Project overview: Kolte Patil Mirabilis, Bangalore

Kotle Patil Developers Ltd, one of the leading real estate developers in South India, has launched another luxurious venture ‘Kolte Patil Mirabilis’. Kolte Patil Developers is involved in the development of residential projects, IT parks, business and commercial buildings and more. 

The product  

Spread over a sprawling 7-acre land parcel, Kolte Patil Mirabilis offers 640  units of 1BHK, 2BHK and 3BHK apartments. The super built-up area of 1BHK ranges between 436 sq. ft. and 715 sq.ft., 2BHK  between 1104 sq. ft. and 1,454 sq.ft. and 3BHK between 1,489 sq. ft. and 1,600 sq. ft. The project hosts 7 towers of 12 floors each.

The project also offers:

• Club house
• Kid’s play area
• Swimming pool
• Gymnasium
• Cafeteria
• Multipurpose hall

However, on the flipside, grapevine reports that Kolte Patil Developers has a record of delay in giving possession. Kolte Patil Raaga is one of the best examples of project delay because of legal trouble.

Other major issue with the Mirabilis project is that because of the railway track the road narrows down at the railway crossing, and traffic piles up every time a train passes. Because of the project’s proximity to the railway track, it might turn out to be an unpleasant environment to live in, not just because of the traffic jams but also because of the sound and vibrations of passing trains.

The builder

With 25 years of experience in realty development, Kolte Patil Developers has been on the forefront of developments with its trademark philosophy of ‘Creation and not Construction’. The group has developed over 8 million sq. ft. of landmark spread across Bangalore and Pune. Mr. Rajesh Patil is the Chairman and Managing Director of the company.

Directions to reach Mirabilis

Kolte Patil Mirablis is located on Horamavu Main Road, which is about 1.5 kilometers from the Outer Ring Road (ORR) and approx. 6 kilometers from Manyata Tech Park. It can be easily reached via the ORR which is 2 kilometers away. 
The area has good connectivity to other parts of Bangalore city

Location advantages

• MG Road, which is the hub of commercial activities, is located at a distance of 9.4 kilometers from the project site
• The nearest railway station is K R Puram Railway Station, which is only 12-minute drive away
• The HAL International Airport is about 10 kilometers away

Infrastructure and future prospects

Horamavu is a rapidly developing suburb in north Bangalore. Development activities are fast picking up in the region and you can expect to see better infrastructure in the coming years. The area is most popular among professionals because of its proximity to the IT hubs of Bangalore like Whitefield, ITPL and Nagavara, which are hardly 7-10 kilometers away. The area seems promising due to its huge land bank and good connectivity to the city.

Price comparison

While the ongoing property rates on Horamavu Main Road (towards the ORR and before the railway crossing) range between Rs. 3,500 and Rs. 4,000 per sq. ft., the current price of Kolte Patil Mirabilis is Rs. 4,600 per sq.ft., which is a bit higher in comparison to other realty prices in the locality.

According to real estate data, the area has witnessed 14.8% price appreciation in the last 23 months, and this might further give a push to infrastructural developments. The area has huge potential for realty price growth. So, don’t miss this lucrative opportunity to invest in Kolte Patil’s luxurious venture ‘Mirabilis’.

PropTiger.com ratings after judging the project on different parameters:

Recommendation

Kolte Patil Mirabilis is a promising option for end-users who are willing to wait 3-4 years or investors looking to benefit from infrastructural development.

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