Real estate market in Whitefield
Whitefield Bengaluru is a suburb located in East Bengaluru. The area that was once a retirement colony of Anglo-Indians is now one of the most sought after real estate destinations in Bengaluru. Whitefield also gained importance due to the proximity of Hoskote which is an upcoming industrial and automobile hub. It is located at 7-10 kms from Whitefield.
Whitefield is well connected to the major areas of Bangalore with a wide range of transport service like BMTC bus services and BIAL services to Bangalore International Airport. In 1998, Whitefield was among the first locality to offer the concept of ‘work, live, play’, with the city’s first IT Park.
Whitefield has seen an upward trend in realty market due to a high number of IT/ ITeS companies in the neighbourhood and also the credit befalls good connectivity. The Whitefield belt witnessed a spurt of real estate activity during the period 2003-2007. Whitefield has good existing social infrastructure like schools, hospitals and even malls.
Whitefield has become a self-sustaining suburb with residential projects, modern-format retail malls, hotels and other social infrastructure. Whitefield can be easily reached from any part of the city via two streches in KR Puram and Marathalli.
The proposed metro corridor which will be 18 km long and it is expected to get completed by 2017-18. The residential properties in Whitefield is also increasing because of the increasing demand for office and retail space.
According to real estate expert, Whitefield will not going to lose its charm in 2013, due to the strong economic growth and good social infrastructure factor. Whitefield has the potential for further development as the area is surrounded by industrial and residential development.
Whitefield can expect significant improvement in travel time only post 2015 after the completion of planned Bangalore Metro Rail project and proposed Peripheral Ring Road (PRR) Phase I.
Many developers have notified IT/ITes SEZs in Whitefield but, few of them are yet not confident to start the development work on account of property occupiers preference for ORR and Bangalore North.
Whitefield main road, ITPL road and Pattandur agrahara or Nallurhalli Lake area are the expensive areas of Whitefield, having capital values in the range of Rs 4000-Rs 6000 per sft. While Borewell road, Kadugodi Road, Channasandra road, are all near Whitefield and are comparatively cheaper. For investment these area will see better upside.
There are a lot of projects getting completed in 2013 and there will be lot of ready to occupy inventory in the market. The secondary market for new properties which not so active will start seeing activity now. Our advise to the end users/investors will be to keep an eye on secondary market as well before taking any decision.
The weighted average price of Whitefield as an area is Rs4500/sft.
Godrej Properties Limited, the real estate arm of the Godrej Group has entered into a Development Management Agreement with M/s United Oxygen Company Private Limited, to develop their property situated near Hoody, Whitefield Main Road, Bengaluru.
The project will offer 1,000,000 sqft approximately of saleable area and will be developerd as a residential housing project. th eproject will have good connectivity to the IT and ITes belt at Bellandur on Outer Ring Road. This project is going to be a landmark development in the location.
Related Real Estate News:
Whitefield realty boomed as IT companies set in
Rental rates for apartments in Bangalore increased more in Whitefield
Properties in and around Whitefield grab strong demand
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