Real Estate Bangalore
Rated as one of the best emerging technology hubs in Asia, Whitefield continues to be a preferred choice for end-use.
Situated in east Bangalore, Whitefield is a burgeoning micro-market that has seen rapid growth in the recent times.
In addition to significant presence of IT/ITeS companies, good social and physical infrastructure, renowned educational institutions and superior connectivity to the city’s business districts are factors that work strongly in favour of the locality.
The above factors have helped Whitefield witness consistent growth and price appreciation. Real estate activity in the region has been significant, with many prominent developers launching residential projects and townships.
Real Estate Bangalore
Price trends
Residential property prices in Whitefield have seen a steady growth in the recent years. The year-on-year appreciation has been to the tune of 12 – 15 per cent.
According to data available with 99acres.com, the average price of an apartment here stood at Rs 4,400 per sq ft in Oct-Dec 2014.
This jumped to Rs 4,700 per sq ft in Jan-Mar 2015, translating into a growth of almost seven per cent in a quarter.
Rental trends
Owing to its proximity to IT centres and the presence of educational institutions, rental demand in Whitefield is also high. Average rentals for a 2BHK unit range between Rs 17,000 and Rs 21,000.
Monthly rent can go up to Rs 26,000 for a 3BHK unit. The below table compares the rental rates of some of the prominent localities in East Bangalore:
Locality
1 Bedroom
2 Bedrooms
3 Bedrooms
Brookefield
Rs 11,000 – 14,000
Rs 17,500 – 21,000
Rs 22,000 – 25,500
Hoodi
Rs 16,000 – 19,500
Rs 19,500 – 24,000
Whitefield
Rs 9,750 – 13,000
Rs 17,000 – 22,000
Rs 22,000 – 26,500
Mahadevpura
Rs 8,500 – 11,500
Rs 16,000 – 21,000
Rs 24,500 – 28,000
Kundalahalli
Rs 11,000 – 14,000
Rs 17,500 – 21,000
Rs 21,000 – 24,000
Growth Stimulators:
Prospering IT hub:
Whitefield is one of the fastest growing IT destinations in the country. There are many IT parks such as the International Tech Park Bangalore (ITPB) located here, which are home to well-known IT/ITeS companies.
A number of companies have relocated from places like MG Road, Millers Road, Vittal Mallya Road and Residency Road to peripheral areas, says a report by Cushman and Wakefield.
This is evident from the fact that Bangalore recorded the highest number of relocations during the first half of 2013 (Jan-June 2013), the CW report adds.
Sound social infrastructure:
Besides being an IT hub, Whitefield is home to prominent educational institutions, hospitals, commercial centres and five star hotels.
Shopping malls such as the Forum Value Mall, Phoenix Market City and Ascendas Park Square Mall provide varied options of entertainment and recreation.
Marriott, Vivanta by Taj and Lemon Tree are some of the famous hotels in the area. Sri Sathya Sai and Vydehi Institute of Medical Sciences are two of the super-speciality hospitals located here.
With the kind of self-sufficiency Whitefield has acquired, the locality is preferred over many other areas in Bangalore for buying and rental purposes.
Rajagopalan D of Supreme Realty says, “Rapid development in terms of social infrastructure has enhanced the land value of the region, attracting developers to plan extensive residential projects between Whitefield and ORR-Sarjapur.”
Improving city connectivity:
Bangalore Metropolitan Transport Corporation (BMTC) operates regular bus service that connects Whitefield to all areas of the city.
In a recent development, BMTC introduced new Chakra service for Whitefield, which connects the entire area in loops and therefore helps save time for commuters.
In addition, Namma Metro Phase 2 will give a major connectivity boost to the area by linking Majestic Station with Whitefield via Baiyappanahalli.
Slated physical infrastructure:
Complementing the social infrastructure of Whitefield is its physical infrastructure that is rapidly improving.
The outer ring road (ORR) and eight-lane peripheral ring road will further improve connectivity and help ease the traffic. Flyovers will also be instrumental in the increasing rush-hour traffic situation.
Growing expat population:
Whitefield is home to many expatriates, who work in the city. Walk-to-work privilege, presence of international schools, hospitals, malls and fine dining restaurants make Whitefield a preferred choice for an increasing number of expatriates, many of whom opt for high-end residential apartments or villas that offer state-of-the-art amenities.
This also means that rental values in this region are high, with some of the premium villas fetching as much as Rs 3-4 lakh per month.
Popular projects
Project
Developer
Area
Configuration
Price
Skylark Ithaca
Skylark Mansions
605 – 3060 sq ft
1 – 4 BHK
25 – 78 Lakh
Sai Purvi Pride
Sai Purvi Developers
1105 – 1450 sq ft
2 – 3 BHK
31 – 47 Lakh
ARK Cloud City
ARK Infra
1185 – 2040 sq ft
2 – 3 BHK
49 – 86 Lakh
Sobha Habitech
Sobha Developers
1342 – 3584 sq ft
2 – 4 BHK
78 Lakh – 2.15 Crore
Prestige Silver Oak
Prestige Group
2400 sq ft
4 BHK
2 – 3.5 Crore
Palm Meadows
Adarsh Developers
1800 – 5500 sq ft
3 – 4 BHK
9 Crore
Realizing the immense potential of the area, many developers have launched residential projects that include mid to high-end apartments, townships, gated communities as well as luxurious villas.
Many of these are targeted at buyers from the IT and industrial sectors. Sobha Habitech, Brigade Cosmopolis and UKN Belvista are some of the high-end residential projects in the locality.
Luxurious projects such as Prestige White Meadows, Adarsh Palm Meadows and Chaithanya Sharan are proof of the increased demand for luxury homes in the area.
Skylark Ithaca, ARK Cloud City and Sai Purvi Pride are other popular projects in the locality.
Curated from Whitefield: A popular choice of expatriates in East Bangalore
The post Real Estate Bangalore : A popular choice of expatriates in East Bangalore appeared first on Real estate News.