As one of the most promising emerging hubs for technology within Asia, Whitefield continues to be a top choice for the end-user. It is now the most favored urban hub for residential in Bangalore that provides a variety of housing options as well as the promise of delivering positive returns on investment due to the Metro connectivity that is expected to be coming soon.
The area is located in East Bangalore, Whitefield is an emerging micro-market that has experienced rapid 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 Bangalore’s business 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 real estate market in the area is significant with numerous prominent developers starting residential projects and townships.
Trends in price
The prices of residential properties in Whitefield have been experiencing steady increase in recent years. The annual increase is of around four percent. According to data the average cost of a home in the area stood at Rs 5,700 for a sq feet in October-December of 2018. This was up to 5900 rupees per square foot in the month of Oct-Dec 2019 and translating into the marginal percentage of growth.
Trends in rental
Because of its proximity to IT centres as well as the presence of schools and educational institutions, the rental demand for rental units in Whitefield is also extremely high. The average rent for the 2BHK unit can range from Rs 17,700 to twenty-five thousand per month. Rents per month can range from Rs 17,700 to 29,000 for three BHK unit.
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Growing IT center: Whitefield is one of the fastest-growing IT locations in the United States. There are a number of 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 according to a report from Cushman and Wakefield.
Sound social infrastructure: Apart from 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 offer numerous 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. Due to the self-sufficiency that Whitefield has achieved it is a preferred location over other parts of Bangalore to buy and rent reasons. Rajagopalan D of Supreme Realty states, “Rapid development in terms of infrastructure for social purposes has increased the value of land in the area, and has attracted developers to design extensive housing projects in the area between Whitefield and ORR-Sarjapur.”
Improved city connectivity: Bangalore Metropolitan Transport Corporation (BMTC) provides 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 the whole area via loops, and 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 The Social infrastructure in Whitefield is its infrastructure, which is fast getting better. Its Outer Ring Road (ORR) and the coming eight-lane peripheral road will enhance connectivity and to ease congestion. However, these projects are far behind timetables. Flyovers can also play a role in the growing rush-hour situation.
The population of expats is growing:
Whitefield has been home to a lot of expatriates working at the local level. Walking to work privileges, proximity to hospitals, international schools malls, exquisite dining establishments are what make Whitefield the preferred option for a growing number of foreigners, many who choose to live in luxurious residential homes or villas that have the latest facilities. It also means that the rental prices in this area are very high and some luxurious villas costing as much as 2-6 lakhs per month.
Recognizing the enormous potential of the region Many developers have launched residential projects , which include middle to high-end homes towns, townships, gated communities and luxury villas. Most of them are targeted towards buyers in the IT and industries.