The city is regarded as one of the top emerging hubs for technology located in Asia, Whitefield continues to be a top choice for the end-user. Today, it is the most sought-after urban hub for residential in Bangalore that has a wide range of housing options and promises to deliver positive returns on investment in the wake of Metro connectivity that is expected to be coming soon.
The area is located in East Bangalore, Whitefield is an emerging micro-market which has experienced rapid growth in recent years. It is also home to a large number of IT/ITeS firms, a good physical and social infrastructure, well-known educational institutions, and great connectivity to the city’s commercial districts are all factors which are strongly in favor of the area.
These factors have made Whitefield see steady increase in population and appreciation of prices. The activity of real estate in the area has been substantial 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 increase in year-over-year is of around four percent. According to data the average cost of a home in the area stood at Rs 5,700/sq feet in October-December of 2018. This was up to Rs 5,900 per square foot in the month of Oct-Dec 2019 and translating to the marginal growth rate.
Tendencies in the rental market
Due to its close proximity to IT centres as well as the presence of schools the demand for rental units is high in Prestige Park Grove Whitefield. The average rent for the 2BHK unit can range from Rs 17,700 and twenty-five thousand per month. Rents per month can range from Rs 17,700 to 29,000 for 3 BHK unit.
Growth Stimulators:
Growing IT center: Whitefield is one of the fastest-growing IT places in the United States. There are numerous IT parks like Whitefield’s International Tech Park Bangalore (ITPB) situated here and homes to well-known IT/ITeS businesses. Many companies have relocated from locations such as MG Road, Millers Road, Vittal Mallya Road and Residency Road to peripheral areas in a study by Cushman and Wakefield.
Sound social infrastructure: Apart from having the status of an IT hub, Whitefield is home to famous 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 entertainment. Marriott, Vivanta by Taj and Lemon Tree are some of the well-known 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 gained this area is highly sought-after over other parts of Bangalore to buy and rent reasons. Rajagopalan D of Supreme Realty states, “Rapid development in terms of social infrastructure 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 buses that connect Whitefield to the rest within the city. A recent change has seen BMTC launched a brand the brand new Chakra program for Whitefield that connects all areas by loops, which can reduce commute the commuters time. Additionally, Namma Metro Phase 2 will bring a major connectivity boost to the region through the linkage of Majestic Station with Whitefield via Baiyappanahalli.
Physical infrastructure that is lagging behind The physical infrastructure for the social of Whitefield is its physical infrastructure which is fast growing. Its Outer Ring Road (ORR) and the planned eight-lane peripheral ring road are expected to increase connectivity and to ease congestion. The projects are however being delayed by a significant amount of timetables. Flyovers can also play a role in the growing rush-hour situation.
Expats are becoming more numerous:
Whitefield houses numerous expatriates working within the town. The walk-to-work option, the presence of hospitals, international schools malls, exquisite dining establishments are what make Whitefield an ideal choice for a growing amount of expatriates, a majority who choose to live in luxurious residential homes or villas that have the latest facilities. This means the rental prices in this area are quite high with some luxurious villas costing as much as 2-6 lakhs per month.
In recognition of the huge potential of the region Numerous developers have started residential developments that comprise middle to high-end homes townships, gated communities, townships and luxurious villas. Most of them are targeted towards buyers in the IT and industries.
