By: Juggy Marwaha, Managing Director – South, JLL India
Track2Realty: The IT/ITeS sector continues to be a dominant growth driver for Bangalore, and some areas stand out from the rest as far as the impact of this sector is concerned. Whitefield in the eastern part of Bangalore is one such area. Whitefield was an early settlement in Bangalore and remained a quaint little suburb till the 2000s, when Bangalore’s IT boom reshaped Whitefield into a major suburb.
Whitefield is a burgeoning micro-market which has turned into a self-sustaining area over time. The growth story of this location was scripted in the early 2000s, when the IT boom of Bangalore reshaped Whitefield as a major suburb. It is now one of the most sought-after real estate localities in the country. Over the next 24 months, it will be excellently connected to other key parts of the city by the ‘Namma’ Metro.
This micro-market is progressively developing into a standalone microcosm, with adequate social infrastructure already in place and even more coming up rapidly.
Known for its scenic beauty with lush green trees, Whitefield has high-grade international schools and good hospitals are also being set up. It now has a number of outstanding residential projects by famous developers to offer. The area enjoys superlative connectivity to Bangalore’s various business districts and is now a very hot location for both property investors and end-users.
In addition to – and perhaps because of – the significant IT influence in Whitefield, the presence of good social infrastructure, rapidly developing physical infrastructure and top-quality educational institutions in the vicinity make Whitefield a highly desirable location in all respects. For home seekers in Bangalore, this area is a regular treasure-trove of attractions. Whitefield has a host of option such as gated communities, villas and high-end apartments to choose from.
Developers in this area offer quality housing across all verticals, with the supply geared squarely at buyers from the IT and industrial sectors. Whitefield has been seeing consistent annualized appreciation to the tune of 11-14%, which has been even higher in the case of select projects with superior specifications and amenities.
This micro-market is also one of the most preferred rental destinations for the cosmopolitan work force in Bangalore, again because of its proximity to major IT centres and the availability of educational institutions.
In terms of retail real estate, Whitefield has Brookefield – a bustling high street which primarily houses national and international restaurants. Forum Value Mall, being one of the first malls in the area caters to customers who want to shop at discount stores within a mall environment. Other malls in the area are Park Square, which typically caters to ITP staff on weekdays, Inorbit Mall, Cosmos Mall and the newly launched Market City.
Market City, being one of the newest malls in Whitefield, not only attracts customers from within the immediate catchment and the nearby areas but also from central and south Bangalore because of the wide range of specialty retailers and quality dining options it offers. Other upcoming malls in this area will be supplied by Virtuous Reality and Prestige Developers.
While Whitefield is rated as one of the topmost emerging tech hubs in Asia, it is admittedly not entirely free of challenges. With over 700 industries, IT parks, malls, international schools and residential spaces jostling for space in this corridor, increased pollution and rush-hour traffic are areas for concern. However, the Metro rail line extending up to Whitefield in its second phase and improving infrastructure such as flyovers, the Outer Ring road (ORR) and the 8-lane Peripheral Ring road will connect Whitefield to other major roads, and be instrumental in easing the situation considerably.
In the meantime, the relentless rush for properties in Whitefield continues unabated, ensuring its viability as one of Bangalore’s hottest real estate investment destinations for some time to come.
