BENGALURU DEVELOPMENT AUTHORITY
Illegal Allotment of Plots: Kumaraswamy asks Siddaramaiah to fight for same compensation for farmers he is seeking for wife
Union Minister Kumaraswamy calls for fair compensation for farmers, echoing CM Siddaramaiah's demand for his wife's land. Allegations of illegal plot allotments and political motives arise, with hints at Deputy CM's involvement. BJP accuses CM of favoritism in land deals.
Karnataka CM demands Rs 62 Cr from Govt as controversy over illegal allotment of plots to his family rages
Chief Minister Siddaramaiah demanded Rs 62 crore compensation for his family’s land taken by the government amidst controversy over 14 pricey plots allotted to them in Mysuru. Opposition BJP sought a CBI probe, accusing the CM of benefiting his family unfairly. Siddaramaiah defended the allotments, done during the BJP regime, denying any wrongdoing. The BJP alleged a Rs 4000 crore scam and called for arrests in the case.
India's largest leopard safari opens near Bengaluru. Check Bannerghatta Biological Park timings, ticket prices and how to book online
India's largest leopard safari has been inaugurated at Bannerghatta Biological Park, located 25 kilometers south of Bengaluru. The safari, currently houses eight leopards, with plans to increase this number in the near future. Spanning 20 hectares, the safari is secured with railway barricades and enclosed with 4.5-meter-tall chain-link mesh and mild steel sheets to ensure the leopards remain within the boundaries.
ISRO completes Reusable Launch Vehicle technology demonstrations under challenging conditions
ISRO achieved a significant milestone with the successful third consecutive test of the Reusable Launch Vehicle Landing Experiment, demonstrating the autonomous landing capability of the launch vehicle under challenging conditions. Named 'Pushpak,' the winged vehicle executed cross-range correction maneuvers and a precise horizontal landing at the runway centerline after being released from an Indian Air Force Chinook Helicopter. This success reaffirms ISRO's expertise in acquiring critical technologies for the development of a Reusable Launch Vehicle.
Bengaluru civic body split discussion gains momentum post LS polls, Parameshwara backs idea for ‘effective administration’
The BBMP elected Council's term had expired in September 2020. Ward delimitation exercises and reservation disputes have pushed the polls forward. In January this year, Shivakumar, who holds the Bengaluru development portfolio, had said that the civic body’s polls would be conducted soon after the Lok Sabha elections.
Moving beyond Airbus & Boeing: What will it take for India to make its own commercial airliner?
India is already a growing sourcing hub for the global defence and aerospace industry. With government help, this ecosystem can, in time, be developed to support the development of a commercial plane. That is how we made our space programme, experts point out.
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Own midcaps? Do a check & balance exercise to avoid decision of haste: 7 midcaps from different sectors with an upside potential of upto 49%
Every now and then the market goes through phases, where it prefers a certain set of stocks, not based on sector but based on the overall market cap. So, sometimes it is large caps, at other mid-caps. Now this partially happens, due to the flows which are coming to markets. For example, if more flows are coming to mid-cap or multicap schemes there is bound to be out performance in the mid-cap space. Now what it does is that it tends to create a sudden surge in mid-cap. Similarly when there is an outflow like the kind of one which we saw in March this year, midcap stocks tend to decline sharply. Essentially, it is the flows which impact the broader matrix of how midcaps behave. So there are phases not owning a midcap stocks appeared to sin and then there phase, where owning them appears to be sin. But if one focuses on the underlying business and some critical parameters, there is a possibility of getting rid of these phases of anxiety which keep coming to the street and create long term wealth.
Ozempic: Bengaluru is the secret ingredient behind the wonder weight loss drugs' success
Novo Nordisk's India team played a pivotal role in the success of Ozempic, a semaglutide-based drug for diabetes and weight management. The Bengaluru-based Global Business Services unit collaborated on clinical trials and biostatistics. Despite global demand, Ozempic's availability in India remains uncertain due to supply challenges, with significant hiring planned to bolster Novo Nordisk's workforce in India.
Demand under rural jobs scheme eases again in May
Demand for work under India's rural job guarantee scheme, MGNREGS, dropped for a seventh consecutive month in May, signaling improved economic conditions at the start of the fiscal year. About 37.46 million individuals sought work, down 12.1% from the previous year, with 27.18 million households seeking work, a 14.3% drop. The trend is attributed to better-paying job opportunities and the impact of heat waves across the country, although the data is subject to revision.
Government won't protect anyone in illegal money transfer case, says Karnataka CM Siddaramaiah
Karnataka Chief Minister Siddaramaiah and Deputy CM DK Shivakumar stated that the state government will not shield anyone involved in the illegal money transfer case at the Karnataka Maharshi Valmiki Scheduled Tribes Development Corporation Ltd. They promised action according to the law. The BJP demanded Minister B Nagendra's dismissal and a CBI probe. A suicide note revealed unauthorised transfer of Rs 187 crore, leading to a SIT probe led by Manish Kharbikar. Happiest Minds Technologies Ltd denied any connection to the embezzled funds.
BJP demands ST welfare minister's removal, CBI probe into alleged Rs 187 crore fund transfer
BJP state party president BY Vijayendra demanded the sacking of Scheduled Tribes Welfare Minister B Nagendra and a CBI probe into an alleged illegal fund transfer by the Karnataka Maharshi Valmiki Scheduled Tribes Development Corporation. The BJP threatened a statewide agitation if its demands were not met within a week. The demand comes after the alleged suicide of an officer, Chandrashekhar, who accused senior officials, including the managing director of the corporation and the minister, of corruption.
Mygate enters insurance distribution business, partners with Acko
Mygate app, in partnership with Acko General Insurance, received an aggregator licence from IRDAI to distribute insurance policies, offering exclusive pricing and expanding product range.
Karnataka govt orders inspection of safety measures at gaming zones in Bengaluru
Calling the incident a tragedy that is most worrying, Shivakumar said it is a wakeup call to everyone. Noting that permissions have been given to such gaming zones and adventure sports activities at several popular malls and other places in Bengaluru city, he said adequate precautionary measures should be taken at such facilities.
Taxi trips from Bengaluru airport via apps set to become costlier
The fee increase is happening as the agreements between cab companies Ola, Uber and BluSmart and the Bengaluru International Airport Ltd (BIAL) are up for renewal. The airport operator is paid a certain fee on every ride, as per these contracts. This charge is then passed on by the cab aggregators to their passengers as airport pickup fee.
Bitcoin Pizza Day today: Mudrex CEO Edul Patel explains the significance
Mudrex celebrates Bitcoin Pizza Day in Bengaluru by distributing pizzas to children, startups, and food lovers, partnering with WeWorks and Zomato. Edul Patel shares insights on Bitcoin's journey from the first real-world transaction in 2010 to current regulatory trends, including SEBI's stance.
Bengaluru airport suspends controversial vehicle entry fee after protests
BIAL suspends entry fee for arrival pick-up lanes at Kempegowda International Airport after protests. Charges for vehicles based on registration plates was criticized. Speed trap cameras have been installed on Kempegowda International Airport Road to curb road traffic accidents
Bengaluru traffic police issues alert for airport road, Hebbal flyover ramp work. Check alternative routes
Bengaluru Development Authority starts road projects to add lanes to Hebbal flyover. Speed trap cameras are now operational on the roads to Kempegowda International Airport. Adhere to the speed limit of 80 km/h or below to avoid fines and reduce accidents.
Supreme Court admits petition on imposition of GST on joint development pacts
The Supreme Court admits a petition challenging GST imposition on transfer of development rights in joint development agreements, impacting real estate projects nationwide. Notices issued to government bodies for replies. Argument centers on whether such transfers constitute a taxable supply under GST law, potentially leading to double taxation. Decision could reshape real estate dynamics.
Delhi hotels far from being able to benefit from rising big-ticket events business
Ayush Dabas, owner of Welcomhotel by ITC Hotels in Dwarka, Delhi, is eager to expand his property's facilities to meet the increasing demand for MICE events. However, existing norms make it unfeasible for hotels to increase their floor area ratio (FAR) due to restrictions on parking and ground coverage. This limitation, coupled with high FAR rates for hotels compared to commercial establishments, has hindered the growth of hotel supply in Delhi.
Bengaluru Hebbal flyover ramp shut from today. Check traffic diversion and advisory on airport route
Starting today, the Hebbal flyover KR Pura upramp will be closed for all vehicular traffic except two-wheelers. The closure, expected to last six months, aims to facilitate the construction of a new ramp by the Bangalore Development Authority (BDA). Motorists from KR Pura, Nagawara, and nearby areas are urged to use alternative routes. Joint commissioner (traffic) MN Anucheth advises air travelers from KR Pura to use the Hennur-Bagalur road for accessing Kempegowda International Airport.
Prestige Group acquires 21 acres of land in Whitefield, Bengaluru
Prestige Group acquires 21 acres in Whitefield, Bengaluru for Residential Development. Project worth Rs 4,500 crore, led by Venkat K Narayana. Sales to strengthen, launch in 3 quarters. Partnered with ADIA, Kotak.
Prestige Group enters into first ever residential platform deal with ADIA and Kotak AIF
The raised capital, a quasi-debt instrument, will be utilized to capitalize on growth opportunities in the residential sector by developing projects with a gross development value (GDV) of Rs 18,000 crore, spread across four major cities in India.
Who is in charge of Bengaluru? Seeking solutions amid rapid urbanisation
The previous BJP regime decided to increase the number of municipal wards in the city from 198 to 243, but the present Congress regime wants the number cut to 225. The consensus between them, however, is to retain the single, bloated body. Which takes the city’s administration back to square one.
DRA Homes wins a bid for 1.06 acres in Chennai from the Rail Land Development Authority (RLDA)
DRA Homes signed a 99-year lease for a 1.06-acre plot in Egmore, Chennai, planning a Rs. 150 crores Grade-A office complex. Chennai's 2023 office market surged, with prominent companies acquiring IT office spaces.
Adani Group keen to buy AAI's stake in Mumbai airport: Report
The Adani Group is considering a bid to acquire the stake held by the Airports Authority of India (AAI) in the Mumbai International Airport. However, the group is not interested in acquiring AAI's residual share in airports such as Delhi, Bengaluru, and Hyderabad. They also plan to bid for airports that the government may put up for auctions. The group's strategy is to focus on acquiring a controlling stake in the Mumbai airport, where they are already a majority stakeholder, rather than other airports.
Bengaluru water crisis: Demand for Cauvery water on the rise as borewells run dry
Deputy chief minister DK Shivakumar said that out of the city's 16,781 borewells, only 7,784 were currently operational, with 6,997 having dried up. The areas in the city’s tech belt, away from its centre, would be the most affected, said BWSSB officials. “These places have always used borewell water, never Cauvery, up until now,” they said.
More realtors bond with owners as land prices zoom
The real estate sector witnessed major policy changes between 2015 and 2020 on the regulatory front with the setting up of the Real Estate Regulatory Authority and introduction of the goods and services tax regime. During this phase, a few landowners struggled in JDA partnerships due lack of clarity on the new regime and lack of comprehensive understanding of tax, legal aspects and regulations.
Land prices surge in urban centres as builders turn to joint development
Real estate developers in Bengaluru are increasingly using Joint Development Agreements (JDAs) with landowners due to surging land prices. JDAs allow developers to access prime locations without upfront costs and landowners to monetise their land without losing ownership rights. According to a report by Meraqi, around 70% of real estate assets in Bengaluru have been developed through JDAs.
Road map in the works to ease Delhi, Bengaluru traffic
The Indian government is developing a multi-modal transport infrastructure plan to alleviate traffic congestion in Bengaluru and New Delhi. The plan, being prepared by the Department for Promotion of Industry and Internal Trade in collaboration with the German Agency for International Cooperation, will consider both passenger and goods transport as demand. Other cities will be able to adopt this plan, and it will also address improving passenger and goods movement to and from railway stations.
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