Bengaluru development body to build apartment complex in Konadasapura – ET RealEstate

BENGALURU: Even as the Bengaluru Development Authority (BDA) is struggling to sell nearly 3,000 flats located mostly in the outskirts of the city, its love for constructing new apartments has not diminished.

The authority has put forth a new proposal with regard to building a premium apartment complex on the 130-acre land in Konadasapura near Whitefield. The plan has also received a green signal from Chief Minister BS Yediyurappa, it’s learnt.

“We have prepared architectural designs of the apartment complex,” HR Mahadev, BDA Commissioner told BM. “We have been unable to sell some flats due to various reasons ,including inadequate facilities and poor marketing. The apartment which we plan to build in Konadasapura will be good both in terms of aesthetics and quality. We are confident that the flats will find enough buyers,” he said.

This is not the first apartment complex that the authority has proposed to build in Konadasapura. The BDA is currently building a residential unit, comprising of 500 flats in the same surrounding. Engineers have also awarded the contract of building another 1,300-flat residential complex in this locality. While one is currently under construction, the other project is yet to take off, although the contract was awarded around two years ago when the Congress-JD(S) coalition government was in power. It comprises 22 blocks, each having 14 floors.

We have been unable to sell some flats due to various reasons, including inadequate facilities and poor marketing–HR Mahadev, BDA Commissioner

Officials said the proposed premium complex may get only about 40 acres of space. “Out of the 130 -acre of land owned by us, we have leased 20 acres to a German-based car manufacturing company that has proposed to set up a R&D centre. All of the remaining space cannot be used for the complex,” a junior BDA official said. As per the conceptual planning, the BDA plans to build an intergrated township comprising of commercial and luxurious residential units.

RTI activist BM Shivakumar said the BDA should stop constructing apartments if they are pricing it as high as private players. “It is commonly known that the BDA flats are designed poor and lack quality. This is mainly because 30-40 per cent of the budgeted cost is grabbed from the builder as commission by engineers and officials.

What quality can be expected from the remaining funds,” he said.

Shivakumar, who is also the president of Jayaprakash Narayan Vichara Vedike, said that the land in Konadasapura where the BDA is building apartments, was originally acquired for setting up a steel manufacturing hub. “The BDA had acquired land from farmers by paying just Rs 5 lakh per acre through a notification issued in 1996. Will the farmers, who hoped the manufacturing hub would create job opportunities, keep quiet if the land is used for some other purpose?” he asked.

Failed project

The BDA has acquired several acres of land from 160 land owners for establishing a steel manufacturing yard by taking a loan of Rs 10 crore from HUDCO. At the time of issuing notification in 1996, the authority had provided a compensation of Rs 4 to Rs 5 lakh per acre and by assuring employment for locals. The steel yard, however, never came up.

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Bengaluru: Flat owners move court against deed of declaration registrations – ET RealEstate

BENGALURU: The high court has ordered notice to the state government in a public interest litigation (PIL) filed by Bangalore City Flat Owners’ Association.

The petitioner-association has sought for a direction to forthwith stop the registration of Deed of Declaration (DoD), with or without bylaws. DoD is a document giving details of the apartment, its facilities, common areas, buildings and the extent of ownership of the flat buyers.

A division bench headed by chief justice Abhay Shreeniwas Oka posted the matter to February 18, while directing the authorities, including the inspector-general of registration and commissioner of stamps, to submit their response. According to the petitioner, the DoD is being registered in a callous manner, without the sanction of law, without any conferred jurisdiction and without knowledge of consequences.

“This has led to the perception and misconception amongst promoters/ homebuyers that mere registration of DoD in a sub-registrar’s office is tantamount to formation of a residents’ welfare association ( RWA),” the petitioner said, adding that the resultant effect is that home buyers are being made to pay a huge price by a small segment of people, who control these unrecognised associations.

The petitioner said many of the promoters/ homebuyers, through DoD registration, have formed ‘Apartment Owners Association’ and on the basis of their claim to being a body corporate/ juristic body, opened bank accounts, obtained PAN cards, GST licences, availed IT benefits, etc.

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IndiQube targets over four million sq ft of flex-office by 2021 – ET RealEstate

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BENGALURU: Flexible office operator IndiQube plans to expand its managed office business across Bangalore, Pune and Hyderabad as the demand for serviced offices is expected to grow in 2021.

The firm that operates around 2.5 mn sft serviced offices across major cities plans to add another 2 mn sq ft space by the end of 2021— the majority of it coming up in Bangalore.

“Covid-19 has accelerated the trend of managed spaces in the country. Going ahead, the hybrid model of workspace will be the future,” said Rishi Das, Cofounder, IndiQube.

It counts Unacademny, Makemytrip, Philips and EY among its clients. The company said it will focus more on managed spaces to cater to the growing demand from large corporates.

“We had slowed down expansion in other cities due to Covid-19 as the focus was to stabilise the existing centres. By the end of 2021, we plan to have 70,000 seats under management,” he added.

As large corporations return to the workplace, they are likely to further leverage flexible space to reduce capital expenditure and create cost savings, while allowing for split teams and de-densification requirements.

“We are also seeing good opportunities to take over older commercial buildings and release them. We will add 1 mn sft through refurbishing older buildings,” said Das.

Irrespective of several short-term disruptions and challenges, increased demand from large enterprises, will support the growth of the flex space market to more than 50 mn sq. ft. by 2023.

It is anticipated that flexible space will grow by an average of around 15-20% per annum over the next three-to-four years, although this trajectory will not be linear.

“While the flex-space market more than tripled in the last 3 years, the momentum going ahead will be relatively slower. Players are likely to tread cautiously, and the overall market is expected to expand 1.5 times from the current size,” Samantak Das, Chief Economist and Head of Research & REIS, JLL India.

At present, Bengaluru and Delhi NCR together account for more than 50% of the flex space stock in India, with Bengaluru housing around 10.6 mn sq. ft. of such spaces.

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315Work Avenue leases around 1,00,000 sq ft workspace in Bengaluru – ET RealEstate

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BENGALURU: Flexible office provider, 315Work Avenue has leased one lakh sq ft of office space in Bangalore to cater to the growing demand from large enterprises.

The new office will be spread across two properties located at Koramangala and old Madras road in Bangalore and will have around 2000 seats.

“In the current situation, taking a conventional office space is becoming challenging for companies. Most of the companies are looking for flexible office spaces, and thus safeguarding them from Capex cost, longer lock-in terms, huge deposits etc.

Corporates and large enterprises too will avoid high capital expenditures and look towards flexible working spaces to expand business. Moreover, the pandemic has highlighted the importance of de-densification of office space and adoption of hub and spoke model,” said Manas Mehrotra, Founder, 315Work Avenue.

315Work Avenue plans to beef up its total portfolio to 25000 seats this year with a focus on south and west India, while further strengthening its presence in Bangalore. The company currently manages 15 workspaces with around 12,000 seats across multiple prime locations in Bangalore.

“We have also signed around 1000 seats last month with multiple companies and we foresee a huge jump in coworking space demand in coming months, as people want to have flexibility in the way they work, including locations, office tenure, options to expand and downsize anytime etc,” said Mehrotra.

According to a Savills India report, leasing activity by coworking operators is expected to increase by 42 per cent in 2021 over 2020, and the share of coworking space take-up in overall office leasing activity is poised to rebound to a 15 per cent share in 2021, similar to the 2019 level. Bengaluru and Hyderabad continue to see maximum traction of the total leasing activity in the coworking segment.

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