Zone in on Whitefield to make good returns
Whitefield has emerged as one of the top tech hubs, not just in India, but in the whole of Asia. The past two decades have been a period of accelerated growth in this locality which has not been witnessed in many areas in India. The prices of property in Whitefield in Bangalore are on the rise as home buyer’s interest in this suburb continues unabated. In the quarter ended December 2015, the prices of multistoried apartments in Whitefield stood at INR 4600 psqft on average.
Bangalore has, in the last three decades, grown from a typical cantonment town to become one of India’s fastest growing metros. The city’s growth has been tied to that of the Information Technology (IT) and the IT enabled services (ITES) industry in the city. While most parts of the suburbs in the city have been impacted by the growth of the IT sector, Whitefield, which lies to the east of Bangalore, has changed radically.
Whitefield was one of the earliest settlements in Bangalore and its history goes back to the late 1800s when it was established as a settlement for the Anglo Indian and Eurasian community. Whitefield continued to be old world and charming right up to the late 1990s when the boom in IT sector turned this locality into one of the most sought after suburbs of Bangalore.
Investing in Whitefield real estate is a good decision to take because it is one of the localities which has seen very strong demand and appreciation in the past 15 years. Buying an apartment in Whitefield is also a good investment decision, as an apartment in this area would be easy to rent out. In fact this locality has top preference for rentals among expats mainly because it is closer to the major IT hubs.
Whitefield is a very cosmopolitan locality and has a number of options for eating out, for nightlife and for shopping. The locality has a number of good schools and a number of hospitals are also being set up here. One of the best things about Whitefield is the large number of large format retail outlets in the area. Brookefield is a high street one cannot miss, mainly because many of the national and international restaurants chains are present there.
The Forum Value Mall is one of the first discount stores within a large format. Other malls are Park Square, Cosmos Mall and Inorbit Mall. The new Market City is relatively new and attracts customers from other parts of the city because of the large number of restaurants in it as well as the specialty shops inside.
People who wish to buy an apartment in Whitefield will find that there is any number of high quality options to choose from. There are a number of villas, premium end apartments as well as gated communities on offer. The housing units are all made for discerning buyers in the IT sector.
However, while the growth trajectory in Whitefield is awesome, the locality has challenges which are also byproducts of this rapid growth. The two major problems, pollution and traffic congestion have been areas of concern for the residents of this area. The air quality in this locality is one of the worst in the city. The poor air quality is because of the emissions from vehicles, construction activity, dust on the roads and generators. Hopefully the civic agencies will wake up and do what has to be done to ensure better air quality.
On a more positive note the city metro, ‘Namma Metro’ is expected to connect Whitefield in its second phase. The Purple Line which will extend to Whitefield from Byappanahalli will cover 13 stations en route. The metro will also go a long way in reducing the traffic on the roads.
Nina Varghese for IndiaProperty.com