BANGALORE REAL ESTATE UPDATE

FOR Q1 2016

Japanese government is planning to develop exclusive Japanese township-cum-industrial zone in Karnataka for which the detailed feasibility study has already been conducted.

Bangalore Metro Rail Corporation (BMRCL) is planning to raise Rs 12,000 crores for 2nd phase of metro rail. Overall estimated cost of this phase is Rs 26,450 crore, while centre and state government are funding 50 percent of it.

Wonderla is planning to invest Rs 150 crore for expanding its existing amusement park in Bangalore, which is going to be completed by 2018.

Adlabs Imagica is planning to open a theme park in Bangalore in 3-5 years time

Karnataka government is all set to implement the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 in Karnataka from 2016. Through this act, landowners in Bangalore urban will get up to twice and rural will get up to 4 times the market value of the land.

Karnataka government is planning to bring the amendment under the Karnataka Cooperative Society Act, 1959 for House Building Cooperative Society (HBCS) to buy agricultural land directly from farmers without any hassle.

Bangalore Development Authority (BDA) has accepted applications for allotment of around 3,300 flats in Alur, Malagala, Halagevaderahally, Doddabanahally and Valagerahally areas in the peripheries of Bangalore.

Japanese Government and state government have signed a memorandum of cooperation for developing Japanese Industrial Township at Vasanthanarasapura in Tumkur District with an investment of Rs 6,000 crore, which will be spread over 13,327 acres.

The government has given approval to set up four new special economic zones. These SEZs were given approval by the Board of Approval (BoA), chaired by Commerce Secretary Rita Teaotia, in its meeting on February 23. Saltire Developers and Amin properties LLP will set up IT/ITeS zones in Bangalore