# Avory — Axis Concept Construction, Central Bengaluru (MG Road / Richmond / Lavelle / Cunningham), Bengaluru

Source: https://property-lens.ai/p/avory-003454 (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: 49/100 (50 = the average analysed Bengaluru project, 12 points = one standard deviation). Evidence confidence 56%.
- Projected price growth: 9.0% per year over 5 years (likely range 5.6%–12.5%); 8.2% per year over 10 years.
- Net-wealth CAGR: 4.4% per year over an 8-year hold with a 75% loan at 8.5%, interiors fitted. Cash-flow IRR: 5.8% (all-cash 7.2%). Gross rental yield: 2.8%.
- Status: under construction, RERA handover 2023-09-30. Type: apartment, mid segment. Developer: Axis Concept Construction (#49 in Bengaluru by RERA registrations).
- Address: Sit e No.27,Gangadhara Chetty Road, Ward no.110,PID No.81-7-27,Ulsoor. Homes: 4. Land: 0.21 acres. Launched: 2019.
- RERA registrations: PRM/KA/RERA/1251/446/PR/200618/003454.

## Homes on offer

| Home | Carpet (sq ft) | Super built-up (sq ft) | Price per sq ft | Price | Rent per month |
|---|---|---|---|---|---|
| Commercial Complex | 4,162 | 5,620 | ₹15,050 (assumed) | ₹8.46 Cr | ₹2,02,500 (assumed) |

## Score factors (this home vs the Bengaluru average)
- Price vs comparables: 5.9/10 (city average 6.2, −0.2 points), confidence 35%. ₹15,050 psf vs mid comps ₹16,000 (-6%; 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: 6.1/10 (city average 6.0, +0.4 points), confidence 38%. Gross yield 2.9% (₹36 psf/month); locality rental demand 9/10.
- Resale liquidity: 5.3/10 (city average 7.6, −4.0 points), confidence 50%. Locality resale depth 8/10; ticket ₹8.46 Cr narrows the buyer pool; UC resale needs builder NOC; 4-home project has thin resale comps.
- Employment access: 8.2/10 (city average 5.2, +6.1 points), confidence 85%. Drive times now (Google Maps, 2026-09-16): MG Road (CBD) 6 min, Koramangala (Forum) 18 min, Hebbal (Kirloskar) 20 min, Manyata Tech Park 23 min; 5 of 7 major hubs within 30 min; 2 msf office pipeline (3 yr).
- Metro, bus, rail & airport: 7.5/10 (city average 4.8, +5.0 points), confidence 60%. Purple / Green Line CBD stations; no planned station within 2 km; airport ~72 min by road now (Google Maps); .
- Schools, hospitals, daily needs: 9.5/10 (city average 7.0, +2.6 points), confidence 50%. Locality social-infrastructure index (interim, expert-set; POI distances pending Maps integration).
- Builder delivery & handover risk: 0.0/10 (city average 3.7, −9.5 points), confidence 60%. Axis Concept Construction: 9+ projects, on-time 48% (derived); handover 2023-09-30 (RERA); 36 months past the RERA completion date, 1 extension.
- Layout, size, age, amenities, maintenance: 9.0/10 (city average 7.3, +2.1 points), confidence 55%. 19 units/acre; carpet/SBA ~72%; maintenance ~₹3.5 psf/month (assumed); filed construction cost ₹3,559 per sq ft (premium spec).
- Water, flooding, noise, infrastructure: 7.3/10 (city average 5.8, +3.0 points), confidence 50%. Best social infrastructure; traffic and noise
- 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): 4.9/10 (city average 6.0, −7.0 points), confidence 56%. Model 5-yr price CAGR 9.0% (range 5.6–12.5%).

## Why prices should grow about 9.0% 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 12.4% a year recently (2023-06 to 2026-06). Some of that pace continues, but it fades each year.
- − 0.3%: Subtract 0.3%: at ₹15,050 per sq ft, fewer families can afford to buy here, which slows further rises.
- + 1.0%: Add 1.0%: 2 million sq ft of new offices nearby means more people wanting homes here.
- + 0.9%: Add 0.9%: few unsold homes in the area (12 months of stock), so sellers have the upper hand.
- + 0.1%: Add 0.1% for new roads, metro and water lines, weighted by how likely they are to actually finish: Pink Line Kalena Agrahara–Nagawara (construction, 2027).
- + 0.4%: Add 0.4% for this project itself: unfinished homes are worth more once they are complete.
- = 9.0%: Result: about 9.0% a year, so a home worth ₹8.75 Cr today would be worth about ₹13.48 Cr in 5 years. We are 56% confident in the evidence behind this.

## Returns over 8 years
- Cash put in: ₹7.43 Cr. Exit value in year 8: ₹16.69 Cr. Net sale after loan and costs: ₹11.03 Cr. Net rent after running costs: ₹1.39 Cr. Loan: ₹6.89 Cr (EMI ₹6.0 L per month). All-in cost: ₹10.44 Cr (other charges ₹29.6 L, GST ₹43.8 L, stamp duty and registration ₹57.8 L, interiors ₹67.4 L).

## Exit plans compared
- Sell at handover, no interiors (1 years): IRR -22.1%, net-wealth CAGR -22.1%, cash in ₹2.91 Cr, net rent ₹7.1 L, net sale ₹2.92 Cr.
- Hold bare, rent unfurnished (8 years): IRR 7.1%, net-wealth CAGR 5.2%, cash in ₹6.94 Cr, net rent ₹1.18 Cr, net sale ₹10.97 Cr. Best IRR.
- Hold, do interiors, rent & sell fitted (8 years): IRR 5.8%, net-wealth CAGR 4.4%, cash in ₹7.43 Cr, net rent ₹1.39 Cr, net sale ₹11.03 Cr.

## Financial and legal due diligence (public record)
Automated from the Karnataka RERA file PRM/KA/RERA/1251/446/PR/200618/003454. Prices and rents are locality estimates, not verified listings.

### At a glance
- [RED FLAG] Registration extended 1× — from 2022-12-31 to 2023-09-30 (already passed)
- [POSITIVE] No RERA complaints on this project; 0 on the promoter overall
- [POSITIVE] No litigation declared in RERA filings

### Risk meters (rule-based)
- Delivery timeline: 5/10. 1 extension on the registration (−2); a registration completion date has already passed (−2)
- Legal & complaints: 9/10. no litigation and no complaints on the RERA file
- Money to finish: 8/10. finance cost is 0% of the registered budget
- Developer strength: 5/10. no public credit rating for the promoter

### Red flags to resolve in writing
1. RERA completion date 2023-09-30 has passed without a completion application.

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

### Credit ratings
- Axis Concepts Capstone Private limited: 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 — 2023-09-30 — 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/200618/003454 · promoter Axis Concepts Capstone Private limited (Company) · Proposed Project End Date at the time of registration :
- Dates: Start 2019-11-01 · original completion 2022-12-31 · 1 extension: Covid Extension → 2023-09-30 · current date has passed [red]
- Registered cost: Total ₹17.37 cr · land ₹11.37 cr · construction ₹6.00 cr
- RERA bank account: Dhanalakshmi Bank Ltd., Dickenson Road Branch (70% construction account)
- Land & towers: 0.21 acres (864 sq m) · Avory 4 homes, 4 floors
- Litigation declared: None declared in filings [green]
- K-RERA complaints: 0 on this registration (0 open) · 0 on the promoter entity across all its projects [green]

### Sources and caveats
- Karnataka RERA project record PRM/KA/RERA/1251/446/PR/200618/003454 (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 ₹15,050 per sq ft × 5,620 sq ft; other charges 3.5%; GST 5%; stamp duty + registration 6.6%; loan 75% at 8.5% for 20 years; rent ₹2,02,500 per month growing 5.0% a year with 5% vacancy; maintenance ₹3.5 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/avory-003454.json; printable due-diligence report at https://property-lens.ai/dd/avory-003454.

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