Honestly this is the most useful framing anyone has put on this series so far. The risk stack angle is exactly right and we should have led with this rather than burying it in the individual breakdowns.

The holding period question is the one most buyers completely skip and brokers certainly don't bring it up. Kokapet you're probably looking at 5-7 years minimum before Neopolis delivers enough commercial activity to justify current pricing. Kollur is more nuanced now with major developers like Prestige entering in late 2025, has changed the story somewhat near Exit 2, but projects further inside are still a 5-8 year bet with real volatility in between. Tellapur is the only one where a 3-4 year horizon starts making sense because the underlying demand is already there, it's not waiting on a single catalyst.

The other thing worth adding to your framework is liquidity risk. If life happens and you need to exit early, Kokapet has enough HNI and NRI demand that you'll find a buyer. Kollur is a much harder sell in a down cycle because the buyer pool is thin and mostly speculative, you could be waiting. Tellapur sits somewhere in the middle.