EXPENSIVE LUXURY PRODUCT AT WRONG LOCATION
Valmark Apas is a super luxury residential high-rise apartment project located on Hulimavu Lake Road, Begur Hobli, Bangalore, Karnataka, India, directly facing beautiful Hulimavu Lake. The Project Site is accessible through a 80ft wide road which connects to 60 ft Doddakamanahalli Main Road, which in turn connects to Bannerghatta Main Road. Hullimavu Lake & 80 ft Hulimavu Lake Road are parallel to the East boundary of the Project site.
Below table provides a snapshot of the Project:
|Type of Project||Residential|
|Developer Name||Valmark Group|
|Project Location||Hulimavu Lake Road, Begur Hobli, Off Bannerghatta Main Road, Bangalore|
|Land Area||1.95 acres|
|No of Units||116|
|No of Towers / Blocks||1 Tower / 2 Blocks|
|Units Configuration||3 BHK - 3035 & 3170 sq. ft.|
4 BHK – 3375 & 3560 sq. ft.
|No of Floors||G+29|
Price Rating: BETTER THAN MOST (for similar product)
We have benchmarked Valmark Apas against similar high-rise Super Luxury Apartments in the micro-market as well as off micro-market, due to limited choices. We found the Price of Apas is “Lower” compared to those of similar super luxury apartment projects on & around Bannerghatta Main Road.
However, the Project is “overly priced” compared to other apartment projects in the same micro-market, which is predominantly mid-income housing market.
|Project Name||Developer Name||Location||Units Sizes||Price||Expected Completion|
|Valmark Apas||Valmark Group||Hullimavu Lake, Off Bannerghatta Main Road||3035 – 3560||7,470||Completed|
|Mantri Pinnacle||Mantri Developers||Next to Meenakshi Mall, Hullimavu, Off Bannerghatta Main Road||2200 – 6355||8,500||Completed|
|Mahindra Windchimes||Mahindra Lifespace||Arekere, Bannerghatta Main Road||1776 – 3012||7,300||June’18|
|Hiranandani Lake Verandahs||House of Hiranandani||Hullimavu - Begur Road, Off Bannerghatta Main Road||1660 – 2061||6,500||Completed|
|Vaishnavi Terraces||Vaishnavi Group||JP Nagar 4th Phase, Off Bannerghatta Main Road||2437 – 4282||9,000||Completed|
|Maratt Pimento||Maratt Limited||JP Nagar 4th Phase, Bannerghatta Main Road||4332 – 6886||9,250||Completed|
|Learning to Fly||Total Environment||JP Nagar 6th Phase, Off Outer Ring Road||2671 – 5600||11,500||July’18|
*The quoted price is base price of the unit and does not include car parking, floor rise, club house, deposits & taxes.
NOTE: Price last updated on March 7, 2017.
Location Rating: ABOUT AVERAGE
Valmark Apas is located on 80ft Hullimavu Lake road, off Dodda Kamanahalli Main Road, Begur Hobli, Bangalore. The immediate neighbourhood is a calm residential place with several residential apartments at the West end and South-end of the project. The beautiful Hullimavu lake runs parallel to its East boundary. Royal Meenakshi Mall & Meenakshi Temple are just 1.5 Km from the Project.
|Immediate neighborhood |
Valmark Apas is the only developed property on the entire stretch of Hullimavu Lake Road. There is hardly any social infrastructure such as retail shops and clinics within walking distance from the Property.
|Landmarks nearby |
Located directly opposite to Hulimavu Lake on Hulimavu Lake Road.
|Access Roads |
The Project is directly accessible from the 80 ft Hulimavu Lake Road. Nearby major roads are Dodda Kammanahallai Road (800 meters from the Property) and Bannerghatta Main Road (1.6 Km from the Property) which are indirectly connected to Hulimavu Lake Road. Begur Hulimavu Road is 850 meters from the Property.
|Metro Rail |
Nearest station is Hulimavu (2 Km) proposed in Namma Metro Phase II.
|Train Stations |
Bangalore City railway station (16 Km); Yeshwanthpur Railway Station (22 Km)
Kempegowda International Airport is 47 Kms away.
Builder Rating: ABOUT AVERAGE
Valmark Group is promoted by Mr. Tejraj Gulecha and Mr. Ratan Lath. They are one of the largest landowners & land aggregators in Bangalore and are credited with creating landmark projects such as Manyata Business Park in association with Embassy Group and Brigade Orchards with Brigade Group.
Promoters launched “Valmark” brand in 2007 and have delivered 4 projects under Valmark brand.
|Builder Name||Valmark Group|
|Flagship Company Name||Sri Nakoda Construction Limited|
|Project Execution Company||Sri Nakoda Construction Limited|
|Address||The Residency, 10th Floor, Residency Road, Bangalore|
|Year of Establishment||2007|
|Managing Director||Ratan Lath|
|No. of Projects Completed||5 projects under Valmark brand & 5 projects in JV & JDA|
|Popular Projects||Classic Orchards|
Construction Quality Rating: BETTER THAN MOST
We found “Very Good” Quality of Construction for Apas and “Average” quality of construction in all other completed projects. Builder has laid additional emphasis on the quality of this project as it caters to Super Luxury segment of buyers who are quite conscious of the quality of work. The structure work of this high-rise builder as outsourced to a renowned contracting firm. Mivan Technology has been used to do the form work as it offers strength and durability to a project in addition to saving on time of construction.
However, the project is running 12 months behind schedule due to reasons not attributable to the technology used.
|Construction Contractor||• Civil Structure work was done by Mfar Constructions, a reputed Bangalore based Engineering & Construction Company.|
• Block work and Finishing was down in-house by the company.
|Architect||dA Architecture, a new architecture firm led by Mr. David Ashok who has worked as an architect in Bangalore for over two decades and designed some of the most famous properties such as Adarsh Palm Meadows & Palm Retreat.|
|Specifications||Premium specifications such as:
• marble flooring in living & dining areas, superior laminated wooden flooring in master bedroom, superior vitrified tiles in all other rooms |
• Main door is made up of high quality Teak wood, Doors in other rooms have hardwood frame
• High quality aluminium sliding windows with mosquito mesh
• Water sprinklers system
• Home automation (lighting automation, gas leak detector & video door phone)
• Provision for centralized air conditioning
• Reticulated gas pipe connection to all apartments
• High quality Jaguar / Kohler or equivalent Sanitary Wares and CP Fittings.
AMENITIES & LIFESTYLE
|HEALTH & FITNESS||GREEN ENVIRONMENT||LIFESTYLE & DESIGN||X - FACTOR|
|Clubhouse with Gym. |
Indoor Games Room – Chess & Cards.
Children Play area.
Meditation & Yoga Room.
Cricket Practice Pitch.
|Sewage Treatment Plant. |
Rainwater harvesting system.
|Jacuzzi, Steam & Sauna. |
Party & Barbeque Area.
Library & Reading Room.
|Large Private Balconies in each Apartment. |
Each apartment has unhindered view of Hulimavu Lake.
Valmark Apas has received all the necessary NOCs from the concerned authorities and building plan approval from BBMP. We did not find any violation with the project with respect to the building plan issued by BBMP.
However, the project now falls under the new 75 meters buffer zone as suggested by NGT in its May’15 order. As the project was approved prior to the NGT order we believe it should not face any regulatory issue in future.
We are told that application for OC has applied to BBMP and is expected shortly. Buyers are advised to take an independent legal and technical opinion before investing in the project.