
Bengaluru Hotels Association Write To DK Shivakumar Over Slow Infra Work
The Bengaluru Hotels Association has raised alarm over prolonged road and infrastructure works in the city, claiming that delays are severely hurting the hospitality sector. The state hotel body has written to Deputy Chief Minister DK Shivakumar, urging him to intervene and ensure timely completion of the projects.
According to the association, roadworks that were supposed to be completed within three months have stretched well beyond a year, with no signs of completion. As a result, businesses in affected areas including hotels, bakeries, sweet shops, bars and restaurants have reported up to a 50% drop in revenue.
The association also highlighted the hardship faced by the public, particularly senior citizens, due to dug-up roads and traffic diversions.
In its appeal, the association pressed the government to finish all pending works within the stipulated timeline. It further sought a 50% concession on Property Tax, Garbage Tax, Electricity Fixed Charges, and Excise Fees if delays persist.
"The government must expedite the works to provide relief to both businesses and citizens," the association said.
Meanwhile the CAG report tabled in the state assembly had pointed out that Capital expenditure also fell by Rs 5,229 crore compared to the previous year, leading to a 68 percent rise in incomplete projects, a trend that could harm Karnataka's future growth prospects.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)

Business Standard
17 minutes ago
- Business Standard
Mindspace Reit raises Rs 550 cr via sustainability-linked bonds from IFC
K Raheja Corp-backed Mindspace Business Parks real estate investment trust (Reit) has raised Rs 550 crore through sustainability-linked bonds (SLBs) from the International Finance Corporation (IFC), the private sector investment arm of the World Bank Group. This follows the Reit's initial Rs 650-crore SLB issuance in June 2024, bringing the total SLB issuance to Rs 1,200 crore. The Rs 650-crore bond was also subscribed by IFC. This is the first SLB issuance by an Indian Reit under the new environment, social and governance (ESG) framework introduced by the Securities and Exchange Board of India (Sebi) in June 2025, the Reit said. The allotted SLBs have a tenure of eight years and are rated 'AAA (Stable)' by Icra, a ratings agency. In May 2025, Mindspace Reit had approved raising Rs 1,800 crore through a fresh issuance of non-convertible debt securities or commercial papers in one or more tranches. Ramesh Nair, managing director and chief executive officer, Mindspace Reit, said: 'With this issuance, we're taking a big step forward on our sustainability journey. Being the first Reit to raise sustainability-linked bonds under Sebi's new ESG framework shows our intent to lead from the front. Partnering with IFC gives us global backing, and it will help us drive energy efficiency, add more green-certified space, and build a portfolio that's ready for the future.' The SLB is directly tied to measurable ESG performance targets, ensuring accountability and impact. These include a reduction in greenhouse gas (GHG) emissions, an increase in the share of green-certified areas under management, and a reduction in energy intensity. Imad Fakhoury, regional director for South Asia, IFC, said: 'IFC is pleased to deepen its partnership with Mindspace Reit through an additional investment, fuelling the growth of Reits as an asset class and strengthening India's real estate sector. By championing sustainable buildings and innovative financing, we are creating opportunities for developers, investors and communities. This investment will accelerate the development of world-class office infrastructure that generates jobs, attracts global capability centres and top employers, and strengthens India's business environment.'


New Indian Express
28 minutes ago
- New Indian Express
Post real money gaming bill, questions aplenty for Indian cricket
IPL may feel aftershocks One of the knock-on effects of a blanket ban could be felt by Indian cricket, especially the lucrative Indian Premier League (IPL). Various IPL teams as well as the competition itself are tied up with various real money gaming firms, including Dream XI and My11Circle. Even if Indian cricket will not have a lot of problems onboarding new sponsors — if they want to go down that path — there may be some short term pain. "Fantasy gaming platforms like My11Circle and Dream11 have become heavyweight backers of Indian sports," said Santosh N, managing partner of D & P Advisory, an independent valuation company. "My11Circle has committed Rs 625 cr for an IPL associate sponsorship slot, while Dream11 has consistently backed franchises such as Punjab Kings, Gujarat Titans, and Sunrisers Hyderabad as title or principal sponsors. My11Circle is currently an IPL associate sponsor at the league level, contributing a large share of central sponsorship revenue. Separately, Dream11 has team-level sponsorships, serving as Title Partner and Principal Partners for some teams. Together, fantasy sports brands account for hundreds of crores in sponsorship inflows, making IPL one of the most exposed properties to a potential ban." Dream11, as it stands, is the Indian team's 'lead sponsor' but that is scheduled to end after next year's men's T20 World Cup. "Banning it would strip IPL and many smaller leagues of vital funding, compress marketing budgets, and likely curb the steady upward trend in sponsorship revenues." Santosh added. My11Circle also counts a number of active Indian cricketers as their brand ambassadors. Per the bill, they can't endorse any of these products. Set for a challenge? If and when it becomes law, the gaming companies may decide to challenge its constitutionality. Sports lawyers this newspaper spoke to said that fantasy games like Dream11 are 'games of skill' according to a Supreme Court judgment a few years earlier. A Dream11 spokesperson 'declined to comment' for multiple questions raised by this mast. The bill caught a lot of industry stakeholders off guard, especially because this government's previous moves with respect to the online gaming industry was seen as favouring them. It's been reported that the government are now citing national security as well as social issues for this step.


The Print
43 minutes ago
- The Print
KVN Properties plans to raise Rs 1,000 cr to expand business
According to sources, KVN Properties is in talks with Kotak Realty Fund to raise Rs 1,000 crore for growth capital. Bengaluru-based KVN Properties is a newly established real estate company by Venkat K Narayana, a former CEO of Prestige Estates Projects Ltd. New Delhi, Aug 19 (PTI) Realty firm KVN Properties plans to raise Rs 1,000 crore from Kotak Realty Fund to expand business, according to sources. The company plans to raise this fund through issue of debentures, they added. KVN Properties declined to comment. The fundraise will enable KVN Properties to expand its land parcel footprint in prime locations across India. These land parcels will get developed through joint development agreements (JDA) or joint ventures (JV) with leading property developers. The company aims to make land parcel with development potential of 10 million sq ft available for development by 2025-26. Recently, KVN Properties finalised a joint venture with the Puravankara Group to develop a 24.59-acre land parcel in North Bengaluru and also entered into the development management arrangement with Assetz Group to develop a 5.67-acre land parcel in North Bengaluru. These projects will have a projected gross development value (GDV) of over Rs 4,300 crore. PTI MJH HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.