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Hindustan Times
01-08-2025
- Business
- Hindustan Times
Bengaluru, Chennai, and Hyderabad lead real estate growth in India, driven by tech and investor demand: Report
Bengaluru, Chennai, and Hyderabad are the leading south Indian cities driving real estate growth in the country supported by growing infrastructure, diversified economic bases, and a growing pool of global and domestic investors, a joint report by CBRE and the Confederation of Indian Industry (CII) said. Bengaluru, Chennai, and Hyderabad are driving South India's real estate growth, backed by strong infrastructure and rising investor interest (Representational photo)(Pexels) The report titled Shaping The Future: The Real Estate Vision 2030 for Karnataka and Beyond, released at the CII Karnataka Real Estate Conference 2025, highlighted the evolving landscape across Tamil Nadu, Karnataka, Telangana, Andhra Pradesh, and Kerala. "The report positions Bengaluru, Chennai, and Hyderabad as the leading cities driving Southern India's real estate momentum, each offering unique sectoral strengths and long-term growth potential. These cities are underpinned by world-class infrastructure, strong occupier demand, and expanding institutional investment," it said. Also Read: Bengaluru sees 81% drop in luxury housing sales: CBRE Karnataka, Tamil Nadu, and Telangana lead the way The report points out that each state in the region is charting an ambitious path toward contributing to India's projected $30 trillion economy by 2047. Karnataka, for example, has set a target of becoming a $1 trillion economy by 2032 and is focused on building new economic hubs beyond Bengaluru, strengthening R&D, and accelerating manufacturing. Tamil Nadu is prioritising smart industrial corridors, EV and semiconductor production, and data centre growth. Telangana is sharpening its focus on biotech, aerospace, and regional connectivity, while Kerala is leveraging IT reforms and tourism to chart its long-term growth strategy. Tushar Giri Nath, additional chief secretary, Urban Development Department, Karnataka, stressed the need for balanced growth. 'As Karnataka continues to urbanise rapidly, we must ensure that our development is inclusive and well-planned. Strengthening physical and social infrastructure will be key as we scale Tier 2 and Tier 3 cities as new growth engines,' he said. Cities are driving growth, but Tier-II potential is rising The report said that Bengaluru, Hyderabad, and Chennai continue to be the flag-bearers of Southern India's real estate momentum, with strong office demand, increasing interest in premium residential developments, and growing investments in data centres and warehousing. However, the report also highlighted the untapped potential in Tier-II cities such as Mysuru, Coimbatore, Visakhapatnam, and Kochi, where rising infrastructure investment and state policy support are unlocking new opportunities. 'The convergence of strong infrastructure, governance, and talent has made southern metros magnets for global capital. What's equally compelling is the rise of Tier-II cities where policy and planning are now enabling cross-sectoral real estate expansion," Ram Chandnani, managing director of Leasing, CBRE India, said. Also Read: Beyond the metros: Why are Tier II cities emerging as the new commercial real estate hotspots? Sectoral growth anchors new opportunities The report said that the IT/ITeS sector continues to dominate office leasing across major southern cities, driven by robust demand from domestic and global occupiers. In parallel, life sciences and biotech are gaining traction, particularly in Hyderabad and Bengaluru, supported by the presence of global R&D hubs and innovation parks. Chennai is emerging as a focal point for electronics and electric vehicle manufacturing, thanks to its strong industrial ecosystem and export-oriented infrastructure. Meanwhile, sectors such as tourism, hospitality, and retail are also expanding steadily, fuelled by rising urban affluence and improved physical connectivity. Gaurav Kumar, managing director, Capital Markets and Land, CBRE India, noted, 'Southern India is diversifying rapidly across real estate asset classes—from Grade A offices to advanced manufacturing and data centres. Both foreign and domestic capital are fuelling this evolution, supported by bold state-level reforms.'
Time of India
01-08-2025
- Business
- Time of India
Karnataka committed to creating policy frameworks that support real estate sector: Govt
BENGALURU : The Karnataka government is committed to creating a policy environment that supports the real estate sector, said a top official on Thursday. Karnataka Urban Development Department Additional Chief Secretary Tushar Giri Nath was delivering the keynote address at the second edition of CII Karnataka Real Estate Conference here. "A strong transportation grid, integrated urban planning, and well-aligned policy frameworks are critical as we move towards developing Tier 2 and 3 cities as the next growth engines," he said. According to him, as Karnataka continues to witness rapid urbanisation, it is imperative that the growth story remains inclusive and well-planned. "We encourage deeper engagement between the industry and authorities to drive collaborative, sustainable, and equitable urban development across Karnataka," Nath added. Organised by Confederation of Indian Industry (CII), the conference explored investment trends and addressed evolving capital flows, market resilience, and investor strategies. "Karnataka is at the forefront of India's real estate growth across residential, office, retail, and hospitality sectors. As we look toward 2030, innovation, sustainability, and integrated development will define our journey," said Ashwinder R Singh, Core Member, CII Karnataka Real Estate Conference. Prashanth Reddy, Co-Chair, CII Karnataka Real Estate Conference said the real estate opportunity in South India is immense and deeply interconnected. "With cities like Bengaluru, Chennai, Hyderabad, Kochi, and Visakhapatnam driving innovation, we must now shift towards a regionally integrated approach rooted in sustainability, resilience, and inclusive growth," he added. Aman Choudhari, Past Chairman, CII Karnataka, said, "As Karnataka leads the way in industrial growth and urban transformation, we must align infrastructure development with ESG principles to ensure inclusive and climate-resilient cities." During the inaugural session, a white paper on "Shaping the Future: The Real Estate Vision 2030 for Karnataka and Beyond" was released. The report positions Bengaluru, Chennai, and Hyderabad as the leading cities driving Southern India's real estate momentum, each offering unique sectoral strengths and long-term growth potential. The report also highlighted the rise of Global Capability Centres (GCCs) in South India as a key driver of demand across asset classes. It also identified emerging segments such as co-living, senior housing, data centres, and logistics parks. Sectors such as life sciences and tourism industries also present a vast potential in the southern states, according to the report.
Hindustan Times
25-07-2025
- Business
- Hindustan Times
What Karnataka's move to exempt small plots from Occupancy Certificates means for Bengaluru's real estate market
In a move that could reshape building compliance norms across Karnataka, the state's Urban Development Department (UDD) has proposed exempting residential buildings constructed on plots measuring up to 1,200 square feet from the mandatory requirement of obtaining Occupancy Certificates (OCs). In a move that could reshape building compliance norms across Karnataka, the state's Urban Development Department (UDD) has proposed exempting residential buildings constructed on plots measuring up to 1,200 square feet from the mandatory requirement of obtaining OCs. (Representational Image)(Souptik Datta ) "Buildings up to ground + 2 floors or stilt + 3 floors on plots exceeding 1200 sq ft may be exempted from obtaining occupancy certificate (OC)," the proposal signed by Tushar Giri Nath, additional chief secretary at UDD and accessed by showed. The meeting, chaired by Giri Nath, recommended amendments to key legislations, including the Greater Bengaluru Governance Act, 2024, the Karnataka Municipal Corporations Act, 1976, and the model building regulations under the Rural Development and Panchayat Raj Department. The proposal to waive OCs for buildings under 1,200 sq ft has sparked a mix of relief and concern among builders, homeowners, and urban planners. While the exemption could ease regulatory burdens on thousands of small property owners, especially in Bengaluru's dense and unplanned neighbourhood, experts fear it may open the floodgates to unsafe, unregulated construction and further strain the city's fragile infrastructure. Also Read: Karnataka Cabinet approves regularisation of B-Khata properties in Bengaluru. Here's what it means for property owners What the proposed exemption means Occupancy Certificates are currently required to ensure a completed building adheres to approved plans, municipal by-laws, and safety norms. Without an OC, a property is technically unfit for occupation and is ineligible for utilities such as water and electricity from government agencies. However, many smaller buildings in Bengaluru and other urban areas are constructed informally, often without OCs, Dhananjaya Padmanabhachar, director of the Karnataka Home Buyers Forum, pointed out. If approved, the exemption would essentially legalise properties, at least those on plots under 1,200 sq ft, offering relief to homeowners who struggle with compliance or whose builders failed to secure the necessary approvals. The move could also reduce red tape for first-time homebuyers or those constructing budget homes, experts say. Also Read: Good news for tenants: Rents may stabilise in 2025 as new supply and infra improve connectivity to peripheral locations Bengaluru needs better real estate regulation, say experts 'If you go to any locality in Bengaluru today, you will find that most buildings have some form of violation; they've deviated from the sanctioned plan in one way or another,' said Padmanabhachar, an expert familiar with the matter. 'As per the Supreme Court's directives, it is the responsibility of the city corporation to regulate and take action against such violations. But under the new amendment, individuals will be allowed to construct on plots below 1,200 sq ft without an occupancy certificate, and the corporation will no longer be held accountable for any deviations.' He cautioned that this could open the door to widespread misuse. 'Instead of enforcing stricter zoning regulations and ensuring planned development, this move may actually encourage more illegal constructions,' he said, pointing out that builders may exploit the exemption to erect ground-plus-two floor structures without adhering to any formal approval norms. 'This move will almost certainly lead to a rise in illegal constructions,' said Vittal BR, an advocate at the Karnataka High Court. 'People will get one sanctioned plan on paper and construct something entirely different in reality, knowing that no occupancy certificate will be required to validate it later.' He said that the exemption could trigger a rush of new construction in smaller plots across the city. 'More and more people will start building on small sites because there's no OC needed. It becomes extremely difficult for authorities to monitor or control these developments, especially when deviations from the approved plan go unchecked. In the long run, it might impact the city's planning and safety standards.'
Time of India
06-07-2025
- Business
- Time of India
Uncertainty set to end? Draft of new apartment law in Karnataka nearly ready
Bengaluru: With thousands of apartment residents facing legal uncertainty over ownership, maintenance, and land rights, the Karnataka govt has confirmed that the long-pending draft of a new apartment act is nearly ready. The urban development department said the document — prepared in consultation with apartment associations, legal experts and stakeholders — will soon be sent to ministers for approval. Tushar Giri Nath, additional chief secretary of the department, said: "The draft is almost ready. We've had meetings, taken inputs from the law department and apartment owners. Final touches are being given before it is sent to the ministers. There's no deadline, but it is in its final stage." The proposed legislation is expected to replace the outdated Karnataka Apartment Ownership Act (KAOA), 1972. Apartment associations and homebuyers are now pushing the govt to introduce the bill in the monsoon session of the legislature and bring long-overdue clarity to flat owners' rights and responsibilities. You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru The issue was first taken up formally in July 2023 during a Brand Bengaluru session chaired by deputy CM DK Shivakumar, where more than 300 RWAs demanded comprehensive legal reforms. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like An engineer reveals: One simple trick to get internet without a subscription Techno Mag Learn More Undo Vikram Rai, president of the Bangalore Apartments' Federation (BAF), said: "The 1972 law is obsolete. Apartment living has changed massively over the last 25 years. If all inputs are in, the draft must go to the cabinet now — not later this year." Dhananjaya Padmanabhachar, convenor of the Karnataka Home Buyers Forum, said Karnataka remains one of the few states without clear guidelines under Rera for registering associations of allottees or transferring common areas. "Because the govt failed to act, buyers were forced to approach courts. This law is urgently needed." --- Boxe 1 Key suggestions by BAF -Amend KAOA rules to guarantee conveyance of the entire property (land, flats, and assets) to owners -Appoint a competent authority and set up a dedicated enforcement department -Create a clear legal model for the functioning of owners' associations --- Box2 Why homebuyers want new act -For legal recognition of owners' associations -To enable representation in consumer forums, Rera, and courts -To provide a framework to manage funds and common areas -To ensure legal recourse for both owners and associations in case of disputes or dues
Time of India
10-06-2025
- Business
- Time of India
E-khata mandatory for building plan approval from July 1 in Bengaluru
Bengaluru: Beginning July 1, BBMP will mandate submission of an e-khata for all online building plan approvals, BBMP chief commissioner Tushar Giri Nath has announced. This requirement, part of civic body's digital integration efforts, is aimed at streamlining and speeding up approval process. Tired of too many ads? go ad free now Currently, BBMP's town planning department processes building plan approvals through EoDB-OBPS (Ease of Doing Business–Online Building Plan Approval System) platform, while property ownership records and tax details are managed separately via revenue department's e-aasthi system, which issues e-khatas. To enhance efficiency, BBMP is integrating these two digital systems. Once integrated, applicants seeking building plan approval will need to enter their property's e-khata or EPID number into EoDB-OBPS software. This will allow the system to automatically verify property ownership and tax records without the need for manual submission or forwarding of documents to the revenue department. "This integration will eliminate the redundant step of verifying property documents separately, simplify the process, and enable faster approvals," said Maheshwar Rao, BBMP chief commissioner and additional chief secretary, urban development department. The new rule will apply to all types of building plan approvals, including Nambike Naksha submissions. Additionally, under BBMP's new 'trust & verify' policy, assistant directors (town planning) will be required to either approve or reject applications with valid reasons within a set time frame. If they fail to do so, the system will automatically grant 'deemed approval'. In such instances, the respective zonal joint directors (town planning) must report the lapse to zonal commissioner for disciplinary action against the concerned officer.
