Is Airbnb(home sharing) legal in Bangalore?

Hi sir/madam, We are residents of a newly formed layout in Bangalore, there is no association formed yet, one of the land purchased resident is letting his house for rent per night or daily basis, many foreigners are coming to our layout, which is causing tension to rasidents of ourlayout, our layout is enclosed by compound. Is it legal or illegal to do such business through airbnb. Com in Bangalore? Need your suggestion If not how to proceed further. please. These thing is spoiling our layout name. Please advice. Regards, Resident of bad layout.