# Mirabelle Phase 2 — G Corp, Hebbal / Thanisandra / Nagawara, Bengaluru

Source: https://property-lens.ai/p/mirabelle-phase-2-007688 (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: 69/100 (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%–15.1%); 10.0% per year over 10 years.
- Net-wealth CAGR: 7.5% per year over an 8-year hold with a 75% loan at 8.5%, interiors fitted. Cash-flow IRR: 12.6% (all-cash 11.1%). Gross rental yield: 3.4%.
- Status: under construction, RERA handover 2030-05-31. Type: apartment, mid segment. Developer: G Corp (#60 in Bengaluru by RERA registrations).
- Address: Khata No.13/2, Ward No. 06, Sy. Nos 47/1(P), 47/2(P), 48/1(P), 48/2(P), 48/4, 48/5, 48/6(P), 48/7, 48/8(P), 50/2, 51(P), 52/1, 52/2, 52/7, 52/8, 53, , 54/1, 54/2, 54/3, 54/4, 55/2, 55/3, 55/4, 55/5(P), 56/6(P), 55/7(P), 55/9(P), 56/1, 56/2(P), 56/3(P), 56/4(P), 58/2, 59/2, 60/1(P), Thanisandra village, K R Puram Hobli, Bangalore East Taluk. Homes: 284. Land: 1.05 acres. Launched: 2025.
- RERA registrations: PRM/KA/RERA/1251/446/PR/230425/007688.

## Homes on offer

| Home | Carpet (sq ft) | Super built-up (sq ft) | Price per sq ft | Price | Rent per month |
|---|---|---|---|---|---|
| 2 BHK | 1,076 | 1,455 | ₹8,950 (assumed) | ₹1.30 Cr | ₹38,000 (assumed) |
| 2 BHK | 1,163 | 1,570 | ₹8,950 (assumed) | ₹1.41 Cr | ₹40,000 (assumed) |
| 3 BHK | 1,302 | 1,760 | ₹8,950 (assumed) | ₹1.58 Cr | ₹44,000 (assumed) |
| 3 BHK | 1,378 | 1,860 | ₹8,950 (assumed) | ₹1.66 Cr | ₹45,500 (assumed) |
| 4 BHK | 1,690 | 2,280 | ₹8,950 (assumed) | ₹2.04 Cr | ₹53,000 (assumed) |

## Score factors (this home vs the Bengaluru average)
- Price vs comparables: 5.9/10 (city average 6.2, −0.3 points), confidence 35%. ₹8,950 psf vs mid comps ₹9,500 (-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: 8.0/10 (city average 6.0, +4.0 points), confidence 38%. Gross yield 3.5% (₹26 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 ₹1.30 Cr narrows the buyer pool; UC resale needs builder NOC; 284-home project; RERA sales pace ratio 2.2.
- Employment access: 9.2/10 (city average 5.2, +8.1 points), confidence 85%. Drive times now (Google Maps, 2026-09-16): Manyata Tech Park 6 min, Hebbal (Kirloskar) 13 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, −0.9 points), confidence 60%. none operational; Blue/Pink lines under construction; Hebbal / Nagawara (Blue & Pink Line interchange) ~2027; airport ~53 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: 2.6/10 (city average 3.7, −3.0 points), confidence 60%. G Corp: 8+ projects, on-time 62% (derived); handover 2030-05-31 (RERA); within the RERA timeline, work behind schedule (-21 pts).
- Layout, size, age, amenities, maintenance: 7.3/10 (city average 7.3, −0.0 points), confidence 55%. 270 units/acre; carpet/SBA ~72%; maintenance ~₹3.5 psf/month (assumed); filed construction cost ₹8,659 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: 4.4/10 (city average 7.4, −6.1 points), confidence 55%. RERA registered; litigation: 2 case(s) declared; approvals: Plan BBMP/Addl.Dir/JDNORTH/0122/24-25 dated 2025-04-21; title: not verified. Due-diligence report lists 2 red flags (−1.6 pts).
- Expected price growth (5-yr CAGR model): 8.2/10 (city average 6.0, +14.1 points), confidence 56%. Model 5-yr price CAGR 11.6% (range 8.1–15.1%).

## 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 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).
- + 2.3%: Add 2.3% 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 ₹1.35 Cr today would be worth about ₹2.33 Cr in 5 years. We are 56% confident in the evidence behind this.

## Returns over 8 years
- Cash put in: ₹1.08 Cr. Exit value in year 8: ₹2.98 Cr. Net sale after loan and costs: ₹2.01 Cr. Net rent after running costs: ₹10.6 L. Loan: ₹1.06 Cr (EMI ₹0.9 L per month). All-in cost: ₹1.68 Cr (other charges ₹4.6 L, GST ₹6.7 L, stamp duty and registration ₹8.9 L, interiors ₹17.5 L).

## Exit plans compared
- Sell at handover, no interiors (4 years): IRR 26.2%, net-wealth CAGR 16.4%, cash in ₹48.7 L, net rent ₹-0.5 L, net sale ₹1.06 Cr. Best IRR.
- Hold bare, rent unfurnished (8 years): IRR 15.3%, net-wealth CAGR 9.4%, cash in ₹91.6 L, net rent ₹8.8 L, net sale ₹1.96 Cr.
- Hold, do interiors, rent & sell fitted (8 years): IRR 12.6%, net-wealth CAGR 7.5%, cash in ₹1.08 Cr, net rent ₹10.6 L, net sale ₹2.01 Cr.

## Financial and legal due diligence (public record)
Automated from the Karnataka RERA file PRM/KA/RERA/1251/446/PR/230425/007688 and 3 quarterly filings. Prices and rents are locality estimates, not verified listings.

### At a glance
- [POSITIVE] On its original RERA completion date: 2030-05-31
- 7% built per the latest filing; 173/284 homes booked
- [POSITIVE] No RERA complaints on this project; 4 on the promoter overall
- [WATCH] 2 court cases 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: 5/10. 2 court cases declared in filings (−3); land litigation declared “Yes” on a registration (−1)
- Money to finish: 8/10. finance cost is 0% of the registered budget; last quarter: collected ₹163 cr, withdrew ₹116 cr
- Developer strength: 5/10. no public credit rating for the promoter

### Red flags to resolve in writing
1. 2 court cases declared in RERA filings (OS No. 26870/2013/2013, RFA No. 1158 of 2020/2020); check for stays and title impact.
2. Joint-development land: confirm which units fall in the owners’ share.

### Complaints and disputes
- 0 complaints on this project at K-RERA (0 open); 4 on the promoter entity across projects.

### Credit ratings
- G Corp Homes 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 — 2030-05-31 — and what is the per-month delay compensation?
4. What do the declared cases (OS No. 26870/2013/2013, RFA No. 1158 of 2020/2020) concern and is any stay in force?
5. What is the land owners’ share of built area and is the unit in the developer’s share?

### Filed record
**RERA file · Registration**
- Registration: PRM/KA/RERA/1251/446/PR/230425/007688 · promoter G Corp Homes Private Limited (Company) · U70102KA2006PTC040256
- Dates: Start 2025-04-15 · original completion 2030-05-31 · no extensions [green]
- Progress: 7% complete per quarterly filing Q1 2026-27 (submitted 2026-07-14) · 173 of 284 homes booked (111 available)
- Registered cost: Total ₹673 cr · construction ₹503 cr
- Borrowing / mortgage declared: Borrowing: No
- RERA bank account: ICICI Bank, 17/1 Khata Dae 61, Vittal Mallya Road , Civil Station, Bangalore - 560001 (70% construction account)
- Plan sanction: BBMP/Addl.Dir/JDNORTH/0122/24-25 dated 2025-04-21 · BBMP - Bruhat Bengaluru Mahanagara Palike
- Land & towers: 1.05 acres (4,252 sq m) · Tower 3 124 homes, 30 floors; Tower 4 160 homes, 39 floors
- Land owners / co-promoters: M R Seetharam (37.0%, Sy 56/2 (p)); M R Seetharam (37.0%, Sy 56/3 (p)); M R Seetharam (37.0%, Sy 56/4 (p)); No. of Basement (0%, Sy Total No. of Parking) [amber]
- Litigation declared: Suit for Partition OS No. 26870/2013/2013, City Civil Judge — no stay; Regular First Appeal RFA No. 1158 of 2020/2020, High Court of Karnataka — no stay [amber]
- K-RERA complaints: 0 on this registration (0 open) · 4 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/230425/007688 (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 ₹8,950 per sq ft × 1,455 sq ft; other charges 3.5%; GST 5%; stamp duty + registration 6.6%; loan 75% at 8.5% for 20 years; rent ₹38,000 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/mirabelle-phase-2-007688.json; printable due-diligence report at https://property-lens.ai/dd/mirabelle-phase-2-007688.

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