# Azur Phase 2 — Lodha (Macrotech), Bannerghatta Road / JP Nagar / Arekere, Bengaluru

Source: https://property-lens.ai/p/azur-phase-2-008110 (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: 80/100 (50 = the average analysed Bengaluru project, 12 points = one standard deviation). Evidence confidence 56%.
- Projected price growth: 11.6% per year over 5 years (likely range 8.1%–15.0%); 9.5% per year over 10 years.
- Net-wealth CAGR: 7.8% per year over an 8-year hold with a 75% loan at 8.5%, interiors fitted. Cash-flow IRR: 13.7% (all-cash 11.7%). Gross rental yield: 2.5%.
- Status: under construction, RERA handover 2030-12-31. Type: apartment, luxury segment. Developer: Lodha (Macrotech) (#73 in Bengaluru by RERA registrations).
- Address: Sy Nos. 60/1, 60/2 & 61/2 , Choodasandra Village, Sarjapura Hobli , Anekal. Homes: 214. Land: 1.22 acres. Launched: 2025.
- RERA registrations: PRM/KA/RERA/1251/310/PR/200925/008110.

## Homes on offer

| Home | Carpet (sq ft) | Super built-up (sq ft) | Price per sq ft | Price | Rent per month |
|---|---|---|---|---|---|
| 2 BHK | 904 | 1,355 | ₹13,800 (assumed) | ₹1.87 Cr | ₹41,000 (assumed) |
| 2.5 BHK | 1,098 | 1,645 | ₹13,800 (assumed) | ₹2.27 Cr | ₹47,500 (assumed) |
| 2.5 BHK | 1,109 | 1,665 | ₹13,800 (assumed) | ₹2.30 Cr | ₹48,000 (assumed) |
| 2.5 BHK | 1,163 | 1,745 | ₹13,800 (assumed) | ₹2.41 Cr | ₹50,000 (assumed) |
| 3 BHK | 1,184 | 1,775 | ₹13,800 (assumed) | ₹2.45 Cr | ₹50,500 (assumed) |
| 3.5 BHK | 1,346 | 2,020 | ₹13,800 (assumed) | ₹2.79 Cr | ₹55,500 (assumed) |
| 4 BHK | 2,562 | 3,845 | ₹13,800 (assumed) | ₹5.31 Cr | ₹98,500 (assumed) |
| 4 BHK | 2,745 | 4,115 | ₹13,800 (assumed) | ₹5.68 Cr | ₹1,05,500 (assumed) |
| 4 BHK | 3,025 | 4,535 | ₹13,800 (assumed) | ₹6.26 Cr | ₹1,16,000 (assumed) |
| 4 BHK | 3,380 | 5,070 | ₹13,800 (assumed) | ₹7.00 Cr | ₹1,30,000 (assumed) |

## Score factors (this home vs the Bengaluru average)
- Price vs comparables: 5.8/10 (city average 6.2, −0.4 points), confidence 35%. ₹13,800 psf vs luxury comps ₹14,000 (-1%; 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: 6.6/10 (city average 6.0, +1.2 points), confidence 38%. Gross yield 2.6% (₹30 psf/month); locality rental demand 9/10.
- Resale liquidity: 8.9/10 (city average 7.6, +2.4 points), confidence 60%. Locality resale depth 8/10; ticket ₹1.87 Cr narrows the buyer pool; UC resale needs builder NOC; 214-home project; RERA sales pace ratio 4.16.
- Employment access: 7.3/10 (city average 5.2, +4.2 points), confidence 85%. Drive times now (Google Maps, 2026-09-16): Electronic City Ph-1 17 min, Koramangala (Forum) 23 min, ORR Bellandur (Ecospace) 26 min, MG Road (CBD) 35 min; 3 of 7 major hubs within 30 min; 3 msf office pipeline (3 yr).
- Metro, bus, rail & airport: 5.8/10 (city average 4.8, +1.9 points), confidence 60%. Green Line JP Nagar / Yelachenahalli; Pink Line Bannerghatta Road stations ~2027; airport ~102 min by road now (Google Maps); .
- Schools, hospitals, daily needs: 8.5/10 (city average 7.0, +1.6 points), confidence 50%. Locality social-infrastructure index (interim, expert-set; POI distances pending Maps integration).
- Builder delivery & handover risk: 6.5/10 (city average 3.7, +7.0 points), confidence 60%. Lodha (Macrotech): 7+ projects, on-time 88% (derived); handover 2030-12-31 (RERA); within the RERA timeline, work on schedule (-12 pts).
- Layout, size, age, amenities, maintenance: 7.8/10 (city average 7.3, +0.6 points), confidence 55%. 175 units/acre; carpet/SBA ~72%; maintenance ~₹6 psf/month (assumed); filed construction cost ₹4,905 per sq ft (premium spec).
- Water, flooding, noise, infrastructure: 6.8/10 (city average 5.8, +2.1 points), confidence 50%. Bannerghatta Road congestion; good BWSSB coverage in JP Nagar
- Legal, title & approvals: 5.2/10 (city average 7.4, −4.5 points), confidence 55%. RERA registered; litigation: 1 case(s) declared; approvals: Plan BBMP/Addl.Dir/JDSOUTH/0024/25-26 dated 2025-09-02; title: not verified. Due-diligence report lists 1 red flag (−0.8 pts).
- Expected price growth (5-yr CAGR model): 8.2/10 (city average 6.0, +14.0 points), confidence 56%. Model 5-yr price CAGR 11.6% (range 8.1–15.0%).

## Why prices should grow about 11.6% 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 11.9% 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.
- + 1.2%: Add 1.2%: 3 million sq ft of new offices nearby means more people wanting homes here.
- + 0.9%: Add 0.9%: few unsold homes in the area (9 months of stock), so sellers have the upper hand.
- + 0.2%: Add 0.2% for new roads, metro and water lines, weighted by how likely they are to actually finish: Pink Line Kalena Agrahara–Nagawara (construction, 2027); Phase 3 (Orange/Red lines: JP Nagar–Kempapura, Hosahalli–Kadabagere) (construction, 2029).
- + 2.5%: Add 2.5% for this project itself: unfinished homes are worth more once they are complete.
- = 11.6%: Result: about 11.6% a year, so a home worth ₹1.94 Cr today would be worth about ₹3.35 Cr in 5 years. We are 56% confident in the evidence behind this.

## Returns over 8 years
- Cash put in: ₹1.42 Cr. Exit value in year 8: ₹4.17 Cr. Net sale after loan and costs: ₹2.72 Cr. Net rent after running costs: ₹8.6 L. Loan: ₹1.52 Cr (EMI ₹1.3 L per month). All-in cost: ₹2.32 Cr (other charges ₹6.5 L, GST ₹9.7 L, stamp duty and registration ₹12.8 L, interiors ₹16.3 L).

## Exit plans compared
- Sell at handover, no interiors (5 years): IRR 24.0%, net-wealth CAGR 14.7%, cash in ₹79.0 L, net rent ₹0.6 L, net sale ₹1.77 Cr. Best IRR.
- Hold bare, rent unfurnished (8 years): IRR 15.3%, net-wealth CAGR 9.0%, cash in ₹1.27 Cr, net rent ₹6.8 L, net sale ₹2.67 Cr.
- Hold, do interiors, rent & sell fitted (8 years): IRR 13.7%, net-wealth CAGR 7.8%, cash in ₹1.42 Cr, net rent ₹8.6 L, net sale ₹2.72 Cr.

## Financial and legal due diligence (public record)
Automated from the Karnataka RERA file PRM/KA/RERA/1251/310/PR/200925/008110 and 3 quarterly filings. Prices and rents are locality estimates, not verified listings.

### At a glance
- [POSITIVE] On its original RERA completion date: 2030-12-31
- 7% built per the latest filing; 173/214 homes booked
- [POSITIVE] No RERA complaints on this project; 1 on the promoter overall
- [WATCH] 1 court case declared in RERA filings (no stay recorded)

### Risk meters (rule-based)
- Delivery timeline: 9/10. no extensions, no overdue dates on the RERA file
- Legal & complaints: 6.5/10. 1 court case declared in filings (−1.5); land litigation declared “Yes” on a registration (−1)
- Money to finish: 9/10. finance cost is 0% of the registered budget; last quarter: collected ₹157 cr, withdrew ₹156 cr; 81% of homes booked (+1)
- Developer strength: 9/10. CRISIL AA/Stable (Macrotech Developers)

### Red flags to resolve in writing
1. 1 court case declared in RERA filings (601/2008); check for stays and title impact.

### Complaints and disputes
- 0 complaints on this project at K-RERA (0 open); 1 on the promoter entity across projects.

### Credit ratings
- Macrotech Developers: CRISIL AA / Stable (2025-08)

### 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 — 2030-12-31 — and what is the per-month delay compensation?
4. What do the declared cases (601/2008) concern and is any stay in force?
5. Is the land freehold with the developer, and is any part mortgaged?

### Filed record
**RERA file · Registration**
- Registration: PRM/KA/RERA/1251/310/PR/200925/008110 · promoter Lodha Developers Limited (Company) · U45200MH1995PLC093041
- Dates: Start 2025-09-03 · original completion 2030-12-31 · no extensions [green]
- Progress: 7% complete per quarterly filing Q1 2026-27 (submitted 2026-07-14) · 173 of 214 homes booked (41 available)
- Registered cost: Total ₹407 cr · land ₹0.00 cr · construction ₹362 cr
- Borrowing / mortgage declared: Borrowing: No
- RERA bank account: ICICI Bank, 1-7/1, Khata Dae 61, Vittal Mallya Road, Civil Station (70% construction account)
- Plan sanction: BBMP/Addl.Dir/JDSOUTH/0024/25-26 dated 2025-09-02 · BBMP - Bruhat Bengaluru Mahanagara Palike
- Land & towers: 1.22 acres (4,943 sq m) · TOWER- A 122 homes, 33 floors; TOWER- E 92 homes, 23 floors
- Land owners / co-promoters: M/s. Suadela Constructions Pvt. Ltd (1.0%, Sy 332/2) [amber]
- Litigation declared: Suit for Partition 601/2008, Civil Judge (Senior Division) Bangalore Rural District — no stay [amber]
- K-RERA complaints: 0 on this registration (0 open) · 1 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/1251/310/PR/200925/008110 (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 ₹13,800 per sq ft × 1,355 sq ft; other charges 3.5%; GST 5%; stamp duty + registration 6.6%; loan 75% at 8.5% for 20 years; rent ₹41,000 per month growing 5.0% a year with 5% vacancy; maintenance ₹6 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/azur-phase-2-008110.json; printable due-diligence report at https://property-lens.ai/dd/azur-phase-2-008110.

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