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 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.
Known for its scenic beauty with lush trees, Whitefield 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 12-15 per cent, and residential property prices currently range from Rs 4,700-5,400 per sq ft. 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. Rental values range from Rs 15,000-19,500 for 2-3BHK flats.
While Whitefield is rated as one of the topmost emerging tech hubs in Asia, it is admittedly not entirely free of challenges. With 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 and the eight-lane peripheral ring road will be connecting 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.
The writer is managing director, south, JLL India
