Bengaluru Real Estate Developers Push for Approval of Karnataka Planning Authorities Amendment Rules The draft Karnataka Planning Authorities (Amendment) Rules introduced by the state government in March are still awaiting approval six months later. This delay is hindering realtors from leveraging the proposed premium Floor Area Ratio (FAR) to add floors. In a recent meeting with Deputy Chief Minister DK Shivakumar, the Confederation of Real Estate Developers’ Associations of India (CREDAI) Bengaluru submitted a memorandum urging swift action. President of CREDAI Bengaluru Amar Mysore emphasized the need for vertical development in the city, citing other Indian cities like Hyderabad as…

In a recent address at the Global Fintech Fest (GFF) in Mumbai, Prime Minister Narendra Modi praised the fintech industry for its role in making financial services more accessible across India. He highlighted the industry’s growth over the past decade, citing record investments and a 500% increase in startups. Modi emphasized the importance of measures to prevent cyber fraud and promote digital literacy. The Prime Minister also discussed government initiatives to support the fintech sector, such as the abolition of Angel Tax and the Pradhan Mantri MUDRA Yojana, which has disbursed trillions of rupees in credit. Modi noted that India’s…

Many banks in Karnataka are falling short of their targets for the Atal Pension Yojana, a pension scheme for the unorganised sectors. At an outreach programme by SLBC Karnataka and PFRDA, it was revealed that most banks are struggling to meet their goals. IDBI Bank only achieved 12% of its target for the current fiscal year, while HDFC Bank aims to reach 15% by the end of this month. On the other hand, Punjab National Bank and UCO Bank are still at 1% of their targets as of July 31. Mamta Shankar from PFRDA highlighted the underperformance of banks in…

Union Budget has disappointed real estate developers by not granting them industry status, a long-pending demand. With the sector regulated by multiple agencies leading to a complex regulatory environment, developers are facing challenges like multiple approvals, complex land acquisition, and strict tax regimes. Despite the Real Estate (Regulation and Development) Act, 2016 aiming to bring transparency and accountability, its effectiveness varies across states. Industry players stress the need for industry status to streamline approvals and simplify bureaucratic formalities. Industry status would offer benefits like tax breaks, subsidies, and financial incentives, making funding more accessible and affordable. This move would also…

Bengaluru: Despite significant progress in research and development (R&D), India’s expenditure on it as a percentage of GDP falls short compared to China, the US, and Israel, according to the Economic Survey 2023-24. India has seen substantial growth in R&D, with the Gross Expenditure on R&D (GERD) doubling from FY11 to FY21. However, the private sector’s contribution remains minimal. The World Intellectual Property Organisation (WIPO) reported a 31.6% increase in patent filings in India in 2022, with a significant rise in high-quality research articles. However, India’s R&D investment as a percentage of GDP and private sector contribution to GERD lag…

The Luxury Real Estate Boom: Developers Seek Incentives for Affordable Housing In Bengaluru, real estate developers riding high on the luxury property market boom are now urging for more incentives to boost the struggling affordable housing sector. The upcoming Union Budget is expected to address their demands for tax rationalization, single window clearance, and improved business facilitation. A recent survey by CREDAI and Colliers revealed that over 50% of developers anticipate the positive momentum in the housing market to continue, with a rise in buyer enquiries. Housing prices have seen a steady increase, with a 10% year-on-year rise in the…