# Skylark Ithaca — Skylark, Whitefield (Hoodi / Varthur Road), Bengaluru

Source: https://property-lens.ai/p/skylark-ithaca-000308 (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: 47/100 (50 = the average analysed Bengaluru project, 12 points = one standard deviation). Evidence confidence 56%.
- Projected price growth: 9.7% per year over 5 years (likely range 6.2%–13.1%); 8.7% 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: 10.5% (all-cash 10.0%). Gross rental yield: 3.7%.
- Status: under construction, RERA handover 2030-12-31. Type: apartment, mid segment. Developer: Skylark (#105 in Bengaluru by RERA registrations).
- Address: Kurudusonnehaalli & Kodigehalli, K.R Puram. Homes: 1761. Land: 19.67 acres. Launched: 2014.
- RERA registrations: PRM/KA/RERA/1251/446/PR/170915/000308.

## Homes on offer

| Home | Carpet (sq ft) | Super built-up (sq ft) | Price per sq ft | Price | Rent per month |
|---|---|---|---|---|---|
| Home | 759 | 1,025 | ₹8,950 (assumed) | ₹91.7 L | ₹29,000 (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: 7.3/10 (city average 6.0, +2.7 points), confidence 38%. Gross yield 3.8% (₹28 psf/month); locality rental demand 9/10.
- Resale liquidity: 8.2/10 (city average 7.6, +1.1 points), confidence 60%. Locality resale depth 9/10; ticket ₹0.92 Cr narrows the buyer pool; UC resale needs builder NOC; 1761-home project gives deep resale comps; RERA sales pace ratio 0.57.
- Employment access: 7.9/10 (city average 5.2, +5.4 points), confidence 85%. Drive times now (Google Maps, 2026-09-16): ITPL Whitefield 11 min, ORR Bellandur (Ecospace) 33 min, Manyata Tech Park 37 min, MG Road (CBD) 41 min; 1 of 7 major hubs within 30 min; 9 msf office pipeline (3 yr).
- Metro, bus, rail & airport: 6.3/10 (city average 4.8, +2.8 points), confidence 60%. Purple Line stations Hoodi–Kadugodi; no planned station within 2 km; airport ~59 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: 0.0/10 (city average 3.7, −9.5 points), confidence 60%. Skylark: 5+ projects, on-time 35% (derived); handover 2030-12-31 (RERA); within the RERA timeline, 2 extensions, work behind schedule (-66 pts).
- Layout, size, age, amenities, maintenance: 7.3/10 (city average 7.3, −0.0 points), confidence 55%. 90 units/acre; carpet/SBA ~72%; maintenance ~₹3.5 psf/month (assumed); filed construction cost ₹4,896 per sq ft (premium spec).
- Water, flooding, noise, infrastructure: 6.4/10 (city average 5.8, +1.3 points), confidence 50%. Cauvery Stage V reached parts of Whitefield in 2024-25; Varthur/Hoodi low-lying pockets flood
- Legal, title & approvals: 4.4/10 (city average 7.4, −6.1 points), confidence 55%. RERA registered; litigation: 1 case(s) declared; approvals: RERA registered; title: not verified. Due-diligence report lists 2 red flags (−1.6 pts).
- Expected price growth (5-yr CAGR model): 5.7/10 (city average 6.0, −1.7 points), confidence 56%. Model 5-yr price CAGR 9.7% (range 6.2–13.1%).

## Why prices should grow about 9.7% a year
- + 6.0%: Start with 6.0% a year: the normal long-run growth of Bengaluru home prices.
- + 0.7%: Add 0.7%: prices here rose 10.6% 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.
- + 1.6%: Add 1.6%: 9 million sq ft of new offices nearby means more people wanting homes here.
- + 0.3%: Add 0.3%: few unsold homes in the area (15 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: Purple Line Whitefield extension (2023) (operational, 2023); Peripheral Ring Road (planned, 2030); Cauvery Stage V water (construction, 2027).
- + 0.9%: Add 0.9% for this project itself: unfinished homes are worth more once they are complete.
- = 9.7%: Result: about 9.7% a year, so a home worth ₹94.9 L today would be worth about ₹1.51 Cr in 5 years. We are 56% confident in the evidence behind this.

## Returns over 8 years
- Cash put in: ₹71.7 L. Exit value in year 8: ₹1.88 Cr. Net sale after loan and costs: ₹1.19 Cr. Net rent after running costs: ₹7.7 L. Loan: ₹74.8 L (EMI ₹0.6 L per month). All-in cost: ₹1.18 Cr (other charges ₹3.2 L, GST ₹4.7 L, stamp duty and registration ₹6.3 L, interiors ₹12.3 L).

## Exit plans compared
- Sell at handover, no interiors (5 years): IRR 17.4%, net-wealth CAGR 10.5%, cash in ₹38.8 L, net rent ₹0.7 L, net sale ₹73.5 L. Best IRR.
- Hold bare, rent unfurnished (8 years): IRR 13.0%, net-wealth CAGR 7.8%, cash in ₹60.2 L, net rent ₹6.4 L, net sale ₹1.15 Cr.
- Hold, do interiors, rent & sell fitted (8 years): IRR 10.5%, net-wealth CAGR 5.9%, cash in ₹71.7 L, net rent ₹7.7 L, net sale ₹1.19 Cr.

## Financial and legal due diligence (public record)
Automated from the Karnataka RERA file PRM/KA/RERA/1251/446/PR/170915/000308 and 1 quarterly filing. Prices and rents are locality estimates, not verified listings.

### At a glance
- [WATCH] Registration extended 2× — from 2019-12-31 to 2030-12-31
- 34% built per the latest filing; 998/1761 homes booked
- [RED FLAG] 144 RERA complaints on this project (1 open); 144 on the promoter overall
- [WATCH] 1 court case declared in RERA filings (no stay recorded)

### Risk meters (rule-based)
- Delivery timeline: 5/10. 2 extensions on the registration (−4)
- Legal & complaints: 5.5/10. 1 court case declared in filings (−1.5); an injunction/stay is recorded (−2); 1 still open
- Money to finish: 8/10. finance cost is 0% of the registered budget; last quarter: collected ₹0.00 cr, withdrew ₹0.00 cr
- Developer strength: 5/10. no public credit rating for the promoter

### Red flags to resolve in writing
1. Registration extended 2 times: original completion 2019-12-31, now 2030-12-31.
2. 1 court case declared in RERA filings (389 and 314/2019); check for stays and title impact.

### Complaints and disputes
- 144 complaints on this project at K-RERA (1 open); 144 on the promoter entity across projects. Subjects raised: Exit from the Project and Refund; REFUND OF MONIES WITH INTERESTS; Booking amount Due on Builder; Refund for T9-202; Violation under section 4; Refund of advance paid along with total outstanding to loan account , and compensation.

### Credit ratings
- Ithaca Estates 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 — 2030-12-31 — and what is the per-month delay compensation?
4. What do the declared cases (389 and 314/2019) 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/1251/446/PR/170915/000308 · promoter Ithaca Estates Private Limited (Company) · PRM/KA/RERA/1251/446/PR/170915/000308
- Dates: Start 2014-08-25 · original completion 2019-12-31 · 2 extensions: Section 6 Extension → 2020-12-31, Further Extension → 2030-12-31 [amber]
- Progress: 34% complete per quarterly filing Q3 2025-26 (submitted 2026-02-18) · 998 of 1761 homes booked (763 available)
- Registered cost: Total ₹764 cr · land ₹12.73 cr · construction ₹752 cr
- RERA bank account: ICICI Bank, Commissariat Road (70% construction account)
- Money at registration: collected ₹384 cr · used ₹359 cr · balance ₹0.00 cr · delay declared: No
- Land & towers: 19.67 acres (79,621 sq m) · Tower 1 113 homes, 19 floors; Tower 2 115 homes, 19 floors; Tower 3 115 homes, 19 floors; Tower 4 75 homes, 19 floors; Tower 5 115 homes, 19 floors; Tower 6 115 homes, 19 floors; Tower 7 76 homes, 19 floors; Tower 8 79 homes, 19 floors; Tower 9 116 homes, 19 floors; Tower 10 117 homes, 19 floors; Tower 11 115 homes, 19 floors; Tower 12 (Phase II) 89 homes, 14 floors; Tower 13 (Phase II) 89 homes, 14 floors; Tower 14 (Phase II) 89 homes, 14 floors; Tower 15 (Phase II) 89 homes, 14 floors; Tower 16 (Phase II) 89 homes, 14 floors; Tower 17 (Phase II) 55 homes, 13 floors; Tower 18 (Phase II) 55 homes, 13 floors; Tower 19 (Phase II) 55 homes, 13 floors
- Litigation declared: NCLT 389 and 314/2019, NCLT — injunction/stay recorded [red]
- Owners’ association: Not yet formed
- Completion applied: 19/12/2020

**Complaint log (K-RERA) · 144 on this project**
- 2025-04-02 · 00566/2025: Exit from the Project and Refund — POSTED FOR ORDERS AUTHORITY BENCH4 [amber]
- 2024-06-04 · 00531/2024: REFUND OF MONIES WITH INTERESTS — DISPOSED AUTHORITY BENCH5 (AUTHORITY)
- 2023-09-02 · 01325/2023: Booking amount Due on Builder — DISPOSED AUTHORITY FULLBENCH (AUTHORITY)
- 2022-03-28 · CMP/220328/0009272: Refund for T9-202 — DISPOSED AUTHORITY BENCH5 (AUTHORITY)
- 2021-07-20 · CMP/210720/0008144: Violation under section 4 — DISPOSED AUTHORITY FULLBENCH (AUTHORITY)
- 2021-06-14 · CMP/210614/0007996: Refund of advance paid along with total outstanding to loan account , and compensation — DISPOSED AUTHORITY FULLBENCH (AUTHORITY)
- 2021-06-01 · CMP/210601/0007972: Breach of agreement,Fraud — DISPOSED AUTHORITY FULLBENCH (AUTHORITY)
- 2021-05-29 · CMP/210529/0007966: Refund and compensation — DISPOSED AUTHORITY FULLBENCH (AUTHORITY)
- 2021-03-04 · CMP/210304/0007746: Exit from project — DISPOSED AUTHORITY FULLBENCH (AUTHORITY)
- 2021-03-02 · CMP/210302/0007714: Refund of flat booked amount and Pre EMI — DISPOSED AUTHORITY FULLBENCH (AUTHORITY)
- 2021-03-02 · CMP/210302/0007719: Refund of flat booked amount and Pre EMI — DISPOSED AUTHORITY FULLBENCH (AUTHORITY)
- 2021-02-22 · CMP/210222/0007677: Refund of flat booked amount and Pre EMI — DISPOSED AUTHORITY FULLBENCH (AUTHORITY)
- 2021-02-19 · CMP/210219/0007647: Refund of flat booked amount and Pre EMI — DISPOSED AUTHORITY FULLBENCH (AUTHORITY)
- 2021-02-18 · CMP/210218/0007614: Refund of advance , claim opportunity cost, cloasing of loan — DISPOSED AUTHORITY FULLBENCH (AUTHORITY)
- 2021-02-15 · CMP/210215/0007641: Refund and Compensation from SKylark Ithaca — DISPOSED AUTHORITY FULLBENCH (AUTHORITY)
- 2021-02-01 · CMP/210201/0007549: refund and exit from the project SKYLARK ITHAKA — DISPOSED AUTHORITY FULLBENCH (AUTHORITY)
- 2021-01-08 · CMP/210108/0006055: Refund of Amount As per the Exit Clause Agreed with the Builder and Bankruptcy Filled by the Builder — DISPOSED AUTHORITY FULLBENCH (AUTHORITY)
- 2020-11-03 · CMP/201103/0007006: Refund, Compensation and Cancellation of Agreement — DISPOSED AUTHORITY FULLBENCH (AUTHORITY)
- 2020-09-02 · CMP/200902/0006496: Refund of Booking amount — DISPOSED AUTHORITY FULLBENCH (AUTHORITY)
- 2020-08-29 · CMP/200829/0006326: Non-completion of project evenafter delay of 3 yrs + non-payment of pre-emi as per sub-version agreemment — DISPOSED AUTHORITY FULLBENCH (AUTHORITY)
- 2020-08-24 · CMP/200824/0006256: Exit from the project and Compensation — DISPOSED AUTHORITY FULLBENCH (AUTHORITY)
- 2020-08-24 · CMP/200824/0006348: Exit/ Withdraw from the project, refund and compensation — DISPOSED AUTHORITY FULLBENCH (AUTHORITY)
- 2020-08-23 · CMP/200823/0006402: Breach of Agreement and non remittance of PRE-EMI — DISPOSED AUTHORITY FULLBENCH (AUTHORITY)
- 2020-08-16 · CMP/200816/0006330: Exit from project, seeking compensation and closure of loan, reimbursement of PRE-EMi etc — DISPOSED AUTHORITY FULLBENCH (AUTHORITY)
- 2020-07-20 · CMP/200720/0006239: Cancellation of Agreement, compensation for delay in possession — DISPOSED AUTHORITY FULLBENCH (AUTHORITY)

### Sources and caveats
- Karnataka RERA project record PRM/KA/RERA/1251/446/PR/170915/000308 (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 × 1,025 sq ft; other charges 3.5%; GST 5%; stamp duty + registration 6.6%; loan 75% at 8.5% for 20 years; rent ₹29,000 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/skylark-ithaca-000308.json; printable due-diligence report at https://property-lens.ai/dd/skylark-ithaca-000308.

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