DNR Spring Leaf
DNR Group · Koramangala (Ejipura / S.T. Bed)
Home analysed: 2.5 BHK · 1,439 sq ft (853 carpet). Financing: 75% loan at 8.5% over 20 years, 8-year hold, interiors fitted before letting. Every number states whether it was observed from a source or assumed. Score of 50 = the average analysed Bengaluru project; 12 points = one standard deviation.
Price edits apply to · · ▲ 6% since Sep 2025
In plain words
Each home is marked on 11 things a careful buyer checks, then compared with every project we analyse in Bengaluru: 50 is the average project, 62 beats about five in six. Here is what lifts this one and what drags it:
- +Rental demand & yield · 7/8 pts
Rent pays back 4.8% of the price every year, better than the usual 3% in Bengaluru. Tenant demand here is very strong. - +Resale liquidity · 3/4 pts
Plenty of buyers can afford a ₹2.32 Cr home, and homes in Koramangala resell quickly. - +Employment access · 6/9 pts
Drive times right now: Koramangala (Forum) 14 min, ORR Bellandur (Ecospace) 21 min, MG Road (CBD) 25 min; ITPL Whitefield 42 min. About 3 million sq ft of new offices are planned nearby in 3 years. - −Legal, title & approvals · -3/5 pts
Registered with Karnataka RERA; no court cases reported; land title not yet verified by us, so get a lawyer to check. The due-diligence report below flags 3 items in red. - −Layout, size, age, amenities, maintenance · -1/3 pts
Moderately dense layout (59 homes per acre); about 62% of the area you pay for is usable carpet area. Maintenance ~₹4.5 per sq ft a month. - −Expected price growth (5-yr CAGR model) · -9/24 pts
We expect prices here to rise about 8.6% a year for the next 5 years (explained below).
All 11 checks
- •Price vs comparables · -2/9 pts
Costs 19% more than similar premium homes nearby (₹16,100 vs ~₹13,500 per sq ft). - +Rental demand & yield · 7/8 pts
Rent pays back 4.8% of the price every year, better than the usual 3% in Bengaluru. Tenant demand here is very strong. - +Resale liquidity · 3/4 pts
Plenty of buyers can afford a ₹2.32 Cr home, and homes in Koramangala resell quickly. - +Employment access · 6/9 pts
Drive times right now: Koramangala (Forum) 14 min, ORR Bellandur (Ecospace) 21 min, MG Road (CBD) 25 min; ITPL Whitefield 42 min. About 3 million sq ft of new offices are planned nearby in 3 years. - •Metro, bus, rail & airport · 1/9 pts
The nearest working metro, Central Silk Board, is 3.3 km away; Koramangala (Phase 3A Sarjapur–Hebbal) is planned for ~2033. Airport is about 60 minutes by road right now. - •Schools, hospitals, daily needs · -0/3 pts
Schools: St. Joseph's Boys' High School, Bishop Cotton Boys' School, Neev Academy. Hospitals: Manipal Hospitals (3.3 km), Narayana Hospital, HSR Layout (2.9 km). Daily needs: DMart Koramangala (0.1 km), Sowbhagya Traders (1.3 km); malls: Nexus Koramangala Mall (2.6 km), Gopalan Innovation Mall (4.3 km). - •Builder delivery & handover risk · 5/15 pts
DNR Group has finished 8+ projects and delivered on time about 60% of the time. This home is ready, so there is no waiting risk. - •Layout, size, age, amenities, maintenance · -1/3 pts
Moderately dense layout (59 homes per acre); about 62% of the area you pay for is usable carpet area. Maintenance ~₹4.5 per sq ft a month. - •Water, flooding, noise, infrastructure · -1/8 pts
This pocket has flooded before; water supply is reliable piped supply; noticeable traffic or aircraft noise. - •Legal, title & approvals · -3/5 pts
Registered with Karnataka RERA; no court cases reported; land title not yet verified by us, so get a lawyer to check. The due-diligence report below flags 3 items in red. - −Expected price growth (5-yr CAGR model) · -9/24 pts
We expect prices here to rise about 8.6% a year for the next 5 years (explained below).
We build the forecast step by step, starting from what Bengaluru homes normally do and adjusting for this area and this project:
- + 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.
Which exit suits you?
Interiors change both the rent you get and what you recover at sale. Same price, same loan; only the strategy changes:
| Strategy | Hold | IRR / yr | Wealth CAGR / yr | Cash you put in | Net rent | Net sale | Apply |
|---|---|---|---|---|---|---|---|
| No interiors, rent unfurnished best IRR Skip interiors; rent 12% lower than a fitted home; sell after 8 yrs with no interiors value. | 8 yrs | 10.3% | 8.1% | ₹1.58 Cr | ₹62.1 L | ₹3.04 Cr | |
| Do interiors, rent & sell fitted selected Spend ₹800/sq ft on interiors, earn full rent, recover ~40% of interiors cost at sale (fading over 10 yrs). | 8 yrs | 9.8% | 8.0% | ₹1.61 Cr | ₹72.2 L | ₹3.05 Cr |
IRR and CAGR are per year over the hold shown. A short hold can show a high IRR on a small absolute gain; compare the net-sale column too. Selling before registration usually needs the builder’s transfer NOC and a fee.
Homes on offer
Every unit type on the RERA inventory or price list. Prices marked “assumed” are locality-model estimates until a listing is verified.
| Home | Carpet | Super built-up | Price / sq ft | Price | Rent / month | Units |
|---|---|---|---|---|---|---|
| 2.5 BHK 1,439 sq ft (853 carpet) | 853 sq ft | 1,439 sq ft | ₹16,100 observed | ₹2.32 Cr | ₹95,000 observed | — |
| 3 BHK compact 1,230 sq ft | 830 sq ft | 1,230 sq ft | ₹16,100 observed | ₹1.98 Cr | ₹85,000 observed | — |
| 3 BHK 1,815 sq ft (1,170 carpet) | 1,170 sq ft | 1,815 sq ft | ₹16,100 observed | ₹2.92 Cr | ₹1,30,000 observed | — |
| 3 BHK large 1,884 sq ft | 1,220 sq ft | 1,884 sq ft | ₹21,231 observed | ₹4.00 Cr | ₹1,35,000 observed | — |
| 4 BHK 2,167 sq ft | 1,420 sq ft | 2,167 sq ft | ₹16,100 observed | ₹3.49 Cr | ₹1,70,000 observed | — |
| 4 BHK 2,357 sq ft (1,546 carpet) | 1,546 sq ft | 2,357 sq ft | ₹16,100 observed | ₹3.80 Cr | ₹1,70,000 observed | — |
Highlights
- Ready 59-home boutique tower in Koramangala’s S.T. Bed; resale asking ~₹16,100 psf (Jun 2026), up 6% since Sep 2025
- Rent from day one in the city’s strongest rental cluster (3 BHK ~₹1.3 L/month)
- Flood exposure (S.T. Bed, Sept 2022) is the single biggest risk in this pocket
Assumptions used prefilled
These are the inputs behind every number above. Open the project page to change any of them.
Purchase
FinancingLoan 75% · cash 25% · EMI ₹1.6 L/mo
Rent & running costs
Interiors & exit
Returns over 8 years · with interiors
| Year | Purchase | Loan in | Rent (net of vacancy) | Opex | Debt service | Sale − loan | Net cash |
|---|---|---|---|---|---|---|---|
| Today | -2.70 Cr | 1.80 Cr | 0.0 L | 0.0 L | 0.0 L | 0.0 L | -90.6 L |
| Yr 1 | 0.0 L | 0.0 L | 7.2 L | -2.4 L | -18.7 L | 0.0 L | -14.0 L |
| Yr 2 | 0.0 L | 0.0 L | 11.4 L | -3.1 L | -18.7 L | 0.0 L | -10.5 L |
| Yr 3 | 0.0 L | 0.0 L | 11.9 L | -3.3 L | -18.7 L | 0.0 L | -10.1 L |
| Yr 4 | 0.0 L | 0.0 L | 12.5 L | -3.4 L | -18.7 L | 0.0 L | -9.6 L |
| Yr 5 | 0.0 L | 0.0 L | 13.2 L | -3.6 L | -18.7 L | 0.0 L | -9.1 L |
| Yr 6 | 0.0 L | 0.0 L | 13.8 L | -3.7 L | -18.7 L | 0.0 L | -8.6 L |
| Yr 7 | 0.0 L | 0.0 L | 14.5 L | -3.9 L | -18.7 L | 0.0 L | -8.1 L |
| Yr 8 | 0.0 L | 0.0 L | 15.2 L | -4.1 L | -18.7 L | 3.05 Cr | 2.97 Cr |
Pre-tax unless capital-gains tax is set. Rent enters the cash flows once. Net-wealth CAGR = (cash returned incl. sale ÷ cash put in)^(1/years) − 1. IRR uses the dated cash flows.
Score factors
Bars show points added or taken away versus the average analysed Bengaluru project (score 50).
Price growth model, year by year
Nominal growth per year. Parts add up; momentum fades, infrastructure is weighted by delivery probability and dated.
| Component | Yr 1 | Yr 2 | Yr 3 | Yr 4 | Yr 5 | Yr 6 | Confidence |
|---|---|---|---|---|---|---|---|
| Bengaluru long-run nominal trend | 6.0 | 6.0 | 6.0 | 6.0 | 6.0 | 6.0 | 80% |
| Locality momentum (mean-reverting) | 2.2 | 1.2 | 0.7 | 0.4 | 0.2 | 0.1 | 55% |
| Affordability ceiling | -0.5 | -0.3 | -0.2 | -0.2 | -0.1 | -0.1 | 60% |
| Employment access & office pipeline | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 55% |
| Supply–demand balance | 1.3 | 1.0 | 0.8 | 0.7 | 0.5 | 0.4 | 50% |
| Infrastructure delivery (probability-weighted) | 0.2 | 0.2 | 0.0 | 0.0 | 0.0 | 0.2 | 55% |
| Project-specific adjustments | -0.2 | -0.2 | -0.2 | 0.0 | 0.0 | 0.0 | 50% |
| Total growth | 10.2% | 9.1% | 8.2% | 8.0% | 7.8% | 7.8% | 58% |
Bengaluru long-run nominal trend: City-wide 2013-25 nominal residential trend ≈ inflation + real income growth.
Locality momentum (mean-reverting): Trailing 3.0-yr locality CAGR 12.2% vs 6.0% trend; 35% carried forward, halving each year.
Affordability ceiling: Ticket at ₹16,100 psf vs city median ₹9,500; buyer pool thins above ₹15k/₹20k psf and after >6pp excess growth.
Employment access & office pipeline: 3 msf office pipeline (3 yr) on 30 msf stock; 30-min jobs index 0.95.
Supply–demand balance: 9 months of unsold inventory; new-launch/absorption ratio 0.4.
Infrastructure delivery (probability-weighted): Pink Line (Kalena Agrahara–Nagawara) (construction, 2027, p=0.6); Phase 3A Sarjapur–Hebbal (Koramangala station) (planned, 2033, p=0.45); Ejipura flyover (Koramangala 100 ft Rd) (construction, 2027, p=0.6)
Project-specific adjustments: Launch price 19% above premium comps (₹13,500 psf); premium fades relative to locality. Building age 3 yrs.
Locality evidence: ₹11,800 (Jun 2023) → ₹16,650 (Jun 2026) = 12.2% p.a. Sources: Listing portal (aggregated).
What the public record says
Completed project; purchase would be a resale. Public records only; Karnataka RERA quarterly filings not retrieved. Compiled Sep 2026 from the Karnataka RERA file, company registers, rating agencies, tribunal records and press. Facts only; anything that deserves a written answer before signing is flagged.
Meters are rule-based from the RERA file and public ratings (rules shown under each), not opinions.
No public credit rating located for the promoter.
DNR Corporation Pvt Ltd: no public rating located
Delivered. RERA registration ran 2018-12-25 → 2022-12-30
No RERA complaints on this project; 0 on the promoter overall
No litigation declared in RERA filings
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).
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.
Possession slipped: original RERA target reported as Dec 2020; portals record completion Feb 2020 (one) and Sep/Oct 2023 (others).
No credit rating, NCLT admission or reported litigation located for DNR Corporation. A separately named “DNR India Autotech” with an NCLT case is unrelated.
FY25 filings show revenue in the ₹300–400 cr band with large year-on-year jumps, consistent with project completions being recognised.
Who built it
Project record
Ratings, insolvency and disputes
RERA file · Single phase
Red flags to resolve in writing
Occupancy certificate not confirmed; buy only against the OC, khata and a clean title chain.
Promoter capital is nominal (₹2 lakh) relative to ₹215.9 cr of secured borrowing — relevant for warranty or common-area claims after purchase.
Possession dates conflict across sources and are later than the original target.
Questions to put to the developer before you sign
- Provide the OC/completion certificate, BBMP khata and the registered sale deed chain for the specific flat.
- Has the owners’ association been formed and the common areas conveyed?
- Are any of the 59 units still held by the developer and charged to a lender?
- Any pending BBMP, BWSSB or BESCOM dues on the building?
Full record: every filed number, line by line4 sections · 24 items
Who built it
Project record
Ratings, insolvency and disputes
RERA file · Single phase
Source: Karnataka RERA project record PRM/KA/RERA/1251/310/PR/190222/002446, fetched 2026-09-15. Figures are the promoter’s own filings.
Sources & caveats3 sources
- 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
- Karnataka RERA project records PRM/KA/RERA/1251/310/PR/190222/002446 (registration file, quarterly updates, complaint register), fetched Sep 2026.
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.
Evidence
Location, jobs & transit4 hubs · metro 2.5 km
| Destination | Drive now | Road km |
|---|---|---|
| Koramangala (Forum) | 14 min | 4.8 |
| ORR Bellandur (Ecospace) | 21 min | 7.8 |
| MG Road (CBD) | 25 min | 8.7 |
| Electronic City Ph-1 | 27 min | 13.3 |
| Hebbal (Kirloskar) | 39 min | 17.8 |
| Manyata Tech Park | 41 min | 17.1 |
| ITPL Whitefield | 42 min | 20.5 |
| Kempegowda Airport (KIA) | 60 min | 42.1 |
Google Maps driving time with live traffic, measured Sep 2026. Refreshed monthly.
Schools (well-rated, ≤5 km)
- St. Joseph's Boys' High School5.5 km
- Bishop Cotton Boys' School5.6 km
- Neev Academy4.7 km
- New Horizon Gurukul6.8 km
- MS Dhoni Global School5.1 km
- GEAR Innovative Intl. School7 km
Hospitals (≤7 km)
- Manipal Hospitals3.3 km · ★ 4.6 (27,097)
- Narayana Hospital, HSR Layout2.9 km · ★ 4.5 (12,563)
- Manipal Hospitals Sarjapur Road3.6 km · ★ 4.5 (13,355)
- Apollo Hospitals5.6 km · ★ 4.7 (24,740)
- Sagar Hospitals3.9 km · ★ 4.4 (5,431)
Supermarkets (≤3 km)
- DMart Koramangala0.1 km · ★ 4.2 (6,472)
- Sowbhagya Traders1.3 km · ★ 4.2 (4,347)
- Nature's Basket1.3 km · ★ 4.2 (2,237)
- Sangam Sweets2.4 km · ★ 4.2 (5,284)
Malls (≤9 km)
- Nexus Koramangala Mall2.6 km · ★ 4.4 (1,40,295)
- Gopalan Innovation Mall4.3 km · ★ 4 (52,638)
- Centro4.5 km · ★ 4.1 (40,086)
- Nexus Vega City Mall4.6 km · ★ 4.4 (18,857)
Ranked by rating, review count and distance; preschools, coaching centres and clinics are filtered out. Distances are straight-line.
Location used: Google Maps match “DNR Spring Leaf”. Bus coverage and planned-station distances are still interim estimates.
Price historyproject 6% since Sep 2025 · locality 12.2%/yr
| Date | ₹ psf | Source | Confidence | Kind |
|---|---|---|---|---|
| Jun 2021 | 9,800 | Listing portal (aggregated) | 50% | derived |
| Jun 2023 | 11,800 | Listing portal (aggregated) | 55% | observed |
| Jun 2025 | 15,600 | Listing portal (aggregated) | 60% | observed |
| Jun 2026 | 16,650 | Listing portal (aggregated) | 60% | observed |
Model backtest on this locality: 1-yr hold-out (Jun 2025→Jun 2026): predicted ₹17,177 vs actual ₹16,650 (+3.2%). Longer 3-yr hold-out (Jun 2023→Jun 2026): predicted 9% p.a. vs actual 12.2% p.a. — the model is deliberately mean-reverting and under-predicted the 2021–26 boom.
Environment, legal & productflood-prone · piped water · RERA yes
S.T. Bed Layout suffered severe flooding in Sept 2022; check basement/ground-level drainage mitigation before buying S.T. Bed Layout is low-lying and flooded severely in Sept 2022; core BWSSB supply; dense traffic
Sources & data gapswhat we know, from where, and what is missing
Developer site lists 3 & 4 BHK only; the 2.5 BHK and exact carpet areas come from portals. Prices are resale asking values (Jun 2026); tickets are derived from psf × size. Possession date conflicts (Feb 2020 vs Sep 2023).
| Field | Value | Source class | Date | Conf. | Kind | Conflicting values |
|---|---|---|---|---|---|---|
| Address | S.T. Bed Layout, Cauvery Colony, Ejipura, Koramangala, Bengaluru 560095 | Listing portal (aggregated) | Sep 2026 | 75% | observed | |
| Land area (acres) | 1 | Listing portal (aggregated) | Sep 2026 | 50% | observed | 3 (Listing portal (aggregated)) |
| Total units | 59 | Listing portal (aggregated) | Sep 2026 | 70% | observed | |
| Launch year | 2019 | Karnataka RERA (number as reported; registry lookup pending) | 70% | observed | ||
| Possession · Single phase · 9-storey tower | 2023-09 | Listing portal (aggregated) | Sep 2026 | 55% | observed | 2020-02 (Listing portal (aggregated)) |
| Price psf · 2.5 BHK · 1,439 sq ft (853 carpet) | 16100 | Listing portal (aggregated) | Jun 2026 | 55% | observed | 21231 (Listing portal (aggregated)); 11200 (Listing portal (aggregated)) |
| Ticket · 2.5 BHK · 1,439 sq ft (853 carpet) | 23200000 | Platform estimate (interim, not observed) | Jun 2026 | 50% | derived | |
| Rent · 2.5 BHK · 1,439 sq ft (853 carpet) | 95000 | Listing portal (aggregated) | Jun 2026 | 50% | observed | |
| Carpet area | 853 | Listing portal (aggregated) | Sep 2026 | 70% | observed | |
| Builder on-time rate | 0.6 | Platform estimate (interim, not observed) | Sep 2026 | 45% | assumed | |
| Litigation | none reported | Platform estimate (interim, not observed) | 40% | assumed | ||
| Approvals | BBMP (per listings) | Listing portal (aggregated) | 50% | observed |
Commercial listing portals are shown as “Listing portal (aggregated)”; full provenance is retained internally. Official developer and Karnataka RERA sources are named.