Ashwin Sheth Codename Blue Review: Arekere Bannerghatta Road, RERA-Pending

Arekere Lake is one of South Bengaluru's few surviving water bodies large enough to anchor a tower's view corridor. In a city where lake-facing apartments have commanded 15 to 20% premiums for the last decade, a developer arriving with a 5.23-acre site directly overlooking that lake, two towers of 29 floors, and a product targeting the Rs 2.23 to 3.75 Cr bracket is making a specific claim: that this is the last stretch of genuinely lake-adjacent land on Bannerghatta Road to be developed at premium scale. That claim deserves scrutiny.

Verdict in brief: Ashwin Sheth Codename Blue is a pre-RERA luxury apartment project on Bannerghatta Road at Arekere, Bengaluru 560076, offering 3 BHK and 4 BHK homes from an indicative Rs 2.23 Cr to Rs 3.75 Cr. RERA has not been filed as of June 2026. The project's core differentiator is Arekere Lake frontage. The core risk is a builder entering the Bengaluru market for the first time with a premium-priced product and an unverifiable Karnataka-specific delivery track record.

What is Ashwin Sheth Codename Blue and who is it designed for?

Codename Blue is a luxury residential development from Ashwin Sheth Group spread across 5.23 acres in Arekere, Bannerghatta Road. The project plans two towers of G+29 floors housing approximately 230 apartments across three configurations: 3 BHK in a compact 1,351 sq ft layout (Rs 2.23 Cr onwards), 3 BHK in a standard 1,747 sq ft layout (Rs 2.88 Cr onwards), and 4 BHK at 2,271 sq ft (Rs 3.75 Cr onwards). All prices are indicative as the RERA filing has not been submitted. The product targets professionals in their mid-30s to mid-40s at Electronic City, JP Nagar-area commercial hubs, and the Bannerghatta Road employment corridor, who want a lake-facing address in an established South Bengaluru neighbourhood without moving further south into less-developed pockets.

Who is Ashwin Sheth Group and what have they delivered?

Ashwin Sheth Group was founded in 1986 by Mr Ashwin Sheth and has delivered more than 80 residential and commercial projects across Mumbai, Thane, and Dubai. The portfolio includes projects like Sunteck City in Goregaon (Mumbai), Sheth Vasant Oasis in Andheri, and a range of mid-premium and premium residential completions in Thane. The group's entry into Bengaluru with Codename Blue marks its first Karnataka project. For a buyer evaluating this, the distinction between a Mumbai-specific delivery track record and a Karnataka-specific one is material: builder approvals, contractor ecosystems, legal title structures, and the RERA compliance environment differ meaningfully between the two states. The group's Mumbai credibility is relevant background, but it does not substitute for a verifiable Bengaluru delivery reference.

Where is Arekere on the Bannerghatta Road map, and what does living here mean?

Arekere sits on Bannerghatta Road between JP Nagar and the Bannerghatta National Park buffer, roughly 6 to 8 km from Electronic City via Hosa Road. The neighbourhood is established, with IIM Bengaluru, Greenwood High School, and multispeciality hospitals within 5 km. The Namma Metro Green Line extension is expected to bring a station closer to this stretch, though the timeline is not confirmed as of June 2026. Arekere Lake sits directly adjacent to the project's footprint, and the two-tower layout has been oriented to maximise lake-facing units. Buyers should verify that no portion of the project boundary touches the lake's conservation buffer zone before booking.

What homes does Codename Blue offer, and what makes the floor plans different?

Three configurations are offered. The compact 3 BHK at 1,351 sq ft super built-up area is designed for efficient use of space, with all three bedrooms receiving natural light and the kitchen-dining configuration allowing an open layout. The standard 3 BHK at 1,747 sq ft adds room for a study or formal dining separation. The 4 BHK at 2,271 sq ft is the flagship configuration, with floor plates wide enough for genuine room separation. The project's design brief centres on lake views: apartments facing Arekere Lake will carry a premium that Ashwin Sheth is expected to formalise once RERA pricing is locked. A commercial plaza is planned within the project podium, which would add everyday retail and services access for residents rather than relying on Bannerghatta Road's congested high streets.

What does the pricing look like, and what risks does the pre-RERA status carry?

Indicative prices of Rs 2.23 Cr to Rs 3.75 Cr place Codename Blue at the premium end of the Bannerghatta Road market, where resale rates on comparable luxury projects run Rs 9,000 to Rs 13,000 per sq ft and newer launches are pricing in the Rs 12,000 to Rs 15,000 range. The per-sq-ft range implied by Ashwin Sheth's indicative pricing lands at roughly Rs 16,000 to Rs 16,500 for the 3 BHK formats, which is consistent with a lake-premium positioning but also means buyers are paying a scarcity argument. The critical caveat: none of these prices are RERA-locked. Until the Karnataka RERA registration is filed and the filed prices are published on the portal, indicative pricing can change in either direction. Buyers should not pay any amount beyond a fully refundable token until the RERA number is confirmed and the filed price matches what is being sold to them.

What are the approval and RERA positions as of June 2026?

K-RERA registration had not been filed as of June 9, 2026. The project carries a pre-launch or expression-of-interest status. Possession is indicated as December 2030 on a tentative basis. For a buyer evaluating timeline, a December 2030 possession from a project that has not yet filed RERA in June 2026 implies approximately 4.5 years of construction time, which is plausible for a 29-floor twin-tower development if ground-breaking and approvals proceed in the second half of 2026. That is, however, conditional on the builder clearing the full approval stack: BBMP building plan sanction, RERA registration, environmental clearance, and airport height NOC for this belt. Check the K-RERA portal at rera.karnataka.gov.in before any payment.

How does Codename Blue compare to nearby alternatives?

Sobha Magnus at Kothnur occupies the same Bannerghatta Road macro-corridor with RERA filed and a May 2030 possession, making it a structurally safer comparison point for buyers who want the same commute envelope but with regulatory protection already in place. See Sobha Magnus on PropNewz for the full specification. CKPC Heart of Harmony at Kudlu Gate is a RERA-registered alternative slightly closer to Electronic City, targeting a similar buyer profile at a comparable price. See CKPC Heart of Harmony on PropNewz for the configuration and price comparison.

What are the genuine risks a buyer should name before deciding?

Four risks stand out. First, no Karnataka delivery history: the Mumbai pedigree is real, but it does not predict Karnataka outcomes. Second, the RERA gap: until the K-RERA number is published, a buyer has no regulatory protection on price, delivery date, or configuration. Third, lake buffer compliance: verify that no part of the footprint encroaches on the buffer zone mandated by the National Green Tribunal. Fourth, premium pricing: at indicative Rs 16,000 plus per sq ft, the lake-view premium and the builder brand are both treated as certainties. Both are pending verification.

Is Ashwin Sheth Codename Blue worth a site visit?

Yes, with a clear condition: do not pay anything beyond a fully refundable expression of interest until the K-RERA number is confirmed on the Karnataka RERA portal. A site visit to see the lake frontage, the tower orientation, and the lake buffer positioning is entirely reasonable. Pair it with a visit to a completed Ashwin Sheth project in Mumbai or Thane if any NRI or Mumbai-based contact can give a first-hand account. And shortlist at least one RERA-registered Bannerghatta Road comparable on the same day so the price-quality tradeoff is a live comparison rather than an abstract argument. See the full Ashwin Sheth Codename Blue project page on PropNewz for the master plan, configuration images, and location map.

What is the price of Ashwin Sheth Codename Blue?

Indicative prices start at Rs 2.23 Cr for the compact 3 BHK (1,351 sq ft super built-up area) and go up to Rs 3.75 Cr for the 4 BHK at 2,271 sq ft. A standard 3 BHK at 1,747 sq ft is indicated at Rs 2.88 Cr onwards. These are pre-RERA indicative prices and may change once the formal K-RERA registration is filed. Do not treat them as locked until a RERA-filed price list is confirmed.

Is Ashwin Sheth Codename Blue RERA-registered?

No. As of June 9, 2026, K-RERA registration has not been filed for this project. The project is in a pre-launch or expression-of-interest stage. Buyers should not make any payment beyond a fully refundable token until the Karnataka RERA number is published and verifiable on rera.karnataka.gov.in. Possession is tentatively indicated as December 2030.

Who is Ashwin Sheth Group?

Ashwin Sheth Group is a Mumbai and Thane-based developer founded in 1986, with more than 80 completed projects in Maharashtra and Dubai. Codename Blue is the group's first Karnataka project. The Mumbai delivery track record is extensive, but buyers should specifically ask about Karnataka-specific regulatory approvals and execution capacity, as this represents the builder's debut in the state's operating environment.

What makes the Arekere Lake frontage significant?

Arekere Lake is one of the few surviving water bodies large enough to provide a sustained view corridor from upper-floor apartments on Bannerghatta Road. Lake-facing apartments in Bengaluru have historically commanded 15 to 20% premiums. The project's two-tower layout is oriented toward the lake. Buyers should verify that the project boundary respects the lake's conservation buffer zone before treating the lake view as a guaranteed feature of their specific unit.

This review reflects information available as of June 9, 2026.

Talk to PropNewz to evaluate this project. Let us chat.

By PropNewz Team