# Raheja Vivarea — K Raheja Corp, Koramangala 3rd Block (Hosur Road), Bengaluru

Source: https://property-lens.ai/p/raheja-vivarea (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: 60/100 (50 = the average analysed Bengaluru project, 12 points = one standard deviation). Evidence confidence 60%.
- Projected price growth: 8.7% per year over 5 years (likely range 5.3%–12.1%); 8.2% per year over 10 years.
- Net-wealth CAGR: 5.9% per year over an 8-year hold with a 75% loan at 8.5%, interiors fitted. Cash-flow IRR: 7.7% (all-cash 8.2%). Gross rental yield: 3.9%.
- Status: under construction, RERA handover 2026-12. Type: apartment, luxury segment. Developer: K Raheja Corp.
- Address: Next to St Francis College, Koramangala 3rd Block (off Hosur Road), Bengaluru 560034. Homes: 318. Land: 7 acres. Launched: 2023.
- RERA registrations: PRM/KA/RERA/1251/310/PR/041123/006369, PRM/KA/RERA/1251/310/PR/171125/000528.

## Homes on offer

| Home | Carpet (sq ft) | Super built-up (sq ft) | Price per sq ft | Price | Rent per month |
|---|---|---|---|---|---|
| 3 BHK | 1,302 | 1,835 | ₹22,450 (derived) | ₹4.12 Cr | ₹1,40,000 (observed) |
| 3 BHK large | 1,990 | 2,809 | ₹22,430 (derived) | ₹6.30 Cr | ₹2,00,000 (observed) |
| 4 BHK | 2,300 | 3,237 | ₹22,460 (derived) | ₹7.27 Cr | ₹2,60,000 (observed) |
| 5 BHK | 3,080 | 4,332 | ₹22,460 (derived) | ₹9.73 Cr | ₹4,00,000 (observed) |
| 5 BHK | 3,190 | 4,487 | ₹22,440 (derived) | ₹10.07 Cr | ₹4,30,000 (observed) |

## Score factors (this home vs the Bengaluru average)
- Price vs comparables: 6.3/10 (city average 6.2, +0.2 points), confidence 55%. ₹22,450 psf vs luxury comps ₹22,000 (2%; under-construction should price ~8% below ready).
- Rental demand & yield: 8.4/10 (city average 6.0, +4.6 points), confidence 38%. Gross yield 4.1% (₹76 psf/month); locality rental demand 10/10.
- Resale liquidity: 8.3/10 (city average 7.6, +1.1 points), confidence 50%. Locality resale depth 9/10; ticket ₹4.12 Cr narrows the buyer pool; UC resale needs builder NOC.
- Employment access: 8.3/10 (city average 5.2, +5.8 points), confidence 85%. Drive times now (Google Maps, 2026-09-12): Koramangala (Forum) 11 min, ORR Bellandur (Ecospace) 15 min, Electronic City Ph-1 22 min, MG Road (CBD) 31 min; 3 of 7 major hubs within 30 min; 3 msf office pipeline (3 yr).
- Metro, bus, rail & airport: 6.3/10 (city average 4.8, +2.6 points), confidence 85%. nearest operational metro Central Silk Board, 2 km (28 min walk) (Google Maps); Koramangala (Phase 3A Sarjapur–Hebbal) ~2033; airport ~84 min by road now (Google Maps); rail: Baiyyappanahalli West Cabin 7.6 km.
- Schools, hospitals, daily needs: 7.4/10 (city average 7.0, +0.4 points), confidence 85%. 1 reputed schools within 4 km (St. Joseph's Boys' High School, Bishop Cotton Boys' School); 5 hospitals within 6 km (Narayana Hospital, HSR Layout 2.4 km, Manipal Hospitals 4.2 km); 4 supermarkets within 2.5 km; 4 malls within 8 km (Nexus Koramangala Mall 2.3 km, Gopalan Innovation Mall 3.5 km). Source: Google Maps, 2026-09-12.
- Builder delivery & handover risk: 6.5/10 (city average 3.7, +6.6 points), confidence 50%. K Raheja Corp: 50+ projects, on-time 70% (assumed); handover 2026-12 (RERA).
- Layout, size, age, amenities, maintenance: 8.1/10 (city average 7.3, +0.9 points), confidence 50%. 45 units/acre; carpet/SBA ~71%; maintenance ~₹7 psf/month (assumed).
- Water, flooding, noise, infrastructure: 6.3/10 (city average 5.8, +0.9 points), confidence 50%. Hosur Road / St Francis College junction traffic; Koramangala 3rd Block is above the S.T. Bed flood line
- Legal, title & approvals: 5.3/10 (city average 7.4, −4.0 points), confidence 75%. RERA registered; litigation: none reported; approvals: RERA registered Nov 2023 (Phase 2); title: not verified. Due-diligence report lists 3 red flags (−2.4 pts).
- Expected price growth (5-yr CAGR model): 4.5/10 (city average 6.0, −8.8 points), confidence 57%. Model 5-yr price CAGR 8.7% (range 5.3–12.1%).

## Why prices should grow about 8.7% a year
- + 6.0%: Start with 6.0% a year: the normal long-run growth of Bengaluru home prices.
- + 0.6%: Add 0.6%: prices here rose 9.9% a year recently (2023-06 to 2026-06). Some of that pace continues, but it fades each year.
- − 0.6%: Subtract 0.6%: at ₹22,450 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.
- + 1.3%: Add 1.3%: few unsold homes in the area (8 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).
- + 0.2%: Add 0.2% for this project itself: unfinished homes are worth more once they are complete.
- = 8.7%: Result: about 8.7% a year, so a home worth ₹4.26 Cr today would be worth about ₹6.48 Cr in 5 years. We are 57% confident in the evidence behind this.

## Returns over 8 years
- Cash put in: ₹3.19 Cr. Exit value in year 8: ₹8.12 Cr. Net sale after loan and costs: ₹5.24 Cr. Net rent after running costs: ₹99.3 L. Loan: ₹3.36 Cr (EMI ₹2.9 L per month). All-in cost: ₹4.98 Cr (other charges ₹14.4 L, GST ₹21.3 L, stamp duty and registration ₹28.1 L, interiors ₹22.0 L).

## Exit plans compared
- Sell at handover, no interiors (1 years): IRR -27.2%, net-wealth CAGR -27.2%, cash in ₹1.42 Cr, net rent ₹3.7 L, net sale ₹1.28 Cr.
- Hold bare, rent unfurnished (8 years): IRR 8.2%, net-wealth CAGR 6.2%, cash in ₹3.09 Cr, net rent ₹84.8 L, net sale ₹5.22 Cr. Best IRR.
- Hold, do interiors, rent & sell fitted (8 years): IRR 7.7%, net-wealth CAGR 5.9%, cash in ₹3.19 Cr, net rent ₹99.3 L, net sale ₹5.24 Cr.

## Financial and legal due diligence (public record)
Phase 2 tower, RERA PRM/KA/RERA/1251/310/PR/041123/006369. Public records only; quarterly RERA certificates not retrieved.

### At a glance
- [POSITIVE] On its original RERA completion date: 2026-12-31
- 79% built per the latest filing; 167/168 homes booked
- [POSITIVE] No RERA complaints on this project; 0 on the promoter overall
- [POSITIVE] No litigation declared in RERA filings
- [WATCH] Land (8.25 acres) is owned by Chalet Hotels Ltd, a listed K Raheja Corp group company; development is by K Raheja Corp Homes, with K Raheja Corp Real Estate Pvt Ltd reported as the RERA promoter for Phase 2.
- [WATCH] K Raheja Corp Real Estate Pvt Ltd is rated CARE A / CARE A1 but placed on “Rating Watch with Developing Implications” (22 Jun 2026) while the group reorganises its real-estate business.
- [POSITIVE] Promoters have infused over ₹3,500 cr of equity in FY25–26 and over ₹5,000 cr cumulatively; group bookings exceed ₹6,000 cr (~50% of the ongoing portfolio).
- [WATCH] The residential vertical is “moderately leveraged”: debt funds ~50% of project cost and inventory overhang is expected to stay above 24 months (CARE).
- [POSITIVE] Phase 1 towers hold occupancy certificates; Phase 2 registration runs to 31 Dec 2026 with no extension recorded.
- [POSITIVE] No NCLT proceeding located against K Raheja Corp entities. Do not confuse with “Raheja Developers Ltd” (Delhi, unrelated), admitted to insolvency in Nov 2024.

### Risk meters (rule-based)
- Delivery timeline: 9/10. no extensions, no overdue dates on the RERA file
- 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; last quarter withdrew ₹67.50 cr against ₹24.12 cr collected (−1); 99% of homes booked (+1)
- Developer strength: 8/10. CARE A/Rating Watch (Developing) (K Raheja Corp Real Estate)

### Red flags to resolve in writing
1. Promoter entity on rating watch pending a group reorganisation; the counterparty’s post-reorganisation balance sheet is not yet known.
2. Land owner and developer are different group companies: confirm the tripartite structure and the land owner’s obligations in the agreement.
3. Project-level escrow and progress certificates were not reviewed.

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

### Credit ratings
- K Raheja Corp Real Estate (group residential arm): CARE A / Rating Watch (Developing) (2026-06)
- Chalet Hotels Ltd (RERA promoter, listed): listed company; bank facilities rated by ICRA/CRISIL at investment grade (not retrieved)
- Mindspace Business Parks REIT (group): CRISIL AAA / Stable (2025-02)

### Questions to put to the developer
1. Which entity is the promoter on the agreement, and does Chalet Hotels sign as land owner/confirming party?
2. Share the latest Form 4/Form 5 for Phase 2 and the escrow deposit ratio.
3. What changes for buyers if KRCREPL’s consolidation or demerger alters the promoter entity?
4. What compensation applies if handover passes 31 Dec 2026?

### Filed record
**Who you contract with**
- Land owner: Chalet Hotels Ltd (NSE: CHALET), 8.25 acres, Koramangala 3rd Block
- Developer / promoter: K Raheja Corp Homes; RERA promoter reported as K Raheja Corp Real Estate Pvt Ltd (KRCREPL). Confirm the exact promoter and the land owner’s consent on the agreement [amber]
- Group: K Raheja Corp (Chandru Raheja family): Mindspace REIT (CRISIL AAA), Chalet Hotels, Shoppers Stop, Inorbit; 60+ msf developed

**Group finances and ratings**
- CARE Ratings — KRCREPL: CARE A (RWD) on ₹2,725 cr long-term facilities; CARE A / A1 (RWD) on ₹275 cr; 22 Jun 2026 [amber]
- Why on watch: Ongoing consolidation into a development-company model; several entities acquired in FY26, more proposed; a demerger pending; post-consolidation financials not yet known [amber]
- Operations: Portfolio 8.5 msf residential + 6 msf commercial under construction; bookings > ₹6,000 cr (~50%); ~48% of project cost incurred to Dec 2025
- Leverage: Residential project cost > ₹6,500 cr, ~50% debt-funded; committed receivables cover ~35% of balance cost plus debt; debt expected to rise with launches [amber]
- Support: Promoter equity > ₹3,500 cr in FY25–26; > ₹5,000 cr cumulative; > ₹900 cr annual dividends from Mindspace REIT to the group [green]
- Rating triggers: Downgrade if external debt/collections of the residential vertical exceeds 3× on a sustained basis or sales momentum weakens

**Project record**
- RERA (Phase 2): Registered Nov 2023; completion 31 Dec 2026; no extension recorded [green]
- Phase 1: Four towers with occupancy certificates; project of 9 towers, 300+ homes overall
- Escrow / Form 4: Not retrieved; ask for the latest CA certificate and physical progress [amber]
- Litigation: None located for the project; not verified against RERA complaint or court registers [amber]

**Insolvency and name confusion**
- NCLT / IBBI: No proceeding located against K Raheja Corp Real Estate, K Raheja Corp Pvt Ltd or Chalet Hotels [green]
- Unrelated entity: Raheja Developers Ltd (New Delhi, Navin Raheja) was admitted to CIRP in Nov 2024 on homebuyer petitions; it has no connection to K Raheja Corp or Vivarea

**RERA file · Phase 2**
- Registration: PRM/KA/RERA/1251/310/PR/041123/006369 · promoter CHALET HOTELS LIMITED (Company) · U55101MH1986PLC038538
- Dates: Start 2023-03-01 · original completion 2026-12-31 · no extensions [green]
- Progress: 79% complete per quarterly filing Q1 2026-27 (submitted 2026-07-15) · 167 of 168 homes booked (1 available)
- Registered cost: Total ₹248 cr · land ₹0.00 cr · construction ₹178 cr
- Borrowing / mortgage declared: Borrowing: No
- RERA bank account: HDFC, Richmond Road Branch (70% construction account)
- Plan sanction: BBMP/Addl.Dir/JDSOUTH/0040/2022-23 dated 2023-01-11 · BBMP - Bruhat Bengaluru Mahanagara Palike
- Land & towers: 1.57 acres (6,343 sq m) · G ANNEX 3 homes, 9 floors; K 94 homes, 11 floors; L 71 homes, 11 floors
- Land owners / co-promoters: 1 BHIK (11%, Sy 40); 1 BHIK (12%, Sy 41); 1 BHIK (12%, Sy 41); Total No. of Units (3%, Sy No. of Stilts); No. of Basement (2%, Sy Total No. of Parking); 134 (2%, Sy 2); 134 (2%, Sy 3); 134 (2%, Sy Tower Name) +2 more [amber]
- 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]
- Owners’ association: Formed
- Completion applied: 19/12/2020

**RERA file · Phase 1**
- Registration: PRM/KA/RERA/1251/310/PR/171125/000528 · promoter CHALET HOTELS LIMITED (Company) · EX/PRM/KA/RERA/1251/310/PR/230525/000528
- Dates: Start 2010-08-23 · original completion 2022-07-31 · 2 extensions: Section 6 Extension → 2024-04-30, Further Extension → 2025-07-10 [amber]
- Status: Completed and occupied (per project status); RERA progress fields below are historical [green]
- Registered cost: Total ₹552 cr · land ₹165 cr · construction ₹387 cr
- RERA bank account: HDFC, Richmond Road - Bangalore (70% construction account)
- Money at registration: collected ₹274 cr · used ₹504 cr · balance ₹0.00 cr · delay declared: Yes (Cancellation of height NOC by HAL)
- Land & towers: 8.22 acres (33,285 sq m) · A 20 homes, 10 floors; B 10 homes, 10 floors; C 10 homes, 10 floors; D 20 homes, 10 floors; E 20 homes, 10 floors; F 20 homes, 10 floors; G 10 homes, 10 floors; H 21 homes, 10 floors; J 22 homes, 10 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
- CARE Ratings press release, K Raheja Corp Real Estate Pvt Ltd, 22 Jun 2026
- K Raheja Corp / Chalet Hotels announcements on the Koramangala project; Chalet Hotels BSE filings
- CRISIL rationale for Mindspace Business Parks REIT (Feb 2025)
- Listing portals for RERA number, phase status and OC
- Public reports on Raheja Developers Ltd insolvency (Nov 2024) — cited only to distinguish the entities
- Caveats: Group figures are consolidated CARE figures as of Dec 2025–Mar 2026. RERA promoter name is from listings, not the RERA file. Nothing here is legal, tax or investment advice.

## Assumptions used
- Price ₹22,450 per sq ft × 1,835 sq ft; other charges 3.5%; GST 5%; stamp duty + registration 6.6%; loan 75% at 8.5% for 20 years; rent ₹1,40,000 per month growing 5.0% a year with 5% vacancy; maintenance ₹7 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/raheja-vivarea.json; printable due-diligence report at https://property-lens.ai/dd/raheja-vivarea.

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