# DNR Spring Leaf — DNR Group, Koramangala (Ejipura / S.T. Bed), Bengaluru

Source: https://property-lens.ai/p/dnr-spring-leaf (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: 53/100 (50 = the average analysed Bengaluru project, 12 points = one standard deviation). Evidence confidence 61%.
- Projected price growth: 8.6% per year over 5 years (likely range 5.2%–12.0%); 8.1% per year over 10 years.
- Net-wealth CAGR: 8.0% per year over an 8-year hold with a 75% loan at 8.5%, interiors fitted. Cash-flow IRR: 9.8% (all-cash 9.2%). Gross rental yield: 4.8%.
- Status: ready to move in. Type: apartment, premium segment. Developer: DNR Group.
- Address: S.T. Bed Layout, Cauvery Colony, Ejipura, Koramangala, Bengaluru 560095. Homes: 59. Land: 1 acres. Launched: 2019.
- RERA registrations: PRM/KA/RERA/1251/310/PR/190222/002446.

## Homes on offer

| Home | Carpet (sq ft) | Super built-up (sq ft) | Price per sq ft | Price | Rent per month |
|---|---|---|---|---|---|
| 2.5 BHK | 853 | 1,439 | ₹16,100 (observed) | ₹2.32 Cr | ₹95,000 (observed) |
| 3 BHK compact | 830 | 1,230 | ₹16,100 (observed) | ₹1.98 Cr | ₹85,000 (observed) |
| 3 BHK | 1,170 | 1,815 | ₹16,100 (observed) | ₹2.92 Cr | ₹1,30,000 (observed) |
| 3 BHK large | 1,220 | 1,884 | ₹21,231 (observed) | ₹4.00 Cr | ₹1,35,000 (observed) |
| 4 BHK | 1,420 | 2,167 | ₹16,100 (observed) | ₹3.49 Cr | ₹1,70,000 (observed) |
| 4 BHK | 1,546 | 2,357 | ₹16,100 (observed) | ₹3.80 Cr | ₹1,70,000 (observed) |

## Score factors (this home vs the Bengaluru average)
- Price vs comparables: 5.2/10 (city average 6.2, −2.5 points), confidence 55%. ₹16,100 psf vs premium comps ₹13,500 (19%).
- Rental demand & yield: 9.7/10 (city average 6.0, +7.1 points), confidence 50%. Gross yield 4.9% (₹66 psf/month); locality rental demand 10/10.
- Resale liquidity: 9.2/10 (city average 7.6, +2.6 points), confidence 50%. Locality resale depth 9/10; ticket ₹2.32 Cr narrows the buyer pool.
- Employment access: 8.3/10 (city average 5.2, +5.8 points), confidence 85%. Drive times now (Google Maps, 2026-09-11): Koramangala (Forum) 14 min, ORR Bellandur (Ecospace) 21 min, MG Road (CBD) 25 min, Electronic City Ph-1 27 min; 4 of 7 major hubs within 30 min; 3 msf office pipeline (3 yr).
- Metro, bus, rail & airport: 5.4/10 (city average 4.8, +1.0 points), confidence 85%. nearest operational metro Central Silk Board, 3.3 km (Google Maps); Dairy Circle / Lakkasandra (Pink Line) ~2027, Koramangala (Phase 3A Sarjapur–Hebbal) ~2033; airport ~60 min by road now (Google Maps); rail: Baiyyappanahalli West Cabin 6.7 km.
- Schools, hospitals, daily needs: 6.5/10 (city average 7.0, −0.4 points), confidence 85%. 0 reputed schools within 4 km (St. Joseph's Boys' High School, Bishop Cotton Boys' School); 5 hospitals within 6 km (Manipal Hospitals 3.3 km, Narayana Hospital, HSR Layout 2.9 km); 4 supermarkets within 2.5 km; 4 malls within 8 km (Nexus Koramangala Mall 2.6 km, Gopalan Innovation Mall 4.3 km). Source: Google Maps, 2026-09-11.
- Builder delivery & handover risk: 6.0/10 (city average 3.7, +5.4 points), confidence 45%. DNR Group: 8+ projects, on-time 60% (assumed); ready.
- Layout, size, age, amenities, maintenance: 6.1/10 (city average 7.3, −1.5 points), confidence 50%. 59 units/acre; carpet/SBA ~62%; maintenance ~₹4.5 psf/month (assumed).
- Water, flooding, noise, infrastructure: 5.1/10 (city average 5.8, −1.4 points), confidence 50%. S.T. Bed Layout suffered severe flooding in Sept 2022; check basement/ground-level drainage mitigation before buying
- Legal, title & approvals: 5.6/10 (city average 7.4, −3.4 points), confidence 75%. RERA registered; litigation: none reported; approvals: BBMP (per listings); title: not verified. Due-diligence report lists 3 red flags (−2.4 pts).
- Expected price growth (5-yr CAGR model): 4.4/10 (city average 6.0, −9.4 points), confidence 58%. Model 5-yr price CAGR 8.6% (range 5.2–12.0%).

## Why prices should grow about 8.6% 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 12.2% a year recently (2023-06 to 2026-06). Some of that pace continues, but it fades each year.
- − 0.3%: Subtract 0.3%: at ₹16,100 per sq ft, fewer families can afford to buy here, which slows further rises.
- + 1.1%: Add 1.1%: 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.
- + 0.1%: 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); Ejipura flyover (Koramangala 100 ft Rd) (construction, 2027).
- − 0.1%: Subtract 0.1% for this project itself: it is priced above its neighbours or is ageing.
- = 8.6%: Result: about 8.6% a year, so a home worth ₹2.40 Cr today would be worth about ₹3.63 Cr in 5 years. We are 58% confident in the evidence behind this.

## Returns over 8 years
- Cash put in: ₹1.61 Cr. Exit value in year 8: ₹4.53 Cr. Net sale after loan and costs: ₹3.05 Cr. Net rent after running costs: ₹72.2 L. Loan: ₹1.80 Cr (EMI ₹1.6 L per month). All-in cost: ₹2.70 Cr (other charges ₹8.1 L, GST ₹0.0 L, stamp duty and registration ₹15.8 L, interiors ₹11.5 L).

## Exit plans compared
- No interiors, rent unfurnished (8 years): IRR 10.3%, net-wealth CAGR 8.1%, cash in ₹1.58 Cr, net rent ₹62.1 L, net sale ₹3.04 Cr. Best IRR.
- Do interiors, rent & sell fitted (8 years): IRR 9.8%, net-wealth CAGR 8.0%, cash in ₹1.61 Cr, net rent ₹72.2 L, net sale ₹3.05 Cr.

## Financial and legal due diligence (public record)
Completed project; purchase would be a resale. Public records only; Karnataka RERA quarterly filings not retrieved.

### At a glance
- [POSITIVE] Delivered. RERA registration ran 2018-12-25 → 2022-12-30
- [POSITIVE] No RERA complaints on this project; 0 on the promoter overall
- [POSITIVE] No litigation declared in RERA filings
- [WATCH] Promoter is DNR Corporation Pvt Ltd (incorporated Dec 2007), paid-up capital ₹2 lakh against ₹215.9 cr of open bank charges (ICICI ₹175 cr, Axis ₹40 cr).
- [WATCH] Project is complete and occupied; the occupancy certificate is shown as “NA” on one listing portal and has not been sighted. Verify OC and khata before any resale.
- [WATCH] Possession slipped: original RERA target reported as Dec 2020; portals record completion Feb 2020 (one) and Sep/Oct 2023 (others).
- [POSITIVE] No credit rating, NCLT admission or reported litigation located for DNR Corporation. A separately named “DNR India Autotech” with an NCLT case is unrelated.
- [POSITIVE] FY25 filings show revenue in the ₹300–400 cr band with large year-on-year jumps, consistent with project completions being recognised.

### Risk meters (rule-based)
- Delivery timeline: 8/10. delivered on the original registration
- 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. Occupancy certificate not confirmed; buy only against the OC, khata and a clean title chain.
2. Promoter capital is nominal (₹2 lakh) relative to ₹215.9 cr of secured borrowing — relevant for warranty or common-area claims after purchase.
3. Possession dates conflict across sources and are later than the original target.

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

### Credit ratings
- DNR Corporation Pvt Ltd: no public rating located

### Questions to put to the developer
1. Provide the OC/completion certificate, BBMP khata and the registered sale deed chain for the specific flat.
2. Has the owners’ association been formed and the common areas conveyed?
3. Are any of the 59 units still held by the developer and charged to a lender?
4. Any pending BBMP, BWSSB or BESCOM dues on the building?

### Filed record
**Who built it**
- Promoter: DNR Corporation Pvt Ltd, CIN U45201KA2007PTC044602, incorporated 7 Dec 2007; group founded 1957
- Directors: Vipul Kumar Kumat (MD), Ritesh Kumat (WTD), Pramod Kumar Shantilal, Umang Badjatya, Suneil Vijay Shah
- Capital: Authorised ₹5 cr; paid-up ₹2 lakh [amber]
- FY25 (year to 31 Mar 2025): Revenue ₹300–400 cr (aggregator band); revenue, profit and net worth all up sharply year on year; borrowings +14%
- Open charges: ICICI Bank ₹175 cr (two loans); Axis Bank ₹40 cr; Mercedes-Benz Financial ₹0.9 cr; ₹92 cr of earlier loans satisfied
- Compliance: Active; last AGM 30 Sep 2024; no defaults or cases listed by the aggregator

**Project record**
- RERA: PRM/KA/RERA/1251/310/PR/190222/002446 (registered Feb 2019)
- Completion date: Original target reported as Dec 2020; listings show ready since Feb 2020 (one portal) or Sep–Oct 2023 (others) [amber]
- Occupancy certificate: Not sighted; one portal lists OC status as “NA” [amber]
- Scale: 59 homes, 2 towers, 9 floors, 0.68–1 acre (one portal says 3 acres)
- Escrow / Form 4: Not retrieved (portal not machine-readable); for a completed project the remaining exposure is documentation, not construction

**Ratings, insolvency and disputes**
- Credit rating: None located for DNR Corporation
- NCLT / IBBI: No proceeding located against DNR Corporation Pvt Ltd. Note: “DNR India Autotech Pvt Ltd” (Mumbai NCLT, Bank of Maharashtra petition) is an unrelated company [green]
- Litigation: None reported by listings; not verified against court records [amber]
- RERA complaints: None located; Authority register not searched

**RERA file · Single phase**
- Registration: PRM/KA/RERA/1251/310/PR/190222/002446 · promoter DNR CORPORATION PVT LTD (Company) · Proposed Project End Date at the time of registration :
- Dates: Start 2018-12-25 · original completion 2022-12-30 · no extensions [green]
- Status: Completed and occupied (per project status); RERA progress fields below are historical [green]
- Registered cost: Total ₹45.25 cr · land ₹15.00 cr · construction ₹30.25 cr
- RERA bank account: ICICI Bank, CUNNINGHAM ROAD (70% construction account)
- Money at registration: collected ₹0.07 cr · spent ₹12.77 cr · balance ₹0.05 cr
- Land & towers: 0.69 acres (2,780 sq m) · TOWER A 25 homes, 9 floors; TOWER B 34 homes, 9 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
- MCA records for DNR Corporation Pvt Ltd via company-data aggregators
- Listing portals for RERA number, completion and OC status
- Karnataka RERA registration number as reported by listings
- Caveats: RERA quarterly certificates, OC and court registers were not retrieved for this project. Financial figures are aggregator bands, not the filed accounts. Nothing here is legal, tax or investment advice.

## Assumptions used
- Price ₹16,100 per sq ft × 1,439 sq ft; other charges 3.5%; GST 0%; stamp duty + registration 6.6%; loan 75% at 8.5% for 20 years; rent ₹95,000 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/dnr-spring-leaf.json; printable due-diligence report at https://property-lens.ai/dd/dnr-spring-leaf.

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