Whitefield - Bangalore'
Mr. Juggy Marwaha, JLL India
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.
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| Juggy Marwaha, JLL India |
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.
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.
About the author
Mr. Juggy Marwaha is Managing
Director – South at JLL India
For media contact
Arun Chitnis
Head – Corporate
Communications & Media Relations
JLL India
Pune – 411 001.
Tel: (020) 30930441 Fax: (020) 40196101
Mob: +91 9657129999
Tel: (020) 30930441 Fax: (020) 40196101
Mob: +91 9657129999
Website: www.joneslanglasalle.co.in
Twitter: JLLIndia_Realty
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