UPPER KHARADI · VERIFICATION FOLLOW-UP · 16 OCTOBER 2026

New evidence. Clear limits.

Carpet and terrace schedules, current stock, possession and absorption were investigated again using official publications, original documents and independent source arithmetic.

Final investment readiness: Not ready.

No new independently verified statutory unit-area schedule, numeric current available-stock fact or current statutory possession date was obtained. New publisher evidence is useful within its explicit scope.

Latest certificate · Complete structured update · Requirements compliance · Integrated management report

What management should change

  1. Keep the existing product mix as an uncommitted scenario. Do not approve fixed quantities of 1,400/1,500 sq ft 3 BHK or 2,000 sq ft 4 BHK from the current evidence.

    Before approving premium quantities, obtain exact RERA/tower/configuration unit schedules, dated matching prices, released inventory and a cancellation-adjusted booking panel for comparable launch cohorts.

    Zero non-disputed P-coded support in these exact bands is not proof of zero market demand. Three P-coded records exist in the 1,400 band but are held out because their configuration evidence conflicts.
  2. Describe observed CRE totals as registration records or registrations, and expose identity-review warnings before using them as unique-home demand.

    Resolve candidate identities against complete descriptions and, where available, original deeds and exact tower/unit schedules. Classify related instruments explicitly before estimating unique sale events.

    Neither 2,967 structured keys nor 3,019 source records is a verified unique-dwelling or unique-sale count. No automatic deletion or deduplication is supported.
  3. Add dated IvyLush developer-saleable movement as historical context, separately from statutory inventory, current available units and our standardized 40% model.

    Retain each reporting date and actual investor-saleable definition. A current unit statement and exact phase split are required before updating live inventory or comparable unit absorption.

    Do not compare the 170,000 sq ft six-month or 130,000 sq ft three-month change to our 40%-modeled sales target, derive a target-success ratio, annualize it into our achievable sales, or calibrate our funnel assumptions from it.
  4. Keep the 6/8/36/44-month model conditional and make approval of each release depend on documented prices, release quantities, net bookings and cancellations.

    Complete the product/area, price, release, velocity and scale-up gates in order using exact dated evidence; update model assumptions only from measured matching cohorts.

    Do not apply the developer’s headline 63% inventory-sold claim to all provider units, a specific 4 BHK size band or our target probability. Do not mistake registration-date volume for cancellation-adjusted bookings.
  5. Preserve all 28 provider rows, retain their original reported values and show calculated percentage warnings beside the five discrepancies.

    Ask the originating provider to reconcile numerator, launched denominator, as-of date and calculation convention. Keep the discrepancy open until its explanation is evidenced.

    Do not silently replace the original percentages or infer which original field is wrong. A reconciled sum does not validate current inventory, actual bookings, phase alignment or the provider’s independently unverified market facts.
  6. Keep Springshire’s developer-labeled usable areas as attributed source claims; exclude them from RERA-carpet and standardized saleable-rate calculations until their components are documented.

    Obtain the exact applicable approved unit schedule and separately reported RERA carpet, exclusive terrace and exclusive balcony before calculating a comparable RERA or planning-carpet rate.

    Do not treat usable area as RERA carpet, documented saleable or planning carpet. Do not estimate statutory components from drawn room dimensions, subtract balconies, fill unknown terrace with zero or apply 40% loading to the usable total.
  7. Quarantine the generic sixmonthly.pdf link from Springshire evidence and retain its actual Little Earth identity.

    Replace the generic evidence link only when an exact Springshire original document is identified, opened and matched to its phase and document date.

    No Little Earth area, unit count, environmental clearance or compliance status may transfer to Springshire. A wrong linked document does not establish that Springshire itself lacks approval.

Dated IvyLush investor-area context

Developer-disclosed investor saleable area; actual commercial convention, not platform modeled saleable

As ofCumulative sold sq ftReported then-inventory sq ftReported development sq ftOriginal source
2025-03-31750,000780,0001,520,000Original investor table · PDF p37
2025-09-30920,000610,0001,520,000Original investor table · PDF p30
2025-12-311,050,000480,0001,530,000Original investor table · PDF p30

These dated whole-project commercial area observations are not current available units or statutory RERA schedules. The selected area/loading control must not recalculate them. Stated total and rounded components are retained separately.

Changes in rounded cumulative sold area: 1.70 lakh sq ft over March–September 2025 and 1.30 lakh over September–December 2025. These are not current inventory, observed gross bookings, net booking absorption or a calibration for our launch target.

Evidence register

22 follow-up findings. Each source retains its date, measurement definition, scope and limitation. All 11,909 original transaction records and the frozen V5 field audit remain unchanged.

Documented source claim · independent field state: Conflicting

Wrong-project compliance file identified

The Springshire page links an 86-page compliance PDF whose contents identify Little Earth Masulkar City at Kiwale. Its areas and approvals cannot be used as Springshire evidence.

Scope: Environmental project scope; no unit carpet evidence

Decision use: Exclude this source from statutory carpet / terrace / saleable comparisons until an exact approved area schedule is available.

Quarantine this generic linkedPDF from Springshire plan/brochure/approval evidence. Preserve its true LittleEarth identity and original officialURL; do not transfer any projectarea,unitcount,EC or compliance status to Springshire.

Source date: Not stated · as of: Not stated · inspected 16 October 2026 · Official Springshire linked document / illustration
Documented source claim · independent field state: Unavailable

Blossom · usable area only

The developer illustration labels Blossom (3 BHK) as 1,028.28 sq ft USABLE AREA. RERA carpet, exclusive terrace and exclusive balcony are not separately established.

Scope: Page advertisesP52100076743; individual illustration has no exactunit/phase registration printed or approved-plan stamp

Decision use: Exclude this source from statutory carpet / terrace / saleable comparisons until an exact approved area schedule is available.

Add only as an attributed usable-area claim, keeping RERA carpet/terrace unknown. Do not subtract depicted balcony/drybalcony room dimensions to invent statutory components or fill missing terrace with zero.

Source date: Not stated · as of: Not stated · inspected 16 October 2026 · Official Springshire linked document / illustration
Documented source claim · independent field state: Unavailable

Breeze Select · usable area only

The developer illustration labels Breeze Select (2 BHK) as 782.33 sq ft USABLE AREA. RERA carpet, exclusive terrace and exclusive balcony are not separately established.

Scope: Page advertisesP52100076743; individual illustration has no exactunit/phase registration printed or approved-plan stamp

Decision use: Exclude this source from statutory carpet / terrace / saleable comparisons until an exact approved area schedule is available.

Add only as an attributed usable-area claim, keeping RERA carpet/terrace unknown. Do not subtract depicted balcony/drybalcony room dimensions to invent statutory components or fill missing terrace with zero.

Source date: Not stated · as of: Not stated · inspected 16 October 2026 · Official Springshire linked document / illustration
Documented source claim · independent field state: Unavailable

Neco · October construction update

Four dated promoter newsletters establish what construction progress the developer reported during 2026. October states C RCC11/18 habitable floors and A/B3/18; this is construction progress, not completed/occupied units or released stock.

Scope: Named Neco Park Central; page does not restate exact RERA/tower unit schedule; Named Neco Park Central; C/A/B construction scope; Named Neco Park Central; C/B construction scope

Decision use: Append dated developer construction claims, separately labeled; do not infer possession/OC or sold/unbooked inventory

No independently verified current available-for-sale unit count or current statutory possession date was obtained.

Source date: 2026-10 · as of: Not stated · inspected 16 October 2026 · Neco Park Central newsletter Vol7
Unresolved · independent field state: Conflicting

Neco · apartment totals remain inconsistent

The new official construction update uses 18 habitable floors for A/B/C, while the prior secondary schedule has A5/B6/C18 habitable floors and total 201. The promoter still advertises 328 whole-project apartments and 2029. No original amended sanctioned/unit schedule, dated booked/unbooked table or current extension was retrieved; the 201/131/328 scope conflict remains unresolved.

Scope: P52100077542 appears on same project page;328 is marketed whole-project total, not a dated available-for-sale count

Decision use: Retain totalInventory Conflicting and sourceReportedPossession Conflicting; availableInventory and current statutoryPossession stay Unavailable

No independently verified current available-for-sale unit count or current statutory possession date was obtained.

Source date: Not stated · as of: Not stated · inspected 16 October 2026 · Official Neco Park Central project page
Documented source claim · independent field state: Unavailable

Riverdale Grand · advertised handover

The currently accessible company-owned Duville Grand FAQ advertises September 2028 handover. The reopened historical FormC copy expires 30 September 2028. Their agreement is not an independent current authority-extension check.

Scope: Grand P52100034877 shown in footer; B3/B4 product marketing; Exact Grand P52100034877; original validity only

Decision use: Append advertisedPossession 2028-09 as a dated observation of an undated developer claim; retain original FormC separately. Do not set current statutoryPossession.

No independently verified current available-for-sale unit count or current statutory possession date was obtained.

Source date: Not stated · as of: Not stated · inspected 16 October 2026 · Duville Riverdale Grand current project page
Documented source claim · independent field state: Unavailable

Riverdale Grand · remaining apartments unquantified

September 2026 promoter newsletter describes limited remaining homes in B1/B2 without a number, unit list, release denominator, cancellation status or precise snapshot date. It cannot establish current available-for-sale stock or a zero count.

Scope: Grand P52100034877; B1/B2 qualitative availability and B4 launch marketing

Decision use: Add attributed qualitative B1/B2 statement only; currentAvailableForSaleUnits remains null

No independently verified current available-for-sale unit count or current statutory possession date was obtained.

Source date: 2026-09 · as of: Not stated · inspected 16 October 2026 · Riverdale Grand September2026 construction newsletter
Documented source claim · independent field state: Unavailable

Riverdale Grand · dated construction evidence

Complete July/August/September 2026 one-page newsletters explicitly identify P52100034877 and distinguish B1–B4 construction. September still describes ongoing services/finishes and B4 RCC20 th slab in progress. They are neither Form 4 nor occupancy certificates, and do not enumerate sold/booked apartments.

Scope: Grand P52100034877; B1–B4 work scopes

Decision use: Append promoter progress chronology; retain August inconsistency. Do not infer an OC date, possession probability or stock clearance.

No independently verified current available-for-sale unit count or current statutory possession date was obtained.

Source date: 2026-09 · as of: Not stated · inspected 16 October 2026 · Grand September2026 newsletter
Documented source claim · independent field state: Unavailable

Registration-extension order copy · project application unverified

A complete signed order copy records a four-month automatic registration/completion extension for its qualifying date-defined class. The direct authority-hosted copy and current exact-phase records were not opened. This is new documented order-copy support; it does not certify eligibility/current dates for any project, amend a buyer agreement, or establish completion/occupancy.

Scope: Signed order-copy contents only; direct authority-hosted copy and exact project application remain unverified.

Decision use: Append an extension-review-required note to potentially affected phases; reconcile original/revised/extended regulatory dates against current official records before proposing any normalized date

No independently verified current available-for-sale unit count or current statutory possession date was obtained.

Source date: 2026-08-07 · as of: Not stated · inspected 16 October 2026 · Signed MahaRERA Order66/2026 copy
Documented source claim · independent field state: Unavailable

Youtopia · reconcile each registration phase

The official developer registration page lists Youtopia Phases I, II and III. The retained CRE dataset separately includes Phase IV P52100080485. These phase identities and marketed completion claims must be reconciled individually; a single advertised 2028 date is not applied to every phase.

Scope: Unique Youtopia, explicit PhaseI/II/III labels

Decision use: Append the official identity evidence to the already retained phase register. Preserve the CRE Phase IV record and investigate its statutory schedule separately; do not replace four source phases with the three listed on the developer page.

No independently verified current available-for-sale unit count or current statutory possession date was obtained.

Source date: Not stated · as of: Not stated · inspected 16 October 2026 · Unique Properties official RERA details
Documented source claim · independent field state: Unavailable

Panchshil Towers · sold-out marketing claim

The official portfolio labels Panchshil Towers completed and sold out. The page supplies no dated signed unit schedule, authority OC file or explicit released-available stock definition. Preserve the marketing status without converting it into verified zero inventory.

Scope: Panchshil Towers project card; nine-tower marketing scope, not exact dated RERA unit list

Decision use: Append undated developer-status claims with observation date; do not populate Verified availableInventory=0 or statutoryPossession

No independently verified current available-for-sale unit count or current statutory possession date was obtained.

Source date: Not stated · as of: Not stated · inspected 16 October 2026 · Panchshil official residential portfolio
Documented source claim · independent field state: Unavailable

Panchshil Towers · historical occupancy evidence

CRISIL’s own 3 January 2020 rationale reported occupancy certificates for four of nine Towers and 54% bookings throughSeptember 2019. This is independent historical credit-research support, not the underlying OC or current phase/unit stock. No tower IDs or certificate conditions are supplied.

Scope: Historical Panchshil Towers claim covering four of nine towers; individual tower identities and occupancy certificates were not obtained.

Decision use: Retain as dated independent historical corroboration only; obtain each original tower-specific OC/CC before statutory completion verification

No independently verified current available-for-sale unit count or current statutory possession date was obtained.

Source date: 2020-01-03 · as of: Not stated · inspected 16 October 2026 · CRISIL rating rationale, Panchshil Infrastructure Holdings Private Limited
Documented source claim · independent field state: Unavailable

Gera · submission receipt is not occupancy proof

The two official EC-compliance links open one-page submission acknowledgements, not the underlying compliance reports or occupancy certificates. They support submission metadata only. Environmental-project proposal scope must not become RERA phase apartment inventory.

Scope: POJ label in official link; environmental proposal scope, not a phase-level RERA unit register

Decision use: Catalog acknowledgements as submission evidence only. No inventory or possession values proposed.

No independently verified current available-for-sale unit count or current statutory possession date was obtained.

Source date: 2026-06-03 · as of: Not stated · inspected 16 October 2026 · Gera POJ compliance acknowledgement
Documented source claim · independent field state: Unavailable

Gera · submission receipt is not occupancy proof

The two official EC-compliance links open one-page submission acknowledgements, not the underlying compliance reports or occupancy certificates. They support submission metadata only. Environmental-project proposal scope must not become RERA phase apartment inventory.

Scope: WOJ label in official link; environmental proposal scope, not exact RERA phase

Decision use: Catalog acknowledgements as submission evidence only. No inventory or possession values proposed.

No independently verified current available-for-sale unit count or current statutory possession date was obtained.

Source date: 2026-06-08 · as of: Not stated · inspected 16 October 2026 · Gera WOJ compliance acknowledgement
Documented source claim · independent field state: Unavailable

IvyLush · original booked-unit schedules still needed

A secondary document index names C/D sold/booked disclosures uploaded 13 Oct 2025 and 15 Jan 2026, plus a phase 1/2/3 disclosure uploaded 18 Apr 2026. No normal visible public link to original files was obtained in this pass. Filenames/upload dates are leads, not read unit schedules or current availability.

Scope: IvyLush C/D document-index filenames and a later phase 1/2/3 filename; original booked-unit schedules remain unopened.

Decision use: Request exact original disclosures with true as-of date, wing/phase list and canceled/released status; retain index as unresolved lead only

No independently verified current available-for-sale unit count or current statutory possession date was obtained.

Source date: Not stated · as of: Not stated · inspected 16 October 2026 · Mahindra IvyLush C/D disclosure index
Unresolved · independent field state: Conflicting

IvyLush · phase-specific dates conflict

The complete official 47-page brochure footer explicitly separates A/B, E and C/D registrations: A/B/E validity 31 December 2029, C/D31 August 2030. Retained CRE rows say 31 December 2028 for all three; the retained official webpage says A/B/E March 2030 and C/D August 2030. These are distinct source claims and cannot be resolved by arithmetic or a blanket four-month assumption.

Scope: Developer brochure A/B/E (P52100055161 / P52100055162) and C/D (P52100078592) date claims versus retained CRE and developer-web claims; current authority application remains unverified.

Decision use: Add exact phase/source date claims and conflict note. Keep current statutoryPossession Unavailable pending actual authority records; no silent replacement of CRE dates or application of Order 66.

No independently verified current available-for-sale unit count or current statutory possession date was obtained.

Source date: Not stated · as of: Not stated · inspected 16 October 2026 · Mahindra IvyLush official brochure
Documented source claim · independent field state: Unavailable

Three historical developer saleable-area snapshots

Original investor tables show cumulative sold area of 7.50, 9.20 and 10.50 lakh sq ft at 31 March, 30 September and 31 December 2025. The reported remaining-area column was 7.80, 6.10 and 4.80 lakh sq ft at those dates.

Scope: Whole IvyLush investor portfolio row; exact RERA/tower/configuration allocation unavailable. Developer commercial saleable-area convention.

Decision use: Use dated historical context only. Differences of 1.70 lakh over six months and 1.30 lakh over three months are changes in rounded cumulative sold area, not independently verified new bookings or calibrated launch absorption.

Historical reported remaining AREA is not current available UNITS. No conversion to statutory carpet or the platform 40% model is supported. March/September rounded components differ from stated total by 0.01 million sq ft.

Source date: 2026-02-02 · as of: 2025-12-31 · inspected 16 October 2026 · Mahindra Lifespace Developers earnings presentation Q3/FY26
Calculated result from retained source claims · independent field state: Unavailable

Registration records are not verified unique home sales

The 3,019-record catchment contains 2,920 P-coded, 68 S-coded and 31 unspecified sale-type records. There are 37 repeated structured-key groups involving 78 records, and 11 records lack a unit value. Description checks show both related documents and collisions involving different apartments.

Scope: Recent phase-eligible 5 km registration cohort; 34 of the 39 project profiles have such records.

Decision use: Keep every original row; investigate related documents and identity errors. Use registration records as the observed-count label.

2,967 complete structured keys are diagnostic, not a verified unique-dwelling count. Absence of cancellation events is not zero cancellations.

Source date: Not stated · as of: Not stated · inspected 16 October 2026 · Retained CRE Matrix rows; independent JSON / SQLite reconciliation
Calculated result from retained source claims · independent field state: Conflicting

Provider percentages require reconciliation

3 provider configuration rows have a reported percentage differing by more than 0.5 percentage point from absorbed total divided by launched units. All 28 disclosed quarterly sums reproduce their reported totals.

Scope: Provider configuration rows, not an independently matched current RERA/released-stock cohort.

Decision use: Flag both figures and exclude unreconciled percentages from verified absorption rankings.

The difference does not establish which field or rounding convention is wrong. Do not overwrite the source percentage.

Source date: 2026-05-25 · as of: Not stated · inspected 16 October 2026 · PropEquity report pages 46–47; original values and recomputed arithmetic retained
Calculated result from retained source claims · independent field state: Conflicting

Provider percentages require reconciliation

2 provider configuration rows have a reported percentage differing by more than 0.5 percentage point from absorbed total divided by launched units. All 28 disclosed quarterly sums reproduce their reported totals.

Scope: Provider configuration rows, not an independently matched current RERA/released-stock cohort.

Decision use: Flag both figures and exclude unreconciled percentages from verified absorption rankings.

The difference does not establish which field or rounding convention is wrong. Do not overwrite the source percentage.

Source date: 2026-05-25 · as of: Not stated · inspected 16 October 2026 · PropEquity report pages 46–47; original values and recomputed arithmetic retained
Documented source claim · independent field state: Unavailable

Environmental approval scope is not released apartment stock

A developer-hosted 2022 environmental-clearance compilation lists 1,206 tenements plus 15 shops, including a mixed building/EWS scope. The 2026 cover concerns transfer of environmental clearance.

Scope: Gat1286(P)Wagholi; mixed building and EWS scope; environmental approval total

Decision use: Retain approval-scope context; do not use as a current supply denominator.

This is not an exact RERA-phase unit schedule, current inventory, carpet area or terrace evidence.

Source date: 2022-11-24 · as of: Not stated · inspected 16 October 2026 · Planet of Joy environmental-clearance compilation

What still blocks final decisions

Exact approved unit carpet/terrace schedules; dated released and available-for-sale apartment lists; current phase-specific authority extensions and OC/Form 4 where applicable; comparable launch-cohort booking dates, cancellations, release timing and registration lag.

Area investigations · Inventory and possession investigations · Absorption audit and exact source records · All 28 provider arithmetic rows

Complete 19-section research baseline

Read the preserved integrated research baseline. Definitions and calculations continue unchanged except where the V6 qualifications above explicitly update a recommendation.