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Financial & legal due diligence · public record · 18 Oct 2026

Raheja Vivarea

K Raheja Corp · Koramangala 3rd Block (Hosur Road) · Next to St Francis College, Koramangala 3rd Block (off Hosur Road), Bengaluru 560034

Promoter entityCHALET HOTELS LIMITED
Entity type · PANCompany · AAACK0411E
Developer brandK Raheja Corp
RERA registrationsPhase 2: PRM/KA/RERA/1251/310/PR/041123/006369 · Phase 1: PRM/KA/RERA/1251/310/PR/171125/000528
Planning authorityBBMP - Bruhat Bengaluru Mahanagara Palike
Sanctioned planBBMP/Addl.Dir/JDSOUTH/0040/2022-23 · 2023-01-11
Escrow bankHDFC, Richmond Road Branch
Land7 acres · 10 land owners on record
Court cases declared0
Complaints at K-RERA0 on this project · 0 on the promoter
Record fetchedSep 2026
0 red flags11 to watch15 positive

Phase 2 tower, RERA PRM/KA/RERA/1251/310/PR/041123/006369. Public records only; quarterly RERA certificates not retrieved. This report records what the Karnataka RERA file, the promoter’s quarterly filings, the complaint register, public credit ratings and company filings say. It states facts and flags them; it does not judge the investment. Prices, returns and the investment score live in the separate full report.

Financial & legal due diligence

What the public record says

Phase 2 tower, RERA PRM/KA/RERA/1251/310/PR/041123/006369. Public records only; quarterly RERA certificates not retrieved. Compiled Sep 2026 from the Karnataka RERA file, company registers, rating agencies, tribunal records and press. Facts only; anything that deserves a written answer before signing is flagged.

0 red11 watch15 positive
Delivery timeline9/10
no extensions, no overdue dates on the RERA file
Legal & complaints9/10
no litigation and no complaints on the RERA file
Money to finish8/10
finance cost is 0% of the registered budget; last quarter withdrew ₹67.50 cr against ₹24.12 cr collected (−1); 99% of homes booked (+1)
Developer strength8/10
CARE A/Rating Watch (Developing) (K Raheja Corp Real Estate)

Meters are rule-based from the RERA file and public ratings (rules shown under each), not opinions.

Phase 2
PRM/KA/RERA/1251/310/PR/041123/006369 · CHALET HOTELS LIMITED
On original date
RegisteredMar 2023TodaySep 2026Original completionDec 2026
Construction79%
quarterly filing Q1 2026-27 (submitted 2026-07-15)
Homes booked167 / 168
1 still available
Sold vs built99% vs 79%
Sales and construction are broadly in step.
Money through the RERA account
Collected ₹37.18 CrWithdrawn ₹1.53 CrQ3 2025-2637.18 Cr1.53 CrCollected ₹39.42 CrWithdrawn ₹20.17 CrQ4 2025-2639.42 Cr20.17 CrCollected ₹24.12 CrWithdrawn ₹67.50 CrQ1 2026-2724.12 Cr67.50 Cr
Collected from buyersWithdrawn for construction
Latest milestones
  • Electrification, Water supply and Sanitary
    10%
  • Other Misc Finishing Works
    10%
  • Painting
    65%
  • Elevation work
    85%
  • Internal and External work including lands
    85%
  • Joinery: Doors, Windows, Ventilators etc
    90%
No litigation declaredNo complaintsEscrow: HDFCJoint-development land
Other registrations in this project1 more · Phase 1
Phase 1
PRM/KA/RERA/1251/310/PR/171125/000528 · CHALET HOTELS LIMITED
Delivered
RegisteredAug 2010Original completionJul 2022Section 6 ext.Apr 2024Further ext.Jul 2025TodaySep 2026
Collected (at registration)₹273.69 Cr
Spent₹504.45 Cr
Balance with promoter₹0
Delay declaredYesCancellation of height NOC by HAL
No litigation declaredNo complaintsEscrow: HDFC
Credit ratings of the people behind it
AAAAAABBBBBBCDinvestment grade ◀▶ speculative gradeCARE A / Rating Watch (Developing) ◐ · K Raheja Corp Real Estate (group residential arm) · Jun 2026CRISIL AAA / Stable · Mindspace Business Parks REIT (group) · Feb 2025

Chalet Hotels Ltd (RERA promoter, listed): listed company; bank facilities rated by ICRA/CRISIL at investment grade (not retrieved)

Complaints & disputes on record
On this project00 open
On the promoter entity0all projects
Court cases declared0no stay recorded

“Raheja Developers Ltd” (Delhi), admitted to insolvency in Nov 2024, is an unrelated company.

At a glance
On its original RERA date

On its original RERA completion date: 2026-12-31

79% built, 99% booked

79% built per the latest filing; 167/168 homes booked

No complaints on this project

No RERA complaints on this project; 0 on the promoter overall

No litigation declared

No litigation declared in RERA filings

Land owned by Chalet Hotels; RERA promoter Chalet

Land (8.25 acres) is owned by Chalet Hotels Ltd, a listed K Raheja Corp group company; development is by K Raheja Corp Homes, with K Raheja Corp Real Estate Pvt Ltd reported as the RERA promoter for Phase 2.

CARE A, on rating watch during reorganisation

K Raheja Corp Real Estate Pvt Ltd is rated CARE A / CARE A1 but placed on “Rating Watch with Developing Implications” (22 Jun 2026) while the group reorganises its real-estate business.

Promoters put in ₹3,500 cr; bookings ₹6,000 cr

Promoters have infused over ₹3,500 cr of equity in FY25–26 and over ₹5,000 cr cumulatively; group bookings exceed ₹6,000 cr (~50% of the ongoing portfolio).

Residential arm ~50% debt-funded

The residential vertical is “moderately leveraged”: debt funds ~50% of project cost and inventory overhang is expected to stay above 24 months (CARE).

Phase 1 delivered; Phase 2 due Dec 2026

Phase 1 towers hold occupancy certificates; Phase 2 registration runs to 31 Dec 2026 with no extension recorded.

No NCLT; unrelated “Raheja Developers” is insolvent

No NCLT proceeding located against K Raheja Corp entities. Do not confuse with “Raheja Developers Ltd” (Delhi, unrelated), admitted to insolvency in Nov 2024.

The record, in pictures

Group finances and ratings

Bookings (ongoing portfolio)> ₹6,000 cr~50% sold
Promoter equity FY25–26> ₹3,500 cr> ₹5,000 cr cumulative
Debt share of project cost~50%residential vertical
Inventory overhang> 24 months
REIT dividends to group> ₹900 cr / yr
CARE A / A1 on Rating Watch (Developing)Group reorganisation and demerger pendingMindspace REIT CRISIL AAA

Project record

Phase 2 RERA date 31 Dec 2026 · no extensionPhase 2: 79% built, 167/168 bookedPhase 1 towers hold OCsAssociation formed

Insolvency and name confusion

No NCLT proceeding vs K Raheja Corp / Chalet“Raheja Developers Ltd” (Delhi) is unrelated

RERA file · Phase 2

Registered project cost ₹248 cr — where it goes
Land ₹0 cr · 0%Approvals ₹7.9 cr · 3%Construction & on-site ₹178.4 cr · 72%Other / taxes ₹61.8 cr · 25%
Construction programme as filed (quarterly filing Q1 2026-27 (submitted 2026-07-15))
202420252026Earth work and other leveling preparat100%Foundation footing work100%Upto Plinth Level100%Sub-structure flooring100%Retaining wall100%RCC or MS Framed structure100%Masonry Construction100%Plastering inside , outside & Ceiling100%Joinery: Doors, Windows, Ventilators e90%Basic work of Water supply, Sanitary a90%Dadoing, Skirting, Flooring, Tiles wor90%Railing and Grill fixing100%Electrification, Water supply and Sani10%Painting65%Fire prevention and fire fighting fitt100%Weather Proof work100%Elevation work85%Internal and External work including l85%Other Misc Finishing Works10%today
Bars are the filed schedule; filled part is reported progress. Red = past its scheduled end and not complete.
No litigation declaredBorrowing declared: NoEscrow at HDFC10 recorded land-owner sharesOwners’ association: formed

RERA file · Phase 1

Registered project cost ₹552 cr — where it goes
Land ₹165.2 cr · 30%Construction & on-site ₹387.1 cr · 70%
No litigation declaredBorrowing declared: not statedEscrow at HDFC

Red flags to resolve in writing

1
Developer

Promoter entity on rating watch pending a group reorganisation; the counterparty’s post-reorganisation balance sheet is not yet known.

2
Legal

Land owner and developer are different group companies: confirm the tripartite structure and the land owner’s obligations in the agreement.

3
Money

Project-level escrow and progress certificates were not reviewed.

Questions to put to the developer before you sign

  1. Which entity is the promoter on the agreement, and does Chalet Hotels sign as land owner/confirming party?
  2. Share the latest Form 4/Form 5 for Phase 2 and the escrow deposit ratio.
  3. What changes for buyers if KRCREPL’s consolidation or demerger alters the promoter entity?
  4. What compensation applies if handover passes 31 Dec 2026?
Full record: every filed number, line by line6 sections · 37 items

Who you contract with

Land owner
Chalet Hotels Ltd (NSE: CHALET), 8.25 acres, Koramangala 3rd Block
Developer / promoter
K Raheja Corp Homes; RERA promoter reported as K Raheja Corp Real Estate Pvt Ltd (KRCREPL). Confirm the exact promoter and the land owner’s consent on the agreement
Group
K Raheja Corp (Chandru Raheja family): Mindspace REIT (CRISIL AAA), Chalet Hotels, Shoppers Stop, Inorbit; 60+ msf developed

Group finances and ratings

CARE Ratings — KRCREPL
CARE A (RWD) on ₹2,725 cr long-term facilities; CARE A / A1 (RWD) on ₹275 cr; 22 Jun 2026
Why on watch
Ongoing consolidation into a development-company model; several entities acquired in FY26, more proposed; a demerger pending; post-consolidation financials not yet known
Operations
Portfolio 8.5 msf residential + 6 msf commercial under construction; bookings > ₹6,000 cr (~50%); ~48% of project cost incurred to Dec 2025
Leverage
Residential project cost > ₹6,500 cr, ~50% debt-funded; committed receivables cover ~35% of balance cost plus debt; debt expected to rise with launches
Support
Promoter equity > ₹3,500 cr in FY25–26; > ₹5,000 cr cumulative; > ₹900 cr annual dividends from Mindspace REIT to the group
Rating triggers
Downgrade if external debt/collections of the residential vertical exceeds 3× on a sustained basis or sales momentum weakens

Project record

RERA (Phase 2)
Registered Nov 2023; completion 31 Dec 2026; no extension recorded
Phase 1
Four towers with occupancy certificates; project of 9 towers, 300+ homes overall
Escrow / Form 4
Not retrieved; ask for the latest CA certificate and physical progress
Litigation
None located for the project; not verified against RERA complaint or court registers

Insolvency and name confusion

NCLT / IBBI
No proceeding located against K Raheja Corp Real Estate, K Raheja Corp Pvt Ltd or Chalet Hotels
Unrelated entity
Raheja Developers Ltd (New Delhi, Navin Raheja) was admitted to CIRP in Nov 2024 on homebuyer petitions; it has no connection to K Raheja Corp or Vivarea

RERA file · Phase 2

Registration
PRM/KA/RERA/1251/310/PR/041123/006369 · promoter CHALET HOTELS LIMITED (Company) · U55101MH1986PLC038538
Dates
Start 2023-03-01 · original completion 2026-12-31 · no extensions
Progress
79% complete per quarterly filing Q1 2026-27 (submitted 2026-07-15) · 167 of 168 homes booked (1 available)
Registered cost
Total ₹248 cr · land ₹0.00 cr · construction ₹178 cr
Borrowing / mortgage declared
Borrowing: No
RERA bank account
HDFC, Richmond Road Branch (70% construction account)
Plan sanction
BBMP/Addl.Dir/JDSOUTH/0040/2022-23 dated 2023-01-11 · BBMP - Bruhat Bengaluru Mahanagara Palike
Land & towers
1.57 acres (6,343 sq m) · G ANNEX 3 homes, 9 floors; K 94 homes, 11 floors; L 71 homes, 11 floors
Land owners / co-promoters
1 BHIK (11%, Sy 40); 1 BHIK (12%, Sy 41); 1 BHIK (12%, Sy 41); Total No. of Units (3%, Sy No. of Stilts); No. of Basement (2%, Sy Total No. of Parking); 134 (2%, Sy 2); 134 (2%, Sy 3); 134 (2%, Sy Tower Name) +2 more
Litigation declared
None declared in filings
K-RERA complaints
0 on this registration (0 open) · 0 on the promoter entity across all its projects
Owners’ association
Formed
Completion applied
19/12/2020

Source: Karnataka RERA project record PRM/KA/RERA/1251/310/PR/041123/006369, fetched 2026-09-15. Figures are the promoter’s own filings.

RERA file · Phase 1

Registration
PRM/KA/RERA/1251/310/PR/171125/000528 · promoter CHALET HOTELS LIMITED (Company) · EX/PRM/KA/RERA/1251/310/PR/230525/000528
Dates
Start 2010-08-23 · original completion 2022-07-31 · 2 extensions: Section 6 Extension → 2024-04-30, Further Extension → 2025-07-10
Status
Completed and occupied (per project status); RERA progress fields below are historical
Registered cost
Total ₹552 cr · land ₹165 cr · construction ₹387 cr
RERA bank account
HDFC, Richmond Road - Bangalore (70% construction account)
Money at registration
collected ₹274 cr · used ₹504 cr · balance ₹0.00 cr · delay declared: Yes (Cancellation of height NOC by HAL)
Land & towers
8.22 acres (33,285 sq m) · A 20 homes, 10 floors; B 10 homes, 10 floors; C 10 homes, 10 floors; D 20 homes, 10 floors; E 20 homes, 10 floors; F 20 homes, 10 floors; G 10 homes, 10 floors; H 21 homes, 10 floors; J 22 homes, 10 floors
Litigation declared
None declared in filings
K-RERA complaints
0 on this registration (0 open) · 0 on the promoter entity across all its projects

Source: Karnataka RERA project record PRM/KA/RERA/1251/310/PR/171125/000528, fetched 2026-09-15. Figures are the promoter’s own filings.

Sources & caveats5 sources
  • CARE Ratings press release, K Raheja Corp Real Estate Pvt Ltd, 22 Jun 2026
  • K Raheja Corp / Chalet Hotels announcements on the Koramangala project; Chalet Hotels BSE filings
  • CRISIL rationale for Mindspace Business Parks REIT (Feb 2025)
  • Listing portals for RERA number, phase status and OC
  • Public reports on Raheja Developers Ltd insolvency (Nov 2024) — cited only to distinguish the entities
  • Karnataka RERA project records PRM/KA/RERA/1251/310/PR/041123/006369, PRM/KA/RERA/1251/310/PR/171125/000528 (registration file, quarterly updates, complaint register), fetched Sep 2026.

Caveats. Group figures are consolidated CARE figures as of Dec 2025–Mar 2026. RERA promoter name is from listings, not the RERA file. Nothing here is legal, tax or investment advice.

PropertyLens · property-lens.ai · Facts are transcribed from public records as filed by the promoter and the regulator; figures on RERA certificates are promoter numbers certified on unaudited books. Absence of a court case or insolvency filing in these sources is not proof that none exists. Verify title, approvals and encumbrances with a lawyer before you sign. Nothing here is legal, tax or investment advice.
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