VERY GOOD LOCATION IN JP NAGAR; PROJECT IS FAIRLY PRICED.
Mahaveer Sitara is a mid-rise apartment project by Mahaveer Group in JP Nagar 5th Phase, Bangalore South. The Property is located on 24th Main Road (40 ft wide) diagonally opposite to Brigade Palmsprings. One of Mahaveer Group’s completed residential projects Mahaveer Rivirea partially shares the south boundary of the Property. The immediate neighbourhood is a well-developed but densely populated BDA layout with excellent social infrastructure.
Below table provides a snapshot of Mahaveer Sitara:
|Type of Project||Residential|
|Developer Name||Mahaveer Group|
|Project Location||Off Millennium Avenue, JP Nagar 5th Phase, Bangalore|
|Land Area||4.9 acres|
|No of Units||217|
|No of Towers / Blocks||4 Towers|
|Units Configuration||2 BHK - 1434 sq. ft.|
3 BHK - 1766 - 2004 sq. ft.
4 BHK - 2330 - 2440 sq. ft.
4 BHK Duplex - 2800 - 2862 sq. ft.
|No of Floors||2B+G+12|
|Completion Timeline||July 2019|
Price Rating: BETTER THAN MOST
We have benchmarked Mahaveer Sitara against other high-rise apartment projects within 5 Km radius in JP Nagar. There is a huge variation in prices of real estate in JP Nagar depending upon the phase (1 to 9). Phases 1 & 2 are well-developed & upscale and hence more expensive whereas Phase 9 is the least developed and hence is least priced.
We found the price of Mahaveer Sitara to be fairly priced for the location. There is a wide variation in the pricing of its competing projects primarily because of the location of projects. An address in JP Nagar is more expensive compared to one without it in the same vicinity.
The Project is located in a well-developed but densely populated BDA layout of JP Nagar with very limited large land supply in the immediate neighbourhood. We believe there would be a strong demand for this property even in future because of proximity to Namma Metro (nearest stop is 2.5 Km away).
|Project Name||Developer Name||Location||Units Sizes||Price||Expected Completion|
|Mahaveer Sitara||Mahaveer Group||24th Main Road, JP Nagar 5th Phase||1434 – 2862||6950||July’19|
|Mahindra Wind Chimes||Mahindra Lifespace||Arekere, Bannerghatta Main Road||1776 – 3012||7300||June’18|
|Maratt Pimento||Maratt Limited||JP Nagar 4th Phase, Bannerghatta Main Road||4332 – 6886||9250||Completed|
|Vaishnavi Terraces||Vaishnavi Group||Dollars Colony, JP Nagar 4th Phase||2455 - 4282||9500||Completed|
|Vaishnavi Oasis||Vaishnavi Group||Tippu Circle, JP Nagar 9th Phase||1061 – 1550||4600||July’19|
|Unishire Spacio||Unishire Group||Arekere, 80 ft BDA Road||1266 - 2156||5000||July’18|
|Valmark Orchards Square||Valmark Group||Kothnur Road, Off Bannerghatta Main Road||1042 – 1455||4800||June’19|
|Salarpuria Casa Irene||Salarpuria Sattva||Kalena Agrahara, Bannerghatta Main Road||1894 - 2226||6250||June’19|
*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 APRIL 14, 2017.
Location Rating: BETTER THAN MOST
Mahaveer Sitara is located at 24th Main Road, JP Nagar 5th Phase, Bangalore. The immediate neighborhood is a well-developed but densely populated residential BDA layout having primarily individual houses and high-rise apartments. The immediate locality has excellent social infrastructure and connectivity due to proximity to Outer Ring Road, Namma Metro and Bannerghatta Main Road. There are a number of schools, hospitals and retail shops in the neighborhood.
|Immediate neighbourhood |
Well developed but densely populated BDA layout having primarily individual houses and few high-rise apartments. The immediate neighbourhood has excellent social infrastructure such as schools, healthcare facilities and shops as well as proximity to Namma Metro.
|Landmarks nearby |
The Project is located just 400 meters north of Puttenahalli Lake and diagonally opposite to Brigade Palmsprings apartment project.
|Access Roads |
Directly accessible from 24th Main Road (40ft wide) which connects to Millenium Avenue (400 meters away) as well as Outer Ring Road (1.5 Km). Bannerghatta Main Road is just 1.6 Km from the Project.
|Metro Rail |
Nearest station is IIM Bangalore Metro Station (2.5 Km) on Bannerghatta Main Road.
|Train Stations |
Bangalore City Railway Station (12 Km); Yeshwantpur Railway Station (19 Km)
Kempegowda International Airport is 44 Kms away.
Builder Rating: BETTER THAN MOST
Established almost two decades ago Mahaveer Group is one of the largest builders in “mid-income project” category in Bangalore. Since its inception the company has delivered over 100+ residential projects in Bangalore consisting of over 12000+ homes. Recently the Group has ventured into premium and luxury segment even though majority of its projects portfolio consists of low-rise mid-income category. Biggest challenge for the company would be to reposition the brand as a “Premium” brand with great focus on “Quality” which the brand is currently not associated with.
The company has over 200 full-time employees with a strong senior management team. Mahaveer Group has excellent relationships with top banks, NBFCs and Private Equity Funds.
|Builder Name||Mahaveer Group|
|Flagship Company Name||Reddy Structures Private Ltd.|
|Address||2nd Floor, The Residency, No. 133/1, Residency Road, Bangalore|
|Year of Establishment||2002|
|Managing Director||K Praveen Kumbala Reddy|
|No. of Projects Completed||100+|
|Popular Projects||Mahaveer Riviera at JP Nagar|
Construction Quality Rating: ABOUT AVERAGE
We found “Average” Quality of Construction in all its completed projects. Mahaveer Group has a fairly large construction team and does construction of all projects in-house. We believe an aggressive pricing in all its projects prevent the company from achieving high standard of quality especially finishing.
The Project offers a wide range of amenities but limited sports facilities especially outdoor sports.
|Construction Contractor||In-house construction.|
|Architect||Thomas Associates, one of most well-known and experienced architectural firm based out of Bangalore.|
|Specifications||Standard specifications such as |
• Laminated wooden flooring in master bedroom; vitrified tiles in all other rooms, living & dining areas.
• Imported marble / engineered marble in master toilet; Ceramic tiles in all other rooms.
• Teak wood frame with BST veneer shutter for main door; all other doors in hard woord door frame with flush shutter.
• UPVC windows with Mosquito mesh.
• Jaguar / Grohe or equivalent for Sanitary Fixtures; Kohler / Toto or equivalent for CP Fittings.
|Expected Completion||July 2019|
AMENITIES & LIFESTYLE
|HEALTH & FITNESS||GREEN ENVIRONMENT||LIFESTYLE & DESIGN||X - FACTOR|
|Clubhouse with Gym.|
Carrom & Cards Room.
Basket Ball Court.
Children’s Play area.
|Sewage Treatment Plant.|
Rainwater harvesting system.
Organic Waste Convertor.
Solar Powered Out-door Lighting.
Provision for Library.
Elevated Viewing Deck.
Roof Top Party Area.
Guest Rooms (2 nos).
Mahaveer Sitara has received all required NOCs from the concerned authorities and building plan sanction from BBMP. We did not find any regulatory or environmental related issues with the project.
Buyers are advised to conduct an independent legal and technical due-diligence of the project before investing in the project.