# The Secret Lake — Equinox Global Shelters, Devanahalli / Airport Road / Bagalur, Bengaluru

Source: https://property-lens.ai/p/the-secret-lake-007646 (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: 42/100 (50 = the average analysed Bengaluru project, 12 points = one standard deviation). Evidence confidence 55%.
- Projected price growth: 11.6% per year over 5 years (likely range 8.1%–15.0%); 10.7% per year over 10 years.
- Net-wealth CAGR: 9.7% per year over an 8-year hold with a 75% loan at 8.5%. Cash-flow IRR: 16.4% (all-cash 13.1%). Gross rental yield: 0.0%.
- Status: under construction, RERA handover 2030-03-31. Type: plot, mid segment. Developer: Equinox Global Shelters (#191 in Bengaluru by RERA registrations).
- Address: SY NO.S: 16/1A, 25/4, 25/5, 26/2, 26/3, 27/1, 27/2, 29/1, 29/2, 29/3, 30/1, 30/2, 137, 32/2, 32/3, 32/5, 32/6, 32/7, 32/8, 33/1, 33/2, 33/3, 33/4 , 33/5 OF JUTTANAHALLI VILLAGE, SY NO.S: 99/1, 99/3, 100/1, 100/2, 100/3, 101/1, 101/2, 102/1, 102/2, 187, 189 OF JALIGE VILLAGE, SY NO.S: 26/3, 26/4 OF ARDESHANAHALLI VILLAGE, KUNDANA HOBLI. Homes: not filed. Land: not filed. Launched: 2025.
- RERA registrations: PRM/KA/RERA/1250/303/PR/020425/007646.

## Homes on offer

| Home | Carpet (sq ft) | Super built-up (sq ft) | Price per sq ft | Price | Rent per month |
|---|---|---|---|---|---|
| Plot | 1,199 | 1,200 | ₹3,450 (assumed) | ₹41.4 L | — |
| Plot | 1,499 | 1,500 | ₹3,450 (assumed) | ₹51.8 L | — |
| Plot | 1,612 | 1,610 | ₹3,450 (assumed) | ₹55.5 L | — |
| Plot | 1,799 | 1,800 | ₹3,450 (assumed) | ₹62.1 L | — |

## Score factors (this home vs the Bengaluru average)
- Price vs comparables: 7.2/10 (city average 6.2, +0.8 points), confidence 35%. ₹3,450 psf vs mid comps ₹6,500 (-47%; 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: 3.0/10 (city average 6.0, −5.9 points), confidence 38%. Gross yield 0.0% (₹0 psf/month); locality rental demand 6/10.
- Resale liquidity: 6.4/10 (city average 7.6, −2.1 points), confidence 50%. Locality resale depth 6/10; ticket ₹0.41 Cr narrows the buyer pool; UC resale needs builder NOC.
- Employment access: 1.5/10 (city average 5.2, −7.6 points), confidence 85%. Drive times now (Google Maps, 2026-09-16): Manyata Tech Park 58 min, Hebbal (Kirloskar) 59 min, MG Road (CBD) 77 min, ITPL Whitefield 87 min; 0 of 7 major hubs within 30 min; 15 msf office pipeline (3 yr).
- Metro, bus, rail & airport: 4.0/10 (city average 4.8, −1.3 points), confidence 60%. none; Blue Line airport terminal station under construction; Airport City (Blue Line) ~2027; airport ~42 min by road now (Google Maps); .
- Schools, hospitals, daily needs: 5.0/10 (city average 7.0, −2.0 points), confidence 50%. Locality social-infrastructure index (interim, expert-set; POI distances pending Maps integration).
- Builder delivery & handover risk: 4.8/10 (city average 3.7, +2.6 points), confidence 60%. Equinox Global Shelters: 3+ projects, on-time 63% (derived); handover 2030-03-31 (RERA); within the RERA timeline, work on schedule (39 pts).
- Layout, size, age, amenities, maintenance: 7.0/10 (city average 7.3, −0.4 points), confidence 50%. 60 units/acre; carpet/SBA ~72%; maintenance ~₹3.5 psf/month (assumed).
- Water, flooding, noise, infrastructure: 5.8/10 (city average 5.8, −0.1 points), confidence 50%. Plotted-development heavy; social infrastructure still thin
- Legal, title & approvals: 4.4/10 (city average 7.4, −6.1 points), confidence 55%. RERA registered; litigation: 2 case(s) declared; approvals: Plan BIAAPA /TP/ LAO/40/ 2024-25 dated 2025-03-12; 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, +14.0 points), confidence 56%. Model 5-yr price CAGR 11.6% (range 8.1–15.0%).

## 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.
- + 1.2%: Add 1.2%: prices here rose 14.0% a year recently (2023-06 to 2026-06). Some of that pace continues, but it fades each year.
- − 0.4%: Subtract 0.4%: at ₹3,450 per sq ft, fewer families can afford to buy here, which slows further rises.
- + 2.4%: Add 2.4%: 15 million sq ft of new offices nearby means more people wanting homes here.
- + 0.0%: Supply and demand are balanced here (17 months of unsold stock).
- + 0.3%: Add 0.3% for new roads, metro and water lines, weighted by how likely they are to actually finish: Blue Line KR Puram–Hebbal–Airport (construction, 2027); Satellite Town Ring Road (construction, 2028); Bagalur ITIR / Aerospace expansion (planned, 2030).
- + 2.1%: Add 2.1% 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 ₹42.2 L today would be worth about ₹73.0 L in 5 years. We are 56% confident in the evidence behind this.

## Returns over 8 years
- Cash put in: ₹30.0 L. Exit value in year 8: ₹97.0 L. Net sale after loan and costs: ₹66.7 L. Net rent after running costs: ₹-0.9 L. Loan: ₹31.7 L (EMI ₹0.3 L per month). All-in cost: ₹45.0 L (other charges ₹0.8 L, GST ₹0.0 L, stamp duty and registration ₹2.8 L).

## Financial and legal due diligence (public record)
Automated from the Karnataka RERA file PRM/KA/RERA/1250/303/PR/020425/007646 and 3 quarterly filings. Prices and rents are locality estimates, not verified listings.

### At a glance
- [POSITIVE] On its original RERA completion date: 2030-03-31
- 68% built per the latest filing; 0/0 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)

### Risk meters (rule-based)
- Delivery timeline: 9/10. no extensions, no overdue dates on the RERA file
- Legal & complaints: 4.5/10. 1 court case declared in filings (−1.5); an injunction/stay is recorded (−2); land litigation declared “Yes” on a registration (−1)
- Money to finish: 8/10. finance cost is 1% of the registered budget; last quarter: collected ₹23.58 cr, withdrew ₹12.62 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 (252/2019, 252/2019); 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); 0 on the promoter entity across projects.

### Credit ratings
- EQUINOX GLOBAL SHELTERS: 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 — 2030-03-31 — and what is the per-month delay compensation?
4. What do the declared cases (252/2019, 252/2019) 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/1250/303/PR/020425/007646 · promoter EQUINOX GLOBAL SHELTERS (Partnership Firm) · 46/7/CE/1130/2018
- Dates: Start 2025-04-01 · original completion 2030-03-31 · no extensions [green]
- Progress: 68% complete per quarterly filing Q1 2026-27 (submitted 2026-07-14) · 0 of 0 homes booked (0 available)
- Registered cost: Total ₹402 cr · construction ₹161 cr · bank principal+interest ₹5.16 cr
- Borrowing / mortgage declared: Borrowing: No
- RERA bank account: Axis Bank, Sahakarnagar (70% construction account)
- Plan sanction: BIAAPA /TP/ LAO/40/ 2024-25 dated 2025-03-12 · BIAPPA - Bangalore Airport Area Planning Authority
- Land owners / co-promoters: Equinox Global Shelter (100.0%, Sy 25/4); C Chethan Kumar (100.0%, Sy 25/5); Chethan Kumar C (100.0%, Sy 26/2); C Chethan Kumar (100.0%, Sy 26/3); Equinox Global Shelter (100.0%, Sy 27/1); C Chethan Kumar (100.0%, Sy 27/2); Basavaraju (100.0%, Sy 29/1); Bachappa (100.0%, Sy 29/2) +15 more [amber]
- Litigation declared: OS 252/2019, Senior Civil Judge and JMFCat Devanahalli — injunction/stay recorded [red]
- Owners’ association: Not yet formed
- Completion applied: 19/12/2020

### Sources and caveats
- Karnataka RERA project record PRM/KA/RERA/1250/303/PR/020425/007646 (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 ₹3,450 per sq ft × 1,200 sq ft; other charges 2.0%; GST 0%; stamp duty + registration 6.6%; loan 75% at 8.5% for 20 years; rent ₹0 per month growing 5.0% a year with 5% vacancy; maintenance ₹0.3 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/the-secret-lake-007646.json; printable due-diligence report at https://property-lens.ai/dd/the-secret-lake-007646.

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