# Century Codename Blue Moon — Century Real Estate, Jakkur (Bellary Road / Airport corridor), Bengaluru

Source: https://property-lens.ai/p/century-codename-blue-moon (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: 44/100 (50 = the average analysed Bengaluru project, 12 points = one standard deviation). Evidence confidence 61%.
- Projected price growth: 9.9% per year over 5 years (likely range 6.5%–13.3%); 9.2% per year over 10 years.
- Net-wealth CAGR: 6.9% per year over an 8-year hold with a 75% loan at 8.5%, interiors fitted. Cash-flow IRR: 12.1% (all-cash 10.8%). Gross rental yield: 2.4%.
- Status: under construction, RERA handover 2031-02. Type: apartment, luxury segment. Developer: Century Real Estate.
- Address: Century Immencity, Jakkur, Bellary Road (NH-44) airport corridor, Bengaluru 560064. Homes: 334. Land: 6.075 acres. Launched: 2026.
- RERA registrations: PRM/KA/RERA/1251/309/PR/160526/008662.

## Homes on offer

| Home | Carpet (sq ft) | Super built-up (sq ft) | Price per sq ft | Price | Rent per month |
|---|---|---|---|---|---|
| 3 BHK | 1,550 | 2,220 | ₹18,000 (observed) | ₹4.07 Cr | ₹82,000 (assumed) |
| 3.5 BHK | 1,800 | 2,580 | ₹18,000 (observed) | ₹4.64 Cr | ₹95,000 (assumed) |
| 4 BHK Luxe | 2,450 | 3,500 | ₹18,250 (observed) | ₹6.39 Cr | ₹1,25,000 (assumed) |
| Luxe Premiere / penthouse | 3,650 | 5,200 | ₹18,500 (observed) | ₹9.62 Cr | ₹1,80,000 (assumed) |

## Score factors (this home vs the Bengaluru average)
- Price vs comparables: 5.4/10 (city average 6.2, −1.9 points), confidence 60%. ₹18,000 psf vs luxury comps ₹16,500 (9%; under-construction should price ~8% below ready).
- Rental demand & yield: 5.0/10 (city average 6.0, −1.8 points), confidence 38%. Gross yield 2.5% (₹37 psf/month); locality rental demand 7/10.
- Resale liquidity: 7.2/10 (city average 7.6, −0.6 points), confidence 50%. Locality resale depth 7/10; ticket ₹4.07 Cr narrows the buyer pool; UC resale needs builder NOC.
- Employment access: 8.4/10 (city average 5.2, +6.0 points), confidence 85%. Drive times now (Google Maps, 2026-09-11): Hebbal (Kirloskar) 17 min, Manyata Tech Park 19 min, MG Road (CBD) 27 min, Koramangala (Forum) 36 min; 3 of 7 major hubs within 30 min; 14 msf office pipeline (3 yr).
- Metro, bus, rail & airport: 4.8/10 (city average 4.8, +0.1 points), confidence 85%. nearest operational metro Yeshwanthpur, 15.9 km (Google Maps); Jakkur Cross (Blue Line, airport corridor) ~2027; airport ~23 min by road now (Google Maps); rail: Yelahanka Jn. 1.9 km.
- Schools, hospitals, daily needs: 9.2/10 (city average 7.0, +2.1 points), confidence 85%. 3 reputed schools within 4 km (Delhi Public School Bangalore North, Vidyashilp Academy); 5 hospitals within 6 km (Sparsh Hospital Yelahanka 0.8 km, Dr Agarwals Eye Hospital 1.9 km); 3 supermarkets within 2.5 km; 4 malls within 8 km (The Galleria Mall 0.8 km, Phoenix Mall Of Asia 2.1 km). Source: Google Maps, 2026-09-11.
- Builder delivery & handover risk: 3.1/10 (city average 3.7, −1.5 points), confidence 50%. Century Real Estate: 20+ projects, on-time 55% (assumed); handover 2031-02 (RERA).
- Layout, size, age, amenities, maintenance: 7.2/10 (city average 7.3, −0.2 points), confidence 50%. 55 units/acre; carpet/SBA ~70%; maintenance ~₹5.5 psf/month (assumed).
- Water, flooding, noise, infrastructure: 5.7/10 (city average 5.8, −0.3 points), confidence 50%. BWSSB trunk main ~0.6 km; site ~8 m above nearest drain
- Legal, title & approvals: 3.3/10 (city average 7.4, −7.8 points), confidence 75%. RERA registered; litigation: none reported; approvals: BBMP plan sanction 31 Dec 2025; title: not verified. Due-diligence report lists 6 red flags (−4.8 pts).
- Expected price growth (5-yr CAGR model): 6.0/10 (city average 6.0, +0.1 points), confidence 58%. Model 5-yr price CAGR 9.9% (range 6.5–13.3%).

## Why prices should grow about 9.9% a year
- + 6.0%: Start with 6.0% a year: the normal long-run growth of Bengaluru home prices.
- + 1.3%: Add 1.3%: prices here rose 14.5% a year recently (2023-06 to 2026-06). Some of that pace continues, but it fades each year.
- − 0.7%: Subtract 0.7%: at ₹18,000 per sq ft, fewer families can afford to buy here, which slows further rises.
- + 2.7%: Add 2.7%: 14 million sq ft of new offices nearby means more people wanting homes here.
- − 0.7%: Subtract 0.7%: many new homes are being built here (20 months of unsold stock), which keeps prices in check.
- + 0.3%: Add 0.3% for new roads, metro and water lines, weighted by how likely they are to actually finish: Blue Line Hebbal–Airport (construction, 2027); Blue Line KR Puram–Hebbal (construction, 2027); Airport Terminal 2 / aerospace park jobs (operational, 2024).
- + 1.0%: Add 1.0% for this project itself: unfinished homes are worth more once they are complete.
- = 9.9%: Result: about 9.9% a year, so a home worth ₹4.14 Cr today would be worth about ₹6.62 Cr in 5 years. We are 58% confident in the evidence behind this.

## Returns over 8 years
- Cash put in: ₹2.97 Cr. Exit value in year 8: ₹8.43 Cr. Net sale after loan and costs: ₹5.32 Cr. Net rent after running costs: ₹17.6 L. Loan: ₹3.26 Cr (EMI ₹2.8 L per month). All-in cost: ₹4.88 Cr (other charges ₹14.0 L, GST ₹20.7 L, stamp duty and registration ₹27.3 L, interiors ₹26.6 L).

## Exit plans compared
- Sell at handover, no interiors (5 years): IRR 17.9%, net-wealth CAGR 10.8%, cash in ₹1.69 Cr, net rent ₹0.3 L, net sale ₹3.27 Cr. Best IRR.
- Hold bare, rent unfurnished (8 years): IRR 13.3%, net-wealth CAGR 7.8%, cash in ₹2.72 Cr, net rent ₹14.2 L, net sale ₹5.25 Cr.
- Hold, do interiors, rent & sell fitted (8 years): IRR 12.1%, net-wealth CAGR 6.9%, cash in ₹2.97 Cr, net rent ₹17.6 L, net sale ₹5.32 Cr.

## Financial and legal due diligence (public record)
Century Astoria (marketed as Codename Blue Moon), RERA PRM/KA/RERA/1251/309/PR/160526/008662. Public records only.

### At a glance
- [POSITIVE] On its original RERA completion date: 2031-02-12
- 2% built per the latest filing; 41/334 homes booked
- [POSITIVE] No RERA complaints on this project; 0 on the promoter overall
- [WATCH] 1 court case declared in RERA filings (no stay recorded)
- [RED FLAG] The seller is Realkraft Ventures LLP (incorporated Feb 2024): ₹1 lakh partner capital, ₹11.6 cr total assets, no revenue at 31 Mar 2025. No parent guarantee from Century Real Estate Holdings is on the RERA file.
- [RED FLAG] ₹583.5 cr of the ₹1,218.6 cr registered project cost (47.9%) is principal and interest to a non-bank lender; ₹300 cr of debentures are fully drawn and the project is mortgaged to Vistra ITCL.
- [WATCH] At 30 Jun 2026: 2% physically complete, 41 of 334 homes booked, ₹5.39 cr in the escrow account; 69% of collections deposited against the 70% statutory minimum (recorded by the CA as a qualification).
- [POSITIVE] On filed numbers the project shows a surplus (₹126.5 cr at guideline value; larger at achieved prices of ~₹29,400/sq ft carpet).
- [WATCH] Registered completion is 12 Feb 2031; the structural frame is scheduled to start Jun 2027. Marketing shows 2030.
- [RED FLAG] The RERA file contradicts itself on borrowing (“No” vs ₹300 cr NCDs) and on litigation (“No” vs High Court appeal MFA 3614-3615/2025, no stay recorded).
- [WATCH] Group ratings are speculative grade but rising: Century Joint Developments Acuité B−/Stable (Aug 2025, from C); Suruchi Properties BB−/Stable (Jan 2025, from B). No NCLT proceeding located.
- [POSITIVE] Main civil contractor appointed: B. L. Kashyap & Sons (listed) accepted a ₹183.18 cr letter of intent, disclosed to the BSE on 21 Aug 2026.

### Risk meters (rule-based)
- Delivery timeline: 9/10. no extensions, no overdue dates on the RERA file
- Legal & complaints: 7.5/10. 1 court case declared in filings (−1.5)
- Money to finish: 4.5/10. ₹300 cr NCDs drawn before construction; finance is 48% of budget; but filed surplus test is positive and escrow is functioning.
- Developer strength: 2.6/10. Acuité B-/Stable (Century Joint Developments)

### Red flags to resolve in writing
1. Thinly capitalised LLP as counterparty; no parent guarantee on file.
2. Finance cost is 47.9% of the registered budget; ₹300 cr debentures drawn before construction has begun.
3. RERA file inconsistencies: borrowing declared “No”; litigation declared “No” but a High Court appeal is disclosed in the first quarterly filing.
4. Escrow deposits at 69% vs 70% statutory minimum in the first quarter.
5. Frame not scheduled until Jun 2027; registered completion Feb 2031 against 2030 marketing.
6. Group holding company loss-making with charges above assets; rated group entity was at Acuité C thirteen months before the brief.

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

### Credit ratings
- Century Joint Developments: Acuité B- / Stable (2025-08)
- Suruchi Properties (group): Acuité BB- / Stable (2025-01)
- Realkraft Ventures LLP / ₹300 cr NCD: no public rating located

### Questions to put to the developer
1. Will Century Real Estate Holdings give a written corporate guarantee or completion undertaking enforceable by allottees?
2. What are the coupon, tenor, amortisation and covenants on the ₹300 cr NCDs, and will a no-objection and partial release be issued per sold unit?
3. Does the ₹583.5 cr finance line assume drawdowns beyond ₹300 cr?
4. What does MFA 3614-3615 of 2025 concern, which survey numbers, who are the parties, and what is counsel’s written title opinion?
5. Why was 69% deposited in Q1, and what controls ensure 70% every quarter?
6. What is the land owners’ share of built area, and is the unit being bought in the developer’s share?
7. Which Immencity amenities are inside the 6.075-acre registration with committed dates?
8. Which date is contractual — 2030 or 12 Feb 2031 — and what is the per-month delay compensation?
9. Will a construction-linked payment plan tied to the RERA milestone table be accepted?
10. What is the status of the KSPCB consent?

### Filed record
**Who you contract with**
- Promoter on RERA: Realkraft Ventures LLP, LLPIN ACF-4833, incorporated 11 Feb 2024; four partners at 25% each — the same individuals who are whole-time directors of Century Real Estate Holdings; authorised signatory Mahesh Prabhu
- LLP accounts, 31 Mar 2025: Partners’ capital ₹1,00,000; partners’ current account ₹8.15 cr; inventories ₹5.14 cr; cash ₹49,764; total assets ₹11.64 cr; revenue nil [red]
- Parent guarantee: None on the RERA file. An LLP’s liability is limited; a claim would lie against Realkraft, not the group [red]
- Same structure elsewhere: Century Novus (Talreja Realty LLP), Century Liva (Archway Realty LLP), Century Bliss (Hebbal Properties), Century Trails (Century Prime Properties)
- Land: Joint development: nine survey numbers; JDA registered 21 Mar 2024 (Byatarayanapura); the Raju family and others recorded as land owners and co-promoters with shares [amber]

**Registered cost sheet (Form 1, May 2026)**
- Land: ₹89.49 cr (7.3%)
- Approvals, NOCs, conversion: ₹24.45 cr (2.0%)
- Construction (engineer-certified): ₹271.01 cr (22.2%)
- On-site: workers, overheads, consultants: ₹156.35 cr + ₹78.18 cr + ₹15.64 cr (20.5%)
- Principal and interest to NBFC: ₹583.50 cr (47.9%) [red]
- Total: ₹1,218.62 cr
- Disclosed borrowing: ₹300 cr NCDs, fully drawn; mortgagee Vistra ITCL (India) Ltd. The ₹583.5 cr line implies either ~17% p.a. on ₹300 cr to 2031 or further drawdowns [amber]

**First quarterly filing (quarter to 30 Jun 2026)**
- Physical completion: 2% (earthwork 30%; foundations, plinth, basements, frame all 0%)
- Cost incurred: ₹110.26 cr (land and approvals ₹98.46 cr; construction ₹11.80 cr) = 9.05% of budget
- Sales: 41 of 334 booked; 293 available; ₹210.36 cr contracted for 6,647 sq m carpet (~₹29,400/sq ft carpet)
- Escrow: Opened 6 Jun 2026 at ₹0; deposited ₹12.39 cr; withdrawn ₹7.00 cr; closing ₹5.39 cr
- 70% rule: 69% of ₹17.87 cr collected was deposited (gap ≈ ₹12.3 lakh); recorded as a qualification by the CA [amber]
- Self-funding test (CA figures): Receivables ₹199.65 cr + unsold at guideline ₹1,035.23 cr = ₹1,234.88 cr, less balance cost ₹1,108.36 cr → surplus ₹126.52 cr [green]
- Same test at achieved prices: 334 homes at ₹3,16,451/sq m carpet ≈ ₹1,733.8 cr less ₹1,218.6 cr total cost → gross surplus ≈ ₹515 cr (30%). Scenario, not audited [green]

**Construction programme (as registered)**
- Earthwork: Feb–Aug 2026 (30% at 30 Jun)
- Footings: May–Aug 2026 (0%)
- Up to plinth: Jun 2026–Aug 2027
- Basements: Nov 2026–Aug 2027
- RCC frame: Jun 2027–Feb 2029 [amber]
- Masonry: Aug 2028–May 2029
- Elevation: Mar 2030–Feb 2031
- Registered completion: 12 Feb 2031 (marketing: 2030) [amber]
- Contractor: B. L. Kashyap & Sons: LoI dated 19 Aug 2026, ₹183.18 cr, civil and structural works, ~18 months (BSE, 21 Aug 2026) [green]

**Approvals, title and litigation**
- Conversion: Granted Aug 2019
- E-khata: BBMP e-khata dated 4 Aug 2025
- Plan sanction: BBMP/Addl.Dir/JDNORTH/0052/25-26 dated 31 Dec 2025
- Title report: Advocate’s title report on file
- KSPCB consent: Applied 19 Jun 2025; still shown as “Applied” [amber]
- Litigation: Registration: “No”, with notarised affidavit. Quarterly filing of 13 Jul 2026: “Yes” — MFA 3614-3615 of 2025, High Court of Karnataka; no injunction or stay recorded [red]
- Borrowing declaration: Registration: “No”. Form 4: ₹300 cr NCDs drawn, project mortgaged [red]

**Group accounts and ratings**
- Century Real Estate Holdings (FY to 31 Mar 2024): Revenue ₹507.74 cr (−23%); net margin −25.75% (loss ≈ ₹131 cr); total assets ₹3,640.8 cr; borrowings ₹1,586 cr; net worth down 46% [red]
- Registered charges: ₹3,241 cr open (one aggregator) to ₹3,959.5 cr (another); largest holders Catalyst Trusteeship ₹3,200 cr, IDBI Trusteeship ₹700 cr; charges exceed total assets on either figure [amber]
- Since then: ₹1,850 cr debt raised May 2025 (Ares Asia ₹1,600 cr, SC Lowy ₹250 cr); pre-sales ≈ ₹1,040 cr in H1 FY25; FY25 sales reported above ₹1,800 cr; FY26 target ₹3,000 cr [green]
- Acuité — Century Joint Developments: B−/Stable, 13 Aug 2025, on ₹1,600 cr NCDs; upgraded from C after an April 2025 refinancing resolved earlier payment delays; coupon moratorium to Dec 2025 noted [amber]
- Acuité — Suruchi Properties: BB−/Stable, 10 Jan 2025, on ₹450 cr listed NCDs
- Realkraft / the ₹300 cr NCD: No public rating located

**Insolvency, complaints and track record**
- NCLT / IBBI: No admission or proceeding located against Century Real Estate Holdings or Century Joint Developments as at 13 Sep 2026 [green]
- Small suppliers: One MSME-1 delayed-payment record located (Oct 2018–Mar 2019) [green]
- RERA complaints: Third-party aggregator lists nine against Century Real Estate Holdings: five decided for the promoter, four against (unverified against the Authority’s register) [amber]
- Older projects: Renata, Breeze, Ethos, Greens: 12–21 months later than first promised, using Section 6 and Covid extensions; no Section 7(3) extension on any Century registration [amber]
- Comparable: Century Novus (Jakkur): Registered Apr 2023 for Aug 2027; 82% complete and 219 of 234 sold at 30 Jun 2026; DCB Bank repaid; 70.57% deposited; spent 102% of budget with 18% of work left [green]

**RERA file · Century Astoria**
- Registration: PRM/KA/RERA/1251/309/PR/160526/008662 · promoter REALKRAFT VENTURES LLP (Partnership Firm) · ACF-4833
- Dates: Start 2026-02-01 · original completion 2031-02-12 · no extensions [green]
- Progress: 2% complete per quarterly filing Q1 2026-27 (submitted 2026-07-13) · 41 of 334 homes booked (293 available)
- Registered cost: Total ₹1219 cr · land ₹0.00 cr · construction ₹1105 cr · NBFC principal+interest ₹584 cr (48%) [red]
- Borrowing / mortgage declared: Borrowing: No
- RERA bank account: ICICI Bank, Cunningham Road Branch (70% construction account)
- Plan sanction: BBMP/Addl.Dir/JDNORTH/0052/25-26 dated 2025-12-31 · BBMP - Bruhat Bengaluru Mahanagara Palike
- Land & towers: 6.08 acres (24,585 sq m) · Tower 1 75 homes, 15 floors; Tower 2 79 homes, 16 floors; Tower 3 26 homes, 16 floors; Tower 4 79 homes, 16 floors; Tower 5 75 homes, 15 floors
- Land owners / co-promoters: N Padmaraju (7.08%, Sy 42/5); L K Anupama alias L K Anupama Raju (7.08%, Sy 42/5); L K Akhila (7.08%, Sy 42/5); B L Naveen alias B N Naveen Raju (7.08%, Sy 42/5); B L Chaya (7.08%, Sy 42/5); Mr. L K Raju alias Lakshmikantha Raju (7.08%, Sy 43/2); N Padmaraju (7.08%, Sy 43/2); L K Anupama alias L K Anupama Raju (7.08%, Sy 43/2) +12 more [amber]
- Litigation declared: Miscellaneous First Appeal 3614-3615/2025, The High Court of Karnataka — no stay [amber]
- K-RERA complaints: 0 on this registration (0 open) · 0 on the promoter entity across all its projects (a project-specific LLP; group-level complaints sit under other entities) [green]
- Owners’ association: Not yet formed
- Completion applied: 19/12/2020

### Sources and caveats
- Karnataka RERA record for Century Astoria (registration file; quarterly update for Q1 2026-27 submitted 13 Jul 2026); CA Form 4 dated 7 Jul 2026 (RKN & Co) with Annexure A
- Realkraft Ventures LLP audited accounts FY2024-25 as filed with the Authority
- Karnataka RERA records for Century Novus and nine other Century registrations
- MCA records for Century Real Estate Holdings (U70101KA2007PTC042078) and Realkraft (ACF-4833) via aggregators
- Acuité rationales: Century Joint Developments (13 Aug 2025), Suruchi Properties (10 Jan 2025); B. L. Kashyap BSE announcement (21 Aug 2026); press reports of the May 2025 financing
- Caveats: Only one quarterly filing exists, so there is no trend. Group accounts are to 31 Mar 2024 and aggregators disagree on the charge total. Price-per-carpet-foot and surplus figures are arithmetic on filed numbers, not audited forecasts. Absence of an insolvency filing rests on news and web indexes. Nothing here is legal, tax or investment advice.

## Assumptions used
- Price ₹18,000 per sq ft × 2,220 sq ft; other charges 3.5%; GST 5%; stamp duty + registration 6.6%; loan 75% at 8.5% for 20 years; rent ₹82,000 per month growing 5.0% a year with 5% vacancy; maintenance ₹5.5 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/century-codename-blue-moon.json; printable due-diligence report at https://property-lens.ai/dd/century-codename-blue-moon.

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