The city is regarded as one of the top emerging hubs for technology located in Asia, Whitefield continues to be a popular option for those looking to use it as a final-use. It is now the most favored urban hub for residential in Bangalore that has a wide range of housing options and promises to deliver positive returns on investment due to the coming metro connectivity.
The area is located in East Bangalore, Whitefield is an emerging micro-market which has experienced an explosion of growth in recent years. It is also home to a large number of IT/ITeS businesses, excellent physical and social infrastructure, prominent educational institutions and superior connectivity to the city’s commercial districts are all factors that are a major benefit of the location.
The factors mentioned above have helped Whitefield to experience steady expansion and price appreciation. The activity of real estate in the area has been substantial with numerous prominent developers starting residential projects and townships.
Trends in price
Prices for residential property in Whitefield have been experiencing steady increase in recent years. The increase in year-over-year has been of around four percent. According to the data the average cost of an apartment in this area was at Rs 5,700/sq feet in October-December of 2018. This was up to Rs 5,900 per square foot in October-Dec of 2019, which translates into the marginal percentage of growth.
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Tendencies in the rental market
Because of its proximity to IT centres as well as the presence of schools and educational institutions, the rental demand is high in Whitefield is also extremely high. The average rent for 2BHK units 2BHK unit are between 17,700 and twenty-five thousand per month. The monthly rent can rise to 29,000 for 3 BHK unit.
Growth Stimulators:
A flourishing IT center: Whitefield is one of the fastest-growing IT locations in the nation. There are numerous IT parks, including Whitefield’s International Tech Park Bangalore (ITPB) in Whitefield that are homes to well-known IT/ITeS businesses. Numerous businesses have moved from areas such as MG Road, Millers Road, Vittal Mallya Road and Residency Road to peripheral areas in a study by Cushman and Wakefield.
Solid social infrastructure: In addition to serving as an IT hub, Whitefield is home to notable medical institutions, educational institutions commercial centers, and five-star hotels. Shopping malls such as Forum Value Mall, Phoenix Market City and Ascendas Park Square Mall give various options for entertainment and leisure. Marriott, Vivanta by Taj and Lemon Tree are some of the most renowned hotels in the region. Sri Sathya Sai and Vydehi Institute of Medical Sciences are among the hospitals with super-specializations located here. Because of the level of self-sufficiency Whitefield has achieved it is a preferred location over many other locations in Bangalore to buy and rent for rental purposes. Rajagopalan D of Supreme Realty states, “Rapid development in terms of infrastructure for social purposes has increased the value of land in Whitefield, which has drawn developers to design extensive housing projects in the area between Whitefield and ORR-Sarjapur.”
Improved city connectivity: Bangalore Metropolitan Transport Corporation (BMTC) runs a regular bus services that connect Whitefield to the rest within the city. Recently, BMTC launched a brand the brand new Chakra services for Whitefield that connects all areas by loops, which reduces commute travel time of commuters. Additionally, Namma Metro Phase 2 will provide a significant improvement in connectivity to the area by connecting Majestic Station with Whitefield via Baiyappanahalli.
Physical infrastructure that is lagging behind In addition to the Social infrastructure in Whitefield is its physical infrastructure which is fast getting better. In particular, the Outer Ring Road (ORR) and the planned eight-lane peripheral road will enhance connectivity and to ease flow of traffic. The projects are however being delayed by a significant amount of timetables. Flyovers are also a key element in the growing rush-hour situation.
The population of expats is growing:
Whitefield houses numerous expatriates who live within the town. The walk-to-work option, the presence of hospitals, international schools malls, exquisite dining establishments provide Whitefield an ideal choice for a growing amount of expatriates, a majority of whom choose luxurious residential homes or villas with state-of-the-art facilities. This means the rental prices in this area are very high with some top villas ranging as high as 2-6 lakhs per month.
Recognizing the enormous potential of the region Numerous developers have started residential projects , which include luxury apartments that range from mid-priced to premium towns, townships, gated communities and luxurious villas. A lot of these are targeted towards buyers in the IT and industries.