# Adarsh Crest Phase 1 — Adarsh Developers, Hebbal / Thanisandra / Nagawara, Bengaluru

Source: https://property-lens.ai/p/adarsh-crest-phase-1-004369 (PropertyLens). Analysis generated 2026-10-18 from Karnataka RERA filings, quarterly promoter updates, public ratings and dated locality evidence. Figures marked "assumed" are model estimates that visitors can edit on the page; "observed" figures come from a named source.

## Summary
- Investment score: 57/100 (50 = the average analysed Bengaluru project, 12 points = one standard deviation). Evidence confidence 56%.
- Projected price growth: 10.1% per year over 5 years (likely range 6.6%–13.5%); 9.2% per year over 10 years.
- Net-wealth CAGR: 5.7% per year over an 8-year hold with a 75% loan at 8.5%, interiors fitted. Cash-flow IRR: 7.4% (all-cash 8.0%). Gross rental yield: 2.9%.
- Status: under construction, RERA handover 2025-12-31. Type: apartment, premium segment. Developer: Adarsh Developers (#21 in Bengaluru by RERA registrations).
- Address: SY.NO.25/1,WARD NO.07,KHATHA NO.278/331,, OF KEMPAPURA VILLAGE, YELHANKA HOBLI,. Homes: 122. Land: 3.65 acres. Launched: 2021.
- RERA registrations: PRM/KA/RERA/1251/446/PR/211022/004369.

## Homes on offer

| Home | Carpet (sq ft) | Super built-up (sq ft) | Price per sq ft | Price | Rent per month |
|---|---|---|---|---|---|
| 2 BKH | 893 | 1,270 | ₹12,150 (assumed) | ₹1.54 Cr | ₹39,000 (assumed) |
| 3 BHK | 1,292 | 1,835 | ₹12,150 (assumed) | ₹2.23 Cr | ₹51,500 (assumed) |
| 3 BHK | 1,367 | 1,940 | ₹12,150 (assumed) | ₹2.36 Cr | ₹54,000 (assumed) |

## Score factors (this home vs the Bengaluru average)
- Price vs comparables: 5.8/10 (city average 6.2, −0.3 points), confidence 35%. ₹12,150 psf vs premium comps ₹12,500 (-3%; under-construction should price ~8% below ready). Price is a model estimate, so this factor carries a third of its normal weight until a listed price is observed.
- Rental demand & yield: 6.4/10 (city average 6.0, +0.9 points), confidence 38%. Gross yield 3.0% (₹31 psf/month); locality rental demand 9/10.
- Resale liquidity: 8.0/10 (city average 7.6, +0.6 points), confidence 60%. Locality resale depth 8/10; ticket ₹1.54 Cr narrows the buyer pool; UC resale needs builder NOC; 122-home project; RERA sales pace ratio 1.
- Employment access: 8.2/10 (city average 5.2, +6.1 points), confidence 85%. Drive times now (Google Maps, 2026-09-16): Hebbal (Kirloskar) 8 min, Manyata Tech Park 10 min, MG Road (CBD) 26 min, Koramangala (Forum) 38 min; 3 of 7 major hubs within 30 min; 12 msf office pipeline (3 yr).
- Metro, bus, rail & airport: 4.2/10 (city average 4.8, −1.1 points), confidence 60%. none operational; Blue/Pink lines under construction; Hebbal / Nagawara (Blue & Pink Line interchange) ~2027; airport ~57 min by road now (Google Maps); .
- Schools, hospitals, daily needs: 8.0/10 (city average 7.0, +1.0 points), confidence 50%. Locality social-infrastructure index (interim, expert-set; POI distances pending Maps integration).
- Builder delivery & handover risk: 2.0/10 (city average 3.7, −4.3 points), confidence 60%. Adarsh Developers: 17+ projects, on-time 39% (derived); handover 2025-12-31 (RERA); 9 months past the RERA completion date, work behind schedule (-26 pts).
- Layout, size, age, amenities, maintenance: 9.0/10 (city average 7.3, +2.1 points), confidence 55%. 33 units/acre; carpet/SBA ~72%; maintenance ~₹4.5 psf/month (assumed); filed construction cost ₹6,063 per sq ft (premium spec).
- Water, flooding, noise, infrastructure: 5.8/10 (city average 5.8, +0.0 points), confidence 50%. Hebbal flyover congestion; Nagawara / Thanisandra lake catchments flood
- Legal, title & approvals: 7.7/10 (city average 7.4, +0.6 points), confidence 55%. RERA registered; litigation: none reported; approvals: RERA registered; title: not verified. Due-diligence report lists 1 red flag (−0.8 pts).
- Expected price growth (5-yr CAGR model): 6.2/10 (city average 6.0, +1.7 points), confidence 56%. Model 5-yr price CAGR 10.1% (range 6.6–13.5%).

## Why prices should grow about 10.1% a year
- + 6.0%: Start with 6.0% a year: the normal long-run growth of Bengaluru home prices.
- + 0.9%: Add 0.9%: prices here rose 12.2% a year recently (2023-06 to 2026-06). Some of that pace continues, but it fades each year.
- − 0.0%: Prices are still affordable enough that this does not slow growth.
- + 2.2%: Add 2.2%: 12 million sq ft of new offices nearby means more people wanting homes here.
- + 0.0%: Supply and demand are balanced here (14 months of unsold stock).
- + 0.2%: Add 0.2% for new roads, metro and water lines, weighted by how likely they are to actually finish: Blue Line KR Puram–Hebbal–Airport (construction, 2027); Pink Line Kalena Agrahara–Nagawara (construction, 2027).
- + 0.8%: Add 0.8% for this project itself: unfinished homes are worth more once they are complete.
- = 10.1%: Result: about 10.1% a year, so a home worth ₹1.60 Cr today would be worth about ₹2.58 Cr in 5 years. We are 56% confident in the evidence behind this.

## Returns over 8 years
- Cash put in: ₹1.39 Cr. Exit value in year 8: ₹3.29 Cr. Net sale after loan and costs: ₹2.26 Cr. Net rent after running costs: ₹25.0 L. Loan: ₹1.26 Cr (EMI ₹1.1 L per month). All-in cost: ₹1.93 Cr (other charges ₹5.4 L, GST ₹8.0 L, stamp duty and registration ₹10.5 L, interiors ₹15.2 L).

## Exit plans compared
- Sell at handover, no interiors (1 years): IRR -14.4%, net-wealth CAGR -14.4%, cash in ₹53.1 L, net rent ₹1.1 L, net sale ₹57.4 L.
- Hold bare, rent unfurnished (8 years): IRR 9.2%, net-wealth CAGR 6.8%, cash in ₹1.27 Cr, net rent ₹20.8 L, net sale ₹2.25 Cr. Best IRR.
- Hold, do interiors, rent & sell fitted (8 years): IRR 7.4%, net-wealth CAGR 5.7%, cash in ₹1.39 Cr, net rent ₹25.0 L, net sale ₹2.26 Cr.

## Financial and legal due diligence (public record)
Automated from the Karnataka RERA file PRM/KA/RERA/1251/446/PR/211022/004369 and 3 quarterly filings. Prices and rents are locality estimates, not verified listings.

### At a glance
- [POSITIVE] On its original RERA completion date: 2025-12-31
- 74% built per the latest filing; 122/122 homes booked
- [WATCH] No RERA complaints on this project; 24 on the promoter overall
- [POSITIVE] No litigation declared in RERA filings

### Risk meters (rule-based)
- Delivery timeline: 7/10. a registration completion date has already passed (−2)
- Legal & complaints: 9/10. no litigation and no complaints on the RERA file
- Money to finish: 9/10. finance cost is 0% of the registered budget; last quarter: collected ₹178 cr, withdrew ₹125 cr; 100% of homes booked (+1)
- Developer strength: 5/10. no public credit rating for the promoter

### Red flags to resolve in writing
1. RERA completion date 2025-12-31 has passed without a completion application.

### Complaints and disputes
- 0 complaints on this project at K-RERA (0 open); 24 on the promoter entity across projects.

### Credit ratings
- Adarsh Developers: no public rating located

### Questions to put to the developer
1. Share the latest CA Form 4 and architect Form 5 with the escrow deposit ratio.
2. Confirm the price list, floor-rise and other charges for the exact unit.
3. Which date is contractual — 2025-12-31 — and what is the per-month delay compensation?
4. Confirm there is no litigation on the land or approvals beyond the RERA declaration.
5. Is the land freehold with the developer, and is any part mortgaged?

### Filed record
**RERA file · Registration**
- Registration: PRM/KA/RERA/1251/446/PR/211022/004369 · promoter Adarsh Developers (Partnership Firm) · Proposed Project End Date at the time of registration :
- Dates: Start 2021-06-01 · original completion 2025-12-31 · no extensions · current date has passed [red]
- Progress: 74% complete per quarterly filing Q1 2026-27 (submitted 2026-07-15) · 122 of 122 homes booked (0 available)
- Registered cost: Total ₹267 cr · land ₹56.57 cr · construction ₹210 cr
- RERA bank account: HDFC, Richmond Road (70% construction account)
- Land & towers: 3.65 acres (14,786 sq m) · Block 1 48 homes, 10 floors; BLock 2 74 homes, 10 floors
- Litigation declared: None declared in filings [green]
- K-RERA complaints: 0 on this registration (0 open) · 24 on the promoter entity across all its projects [green]
- Owners’ association: Not yet formed
- Completion applied: 19/12/2020

### Sources and caveats
- Karnataka RERA project record PRM/KA/RERA/1251/446/PR/211022/004369 (registration file, quarterly updates, complaint register), fetched 2026-09-15
- PropertyLens locality model (market-level estimates)
- Caveats: Automated analysis: prices, rents and travel times are estimates until listings and Maps data are verified. RERA figures are the promoter’s own filings. Nothing here is legal, tax or investment advice.

## Assumptions used
- Price ₹12,150 per sq ft × 1,270 sq ft; other charges 3.5%; GST 5%; stamp duty + registration 6.6%; loan 75% at 8.5% for 20 years; rent ₹39,000 per month growing 5.0% a year with 5% vacancy; maintenance ₹4.5 per sq ft per month; hold 8 years; selling costs 1.5%.

Related: index of all analysed projects at https://property-lens.ai/llms.txt; JSON for this project at https://property-lens.ai/data/p/adarsh-crest-phase-1-004369.json; printable due-diligence report at https://property-lens.ai/dd/adarsh-crest-phase-1-004369.

PropertyLens scores and projections are model outputs built from dated public evidence and stated assumptions; they are not investment advice.