READ | Bengaluru's new Hebbal flyover loop opens for trial, traffic police seek public feedback This new flyover loop will be a game changer, said Deputy CM Shivakumar in a social media post following the inauguration. 'Breezing through traffic at Hebbal Junction! A 700 metre ramp built at a cost of 80Cr in just 7 months, will reduce traffic congestion by 30% and improve commute quality,' he wrote in the post on X. ALSO READ | Bengaluru's new Hebbal flyover loop nears completion, set to ease traffic flow 'Also relived my college days by riding my old Yezdi RoadKing. Dear Bengalureans, we're committed with deep passion, and we will deliver,' he added. Chief Minister Siddaramaiah's office also announced the update on social media, writing, 'Chief Minister @siddaramaiah inaugurated a new flyover connecting K.R. Puram to Mekhri Circle at a program organized today at Hebbal Junction in Bengaluru. Deputy Chief Minister D.K. Shivakumar, Minister Byrathi Suresh, BDA Chairman N.A. Harris, Chief Minister's Political Secretary Nazir Ahmed, former MP Ramya, along with several officials and public representatives, were present.' The Hebbal Flyover Loop has been a long-awaited addition to the city's infrastructure and is part of a larger strategy by the government to decongest major junctions and streamline traffic flow across Bengaluru.
News18
4 hours ago
- News18
Units of Knowledge Realty Trust lists with 4 pc premium
Agency: PTI New Delhi, Aug 18 (PTI) The units of Knowledge Realty Trust, sponsored by realty firm Sattva Group and Blackstone, listed with a premium of 4 per cent on Monday against the issue price of Rs 100 per unit. The unit started trading at Rs 104, up 4 per cent from the issue price on the BSE. At the NSE, it listed at Rs 103, a premium of 3 per cent. The company's market valuation stood at Rs 47,328.35 crore. The Rs 4,800-crore REIT initial public offering (IPO) got subscribed 12.48 times. The company had set a price band of Rs 95 to Rs 100 per unit for its initial share sale. The IPO was entirely a fresh issuance of units by Knowledge Realty Trust. KRT owns over 46 million sq ft of office assets across 29 assets in six cities, primarily Mumbai, Bengaluru, and Hyderabad. The assets include One BKC and One World Center in Mumbai, Knowledge City, and Knowledge Park in Hyderabad and Cessna Business Park and Sattva Softzone in Bengaluru. There are four other listed REITs (real estate investment trusts) in India — Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust. Bengaluru-based Sattva Developers has so far constructed 74 million sq ft across seven Indian cities in commercial, residential, co-living, co-working, hospitality, and data centre sectors. PTI SUM DRR view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
4 hours ago
- Time of India
Grow to sell, sell to grow: L&T's SN Subrahmanyan on the group's business playbook
Advt Advt Larsen & Toubro is undergoing a bold transformation—exiting legacy businesses, entering new ones, and betting on sectors like semiconductors, green hydrogen, and data centres—even as its core EPC business continues to drive megaprojects at home and overseas. In a candid conversation with ET, SN Subrahmanyan, chairman & MD, outlines the group's 'grow to sell, sell to grow' playbook, sharper capital allocation, technology-driven pivot, and a focus on building a younger, agile leadership. From real estate and defence to AI and chip design, Subrahmanyan maps out L&T's next decade. Edited excerpts:L&T operates across three segments —EPC projects, manufacturing, and IT/technology services. Our philosophy is simple: grow to sell or sell to grow. 'Grow to sell' means scaling businesses until they're attractive for monetisation. 'Sell to grow' applies when businesses underperform—we exit and reallocate capital. I've applied this approach extensively. And when a business isn't saleable, we wind it down. For instance, we've sold electrical switchgear to Schneider Electric, renewable power to ReNew, and exited ports/airports. Nabha Power generates reasonable returns, but we're open to selling if opportunities seeding growth in four frontier areas: real estate, semiconductors, green energy, and data started out of necessity and strategic foresight. We had some land in Powai (Mumbai), but the area was becoming increasingly residential, so we shifted factories to Hazira and explored monetising the freed land. AM Naik (chairman emeritus, L&T) suggested self-development—that's how our real estate business started. Today we have 75 million square feet under development—80 per cent residential, 20 per cent commercial. Our goal is to reach 100 million sq ft in the next year, making us one of the top two real estate players in acquired Mindtree just before Covid and later merged it with L&T Infotech (LTI) to create a $4.5 billion global IT services firm. With L&T Technology Services, this segment contributes 15–17 per cent revenue and is growing faster than businesses tend to be more profitable—they're not material-intensive like EPC. That's why we're pushing the services portfolio faster. Realty, L&T Finance, LTI Mindtree, and L&T Technology Services form that high-margin, capital-light segment of our two-year-old chip design business employs 400 engineers—primarily Bengaluru-based, with offices in Austin, Munich, and Tokyo. We are focusing on analog chips in larger nodes (28-48 nanometers). The strategy is to design chips, develop proof of concept, showcase to clients, then do contract-manufacture. We may become the first Indian company to design and commercialise chips fully in-house. Seven clients are already focus on electrolysers, green hydrogen, and green ammonia. We've built India's first electrolyser and sold several units. We're executing the world's largest green hydrogen plant—100 MW producing 10 million tonnes annually at Indian Oil's Panipat refinery. For green ammonia, we've partnered with Japan's ITOCHU Corporation for a 300 KTPA facility at Kandla, currently have about 32 MW of data centre capacity. Beyond infrastructure, we're developing cloud services layered on top. Despite typical new business teething issues, we're confident this vertical will scale well. The model is in place, and momentum is projects remain our dominant segment at about 75 per cent of revenue, with manufacturing contributing 5-7 per cent, and services accounting for 15-17 per cent. While services are experiencing accelerated growth, EPC is continuing its strong trajectory as well—we're benefiting from expansion across all three verticals. Our robust financial position, with virtually zero debt and substantial cash reserves, provides ample resources for growth initiatives. Each business unit must demonstrate self-sufficiency rather than relying on headquarters funding. Priority is establishing stronger B2C necessarily. Our ownership structure (15 per cent employee trust, remainder distributed among mutual funds, institutional investors, shareholders) limits extensive restructuring. L&T remains the primary holding company for EPC and manufacturing. Profitable, sustainable subsidiaries will be considered for separate listings after demonstrating consistent growth over about two leveraging a new generation of employees who bring fresh perspectives. We have identified high-potential individuals across verticals for accelerated development through expanded responsibilities and controlled learning experiences. Many project sites are now managed by 28-32 year-olds, replacing traditional 40-year-old leadership requirements. India's largest hockey stadium in Rourkela was delivered by a 28-year-old former executive Lakshya strategic framework guides allocation. The current four-year plan concludes March 2026, with preliminary assessments showing we're meeting or exceeding targets despite pandemic challenges. The next cycle (2026-2031) encompasses both quantitative and qualitative business aspects, organisational restructuring, succession planning, technology integration, digitalisation, and AI implementation. We are targeting doubling of revenue every five operational capex averages ₹5,000-6,000 crore. Strategic investments in semiconductor, data centre, and realty businesses are projected at approximately ₹1.5 lakh crores over five years, plus campus expansion initiatives. With zero debt, excluding minimal Hyderabad Metro obligations, and over ₹50,000 crore group cash reserves, we're positioned for strategic board allocated funds for startup investments. Seven transactions have been completed so far, representing 10-15 per cent stakes that do not require consolidation. We maintain board positions or observer status in several portfolio companies. Our strategy focuses on ecosystem investments aligned with our business domains, enabling us to provide business opportunities and mentoring while nurturing startups to sustainable growth levels. Personally, I find young entrepreneurs remarkably inspiring. I regularly visit their facilities and engage with their operations. Young entrepreneurs are remarkably inspiring with their passion, determination, and innovation—often coming from middle-class backgrounds with modest resources.I prefer India to be higher—we're fundamentally an Indian company. But we've succeeded in the Middle East with our 2.0 strategy. Earlier, every vertical went there; now it's predominantly hydrocarbon, renewable, and power transmission distribution verticals, with occasional infrastructure like Metro. This focused approach works pandemic prompted many experienced workers to relocate permanently—they haven't returned since due to improved domestic conditions and attractive Middle East opportunities. Our growth to ₹3 lakh crore sales requires about 400,000 labourers. Construction work—outdoor conditions, safety equipment, height work—doesn't appeal to younger generations who prefer retail, IT, or sales environments with better working conditions and available established 14 skill training institutes—ten proprietary, four with state governments, each specialising in vertical-specific skills. We are training about 25,000 individuals annually with stipends, accommodation, meals, uniforms, and safety education. Our 35-40 per cent retention rate shows substantial improvement. High performers receive advanced training and can progress to foreman defence portfolio spans multiple domains. Land systems include bridging systems for armoured column river crossings in Punjab and Rajasthan, and the K-9 Vajra artillery system—100 units completed with 100 remaining. This indigenously manufactured system delivers a 45-kilometre range with exceptional accuracy and rapid repositioning capabilities. We've developed India's first indigenous light tank, Zorawar, a 25-tonne vehicle designed for high-altitude operations in regions like naval operations centre at our Kattupalli facility in Chennai is producing offshore patrol vessels, anti-submarine warfare ships, and carrier trading vessels exclusively for military applications. We've delivered ships to Vietnam's defence forces and maintain repair agreements with the US Navy for Indian Ocean operations. We are contributing to Akash, BrahMos, and Pinaka missile systems plus launch infrastructure. As India's largest private defence company with $1 billion revenue, we continue to expand this strategic business missed the solar manufacturing opportunity, but we're the world's largest solar EPC contractor, executing about 5 gigawatts annually across the Middle East and India. We've completed massive installations including 2.8 GW facilities. Rather than entering saturated solar manufacturing, we chose electrolysis as our strategic possess unique capabilities in nuclear infrastructure—end shields, calandria, steam generators, and complete nuclear plant construction. We built Tarapur and are currently constructing Kudankulam. However, international expansion attempts, including in France, haven't succeeded. Our upcoming strategic plan will reassess nuclear opportunities, though this sector requires substantial bandwidth, ecosystem management, and cultural 6-7 per cent economic growth increased power demand beyond renewable capacity. Solar provides only 5-6 hours daily, battery storage remains expensive and pump storage is emerging slowly. Base load fluctuations from solar integration require coal-fired power as the primary available resource for consistent base load generation. Government recognition of potential power deficits and grid instability from solar-base power imbalances prompted renewed coal-fired power demonstrated substantial improvement, increasing ROE from 10-11 per cent to 17 per cent. Market capitalisation grew 3.3x while revenue increased 2.3x. Net working capital expansion is limited to 1.4x with current return on equity at 17 per cent and CSR spending at 1.6 per cent of didn't appreciate being referenced unnecessarily in professional discussion. It was an internal comment addressing operational pressures that someone violated policy by recording and circulating. While neither sought apologies, we both felt uncomfortable. My informal communication style sometimes creates unintended consequences.
