KSLU to get dedicated administrative building after 15 yrs
The building is expected to be completed by May 2026.
KSLU, established in Jan 2009, currently operates from a former PWD guest house that was repurposed into an administrative office. Spread over a 55-acre campus, the university offers undergraduate and postgraduate courses in constitutional law, intellectual property rights, business and trade law, criminal law, and international law. While around 1,200 students study on the campus, the university has a total student strength of approximately 45,000 across the state.
The total built-up area of the four-storey structure will be 94,761 sq. ft. The ground floor will be 24,440 sq. ft, first floor 20,321 sq. ft, second floor 22,255 sq. ft, and third floor 20,321 sq. ft.
KSLU vice-chancellor Prof C Basavaraju told TOI that the new building is being constructed on 2.4 acres in front of the existing building. "The project faced land allocation issues earlier. The work was awarded to a Bengaluru-based company in Jan.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Why is everyone rushing to get their hands on this new air cooler?
News of the Discovery
Undo
We expect the work to be completed within the stipulated 11-month timeframe.," he informed.
RM Kulkarni, KSLU assistant executive engineer (AEE), explained that the ground floor will house a canteen, bank, post office, storeroom, physical director's office, laboratory and toilets. The first floor will include the vice- chancellor's office, related administrative offices, DPAR section, legal cell, clinic, and a 60-seat auditorium. The second floor will accommodate the finance section, ICT section, syndicate zone and cabins, student welfare and development section, academic zone and toilets.
The third floor will feature the engineering section, SC/ST records cell, planning and management office, NSS office, administrative section, and toilets.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
20 minutes ago
- Economic Times
IFC, HDFC Capital partner for green affordable housing finance in India with $1 billion fund
AI generated image used for representation The International Finance Corporation (IFC) has entered into an agreement with HDFC Capital Advisors to anchor a $1 billion (about Rs 8,770 crore) real estate fund focused on green affordable housing in India. IFC, a member of the World Bank Group, will invest up to $150 million (about Rs 1,320 crore), in the HDFC Capital Development of Real Estate Affordable and Mid-Income Fund (H-DREAM Fund), which will be managed by HDFC Capital, the real estate private equity arm of the HDFC Group. The fund will finance projects that prioritise affordable and mid-income housing, while implementing the EDGE (Excellence in Design for Greater Efficiencies) green building framework, in line with global sustainability standards.'For India, housing remains a social imperative and has strong multiplier effects on the economy. The H-DREAM Fund integrates sustainability with financing, which will go a long way in addressing the housing gap and build resilient communities. IFC continues to play a pioneering role in facilitating a greener and more inclusive India,' said Deepak Parekh, non-executive chairman, HDFC commitment is expected to help mobilise up to $850 million, including sponsor commitment, of long-term capital from institutional investors. Additionally, the fund will enable the development of at least 25,000 green, affordable and middle-income housing units. 'Green affordable housing delivers a dual impact as it meets the urgent need for inclusive housing while advancing sustainability in urban development. IFC's investment in H-DREAM Fund is designed to demonstrate the viability of innovative financing vehicles and mobilise long-term private capital for green housing solutions,' said Imad N Fakhoury, regional director for South Asia, to him, the IFC-HDFC Capital partnership aims to help developers scale up green projects, create jobs, boost urban resilience and set a benchmark for sustainable urban growth.'HDFC Capital is focused on providing early-stage financing to address supply-side bottlenecks for high quality affordable and mid-income housing in India,' said Vipul Roongta, managing director and CEO, HDFC Capital. 'Our endeavour is to integrate financing, facilitate energy, water and material efficiency along with innovative technology-based solutions in housing development. This platform will channelise global and domestic capital to address the most basic social need of housing in India.'The fund has witnessed interest from global and domestic institutions and Indian family offices, with in-principle commitments of $350 million already in place, according to is the largest sustainability-led affordable housing fund in India—and among the largest in the world. It also marks the biggest supply-side financing initiative in this segment. 'By leveraging market-based solutions and channelling institutional capital to underserved markets, this initiative will broaden access to housing finance, create opportunities for smaller developers, and strengthen and diversify the housing value chain,' said Carsten Mueller, IFC's regional industry director for manufacturing, agribusiness and services in Asia. The buildings sector accounts for about 33% of total electricity consumption globally, with the share of residential buildings at about 24%. Greening this sector is crucial to sustainably bridge the housing nascent, IFC estimates a potential investment opportunity of $1.4 trillion in India's green buildings market by 2030. Of this, $1.25 trillion or nearly 90% will come from the residential India, an estimated 275 million people, or 22% population, lack access to adequate and affordable housing. Urban housing shortfall stands at about 18 million housing units in tier-1 and tier-2 cities.
Mint
20 minutes ago
- Mint
IPO gold rush or bubble? India's co-working firms test the public markets
Bengaluru: During a board meeting of IndiQube Spaces Ltd mid last year, WestBridge Capital, a long-time investor, asked Meghna Agarwal and Rishi Das why they weren't considering an initial public offering (IPO). The wife-husband duo co-founded the Bengaluru-based flexible workspace provider in 2015. A month later, they took the IPO proposal to the board. Two factors were at play. First, venture capital and private equity investment had slowed over the past few years, leading to new-age companies turning to the public markets for funding. In 2024, 13 startups, including Swiggy, Ola Electric, FirstCry and Blackbuck, went public. Second, Awfis Space Solutions Ltd became the first flexible workspace company to get listed in May 2024. So, a decade after it was founded, IndiQube went public, becoming the third such firm in the sector, after Awfis and Smartworks Coworking Spaces Ltd. Its ₹700-crore IPO was subscribed 13 times. Shares of Indiqube listed on 30 July this year at ₹216 on the Bombay Stock Exchange (BSE), marginally down from the issue price. Meanwhile, rival Smartworks, also founded in 2015, raised ₹582.6 crore. Its shares, when listed, traded slightly above the issue price on the BSE. As the commercial office market in India turned around after the pandemic, it saw strong demand pushing adoption for flex workspaces. These offices are shared and companies can rent for varying duration. In India, flexible workspaces come in two forms—co-working, where multiple companies can share the office premises, and managed offices, where space is customized for individual companies. A cross-section of companies across sectors, including global capability centres (GCCs), have driven up leasing, and expansion. Flex leasing jumped from 7.9 million sq. ft in 2022 to 15.8 million sq. ft in 2024, as per property advisory CBRE India. The share of flex space leasing in overall office leasing grew from 14% to 20% during this period. Avendus Capital, an investment bank, forecast that the sector will grow to address a $9 billion market by 2028. With the three IPOs, and two more on the horizon—The Executive Centre India and WeWork India – India's fairly young flex workspace industry has demonstrated what globally no other country has yet. Multiple flex office sector IPOs from a single country is rare. First-mover advantage The IPO journey of India's flex workspace operators started a year back, with the public listing of Awfis. In many ways, it set the tone for the industry. Amit Ramani, founder of Awfis, faced one persevering question from investors: If global companies had failed, how would you do it? That seemed a valid question. There was no precedent in India. The most celebrated name in the sector, globally, is WeWork Inc. Its planned IPO, at a $47 billion valuation in 2019, was a disaster—the company shelved it after questions were raised on governance and profitability. However, in October 2021, the company made its public market debut, through a special purpose acquisition company deal. But Ramani proved his critics wrong. Awfis' shares are up 50% since the time it listed in May 2024. The BSE SmallCap index, in contrast, rose only 10% in the same period. Analysts then said that the overwhelmingly positive response to the IPO issue (subscribed 108 times) was due to its first mover advantage—first-of-its kind entry into the listing space. 'I think the IPO changed the narrative in the industry on how people look at co-working," Ramani, also the chairman and managing director of Awfis, said. Like IndiQube, even Awfis had private equity investors such as ChrysCapital and Peak XV Partners (formerly Sequoia Capital India & SEA), who eventually needed an exit route. The company had a substantial offer for sale component during its IPO, which meant its early investors got a partial exit. In comparison, in IndiQube and Smartworks' IPOs, a larger amount of the proceeds went towards capital expenditure on fit-outs and new centres, and paring high-cost debt. While most of its peers do straight leases from landlords, Awfis follows a managed aggregation model. It partners with the landlords, and they bear the fit-out costs. Awfis operates the centres and they split the revenue or profit. 'While there were initial concerns around the co-working model and its global growth narrative, the Indian market dynamics are different. The flex model in India, which is a mix of co-working and managed offices, with a lot of emphasis on enterprise and GCC clients, is clearly demonstrating growth potential," said Prateek Jhawar, managing director and head, infrastructure & real assets investment banking, Avendus Capital. 'We have seen how Awfis has performed in the public market and how it has rewarded its investors. With the first successful IPO followed by the recent ones, flex is now seen as a separate asset class," he added. The next two But does the Indian market have an appetite for more flex IPOs? 'It's a new-age industry, with a lot of new players, with different models. So, investors are looking at them differently and that becomes a rerating exercise," Neetish Sarda, managing director of Smartworks, said during a pre-IPO interview with Mint. 'The flex space industry is growing and there is substantial depth in the Indian market," he added. On the heels of IndiQube's IPO opening in July, The Executive Centre India, part of Hong Kong-headquartered TEC Group, filed draft papers to raise ₹2,600 crore. The funds will be mainly used for international expansion and acquisitions. The Executive Centre was among the earliest international brands that opened in India—in 2008—at a time when flex working wasn't really in fashion. Today, it offers premium solutions. The bigger IPO, however, could be that of WeWork India Management Ltd, one of the largest operators in the country and the Indian affiliate of WeWork Inc—the latter holds 22.28% stake in WeWork India. The company received market regular Sebi's approval in July. The IPO will comprise the sale of as many as 43.75 million shares, though the company hasn't stated the amount it aims to raise. 'WeWork India is expected to launch the IPO early September. It may raise around ₹3,500 crore," said a person who didn't wish to be named. A WeWork India spokesperson didn't respond to queries. The company has an operational portfolio of 7.8 million sq. ft, across 68 centres in eight cities. Small to big The buzz that the three flex IPOs generated among investors needs to be looked at from a broader industry perspective. What started as a co-working business to address the needs of startups, small companies, and even individuals, has undergone remodelling. There is rising demand for flex workspaces among larger enterprises. Subsequently, leading flex operators have leased office space from top developers, in premium business parks. For instance, a cross-section of companies including MG Motor India, Quest Global, Narayana Health, SecurityHQ, Allegis Group, and Siemens among others have leased space in properties managed by IndiQube. The company also counts NoBroker, Myntra and Zerodha among its big clients. Over 85% of IndiQube's portfolio is occupied by clients who have taken over 100 seats. Around 44% of the area is occupied by GCCs. For Smartworks, nearly 60% of its revenue is generated from companies that have taken up over 300 seats each. Till three years ago, Awfis was primarily a co-working company catering to the requirements of small enterprises to a great extent. Then, it added managed offices for enterprises. 'I think our diversity of locations and client network worked well for us. The cost of supply has to be the lowest and the return on capital has to be high to succeed," Ramani said. Growth narrative Flex operators, meanwhile, have big growth ambitions. Awfis plans to add 40,000 seats in 2025-26; Smartworks has 11.92 million sq. ft in its portfolio as on 30 June, of which 8.3 million sq. ft is operational. It plans to scale up further. 'The growth will be more democratic from here on, and one has to go to tier II markets. We have been growing at 30-35% every year, and that will continue," IndiQube's Rishi Das said. As per property advisory JLL India, India has seen remarkable growth of operational flexible space stock, which has now reached a substantial 79.1 million sq. ft across the top seven cities—Bengaluru, Chennai, Delhi-National Capital Region, Hyderabad, Kolkata, Mumbai and Pune. The operational flex stock is expected to nearly double over the next four to five years, and reach 135 million sq. ft by 2028, reshaping the country's evolving office landscape. '2025 has started strongly for flex operators. In the last one year, operators have acquired space in many Grade A (the most premium quality in real estate) buildings to strengthen supply. The IPO route will help these companies access capital and grow faster," said Karan Singh Sodi, a senior managing director at JLL India. Meanwhile, Awfis wants to build ancillary businesses, going forward, moving from just being a flex player to becoming a 'commercial solutions platform". This could mean building food and beverage, or transport and mobility solutions for other companies. 'We will continue to lead the value bandwagon, even when we offer premium products like 'Elite' or 'Awfis Gold'. It's very difficult to deliver value; it's a bit easier to spend more money in terms of services, design, and price the product more," said Sumit Lakhani, chief executive officer (CEO) of Awfis. A regular seat at the company costs ₹8,000 a month. Gold is priced at ₹10,000 per seat while Elite is even pricer— ₹12,000 a seat. Elephant in the room In July, IT bellwether Tata Consultancy Services said that it is laying off 12,000 employees, and while the cause was attributed to a skill mismatch among other things, industry observers signalled artificial intelligence (AI) to be a possible reason behind the sacking. Tech companies are moving towards leaner, AI-savvy teams. This is also ominous news for real estate, and by extension, flex workspace providers. IT services companies, even a few years ago, hired truckloads of freshers from engineering colleges across the country and they all needed seats in fancy Grade A buildings. If AI impacts IT jobs in a big way, going ahead, the fallout on the commercial office sector would be inevitable. IndiQube's Das said one has to wait and see how the scenario plays out. 'It's like the elephant in the room. However, amid the uncertainty, if large companies decide to outsource office space instead of owning expensive real estate, flex workspaces would be their first port of call," he hoped. Analysts have also raised another concern—profitability. With the commercial office market at an all-time high, and flex operators scaling up, acquisition costs, which includes the cost of leasing and fit outs among other expenses—have also risen. Besides, there is increasing competition as companies compete to swoop up good quality real estate and tenants. 'While there is competition, growth isn't a challenge. Overspending on fixtures (fit outs) by the operators could be a concern," Avendus Capital's Jhawar said. In 2024-25, only Awfis was profitable for the full year. WeWork India is yet to file full year financials but in the first half of the year, it reported a net profit of ₹175 crore. Smartworks and IndiQube continue to make losses. The reported losses are primarily due to non-cash accounting adjustments under Ind AS 116, an accounting method, which front-loads expenses through depreciation and finance costs, spokespersons of Smartworks and IndiQube stated. All the top operators, however, are generating strong cash flows at an operational level, and have raised institutional money before their IPOs, which drove expansion. 'This is not a typical cash burn model. However, while the mature centres turn profitable at the operational level, the newer centres will take time to break even," an analyst at a Mumbai brokerage, who did not want to be identified, said. 'As more centres mature, profitability, at least for the top, credible players should not be a concern," the analyst added. For investors, those are encouraging words.
The Wire
20 minutes ago
- The Wire
Public Sector Banks Write Off Rs 4.48 Lakh Crore NPAs in Four Years; SBI, PNB Top the List: Report
According to the report, the State Bank of India, the country's largest public sector bank, leads the list with total write-offs worth Rs 80,197 crore from FY22-25. Representative image of a State Bank of India branch. Photo: Saurabh Shetty/Flickr. CC BY 3.0 Unported. New Delhi: Public sector banks (PSBs) have written off non-performing assets (NPAs) worth over Rs 4.48 lakh crore in the last four financial years, Minister of State for Finance Pankaj Chaudhary informed the Rajya Sabha on Wednesday (August 7). The revelation has raised serious questions on the functioning of the public banking system, according to a report by The Tribune. NPA refers to a debt instrument where the borrower has defaulted to make interests or principal repayments, and the loan may be at risk of default. According to the report, the State Bank of India, the country's largest public sector bank, leads the list with total write-offs worth Rs 80,197 crore from FY22-25. The Union Bank of India is next in line with write-offs amounting to Rs 68,557 crore, followed by Punjab National Bank with Rs 65,366 crore, and Bank of Baroda Rs 55,279 crore. Canara Bank reported R$ 47,359 crore in write-offs during the same period, while Indian Bank wrote off Rs 29,949 crore. Cumulatively, write-offs from 12 banks amounted to Rs 4.48 lakh crore. Loan write-offs are "technical" in nature and carried out in accordance with RBI guidelines after provisioning for four years, the government maintains. The ministry clarified that a write-off does not mean waiving the borrower's obligation, the report said. Recovery actions continue through mechanisms such as the Insolvency and Bankruptcy Code, the SARFAESI Act, Debt Recovery Tribunals and civil courts, it added. The government, however, did not provide any update on the recoveries made after the write-offs. Earlier in July, in a written reply to a question in Rajya Sabha, the finance MoS had noted that the government's gross NPAs reduced from 9.11% to 2.58% from March 2021 to March 2025. The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments.
