By Anjana Sastri, Director – Marketing, Sterling Developers
The transformation of Bangalore from ‘Garden City’ to an uber-developed ‘Silicon Valley’ came about owing to the modernization of its thriving technology region, Whitefield. Not only have IT/ITeS industry giants established their presence here, co-working spaces in and around these booming neighbourhoods have also given a boost to real estate. With the growth of the tech industry came about an explosion of young professionals looking to settle down in the city in search of a home near their workplace. It was at this point that several areas in Bangalore city started seeing rapid demand for residential locales and suddenly became known on the map of Bangalore and India. Naturally, Whitefield emerged as one of the major technology and residential regions in the country.
Whitefield, which is rushing now without time to stop and reflect, was once a suburb, quaint settlement. Now, it has emerged with a golden feather and has become one of the city’s top residential localities. People from across the country and world have moved to Whitefield for work and as a result it also has one of the biggest expat populations in the country. These factors have made Whitefield a melting pot of cultures and one of the most cosmopolitan localities in the investor’s paradise of Bangalore. Here are some factors that explain its phenomenal rise:
Rise of the IT wave
Whitefield is home to many big MNCs, IT companies and start-ups that offer job opportunities for thousands of young tech professionals. It has transformed into a tech hub and is home to the popular, world-class International Tech Park, ITPL, among several other parks. Many renowned companies have expanded their clusters all over Whitefield and this is prompting people to invest here. The tech boom is expected to intensify going forward and hence residential properties will continue to find traction in this prime locality.
People prefer to invest in Whitefield due to the connectivity factor. The locality is connected to prominent sectors of Bangalore by two four-lane roads – namely Whitefield Road via Mahadevapura and Varthur Road via Marathahalli. Apart from this, the place is also well connected by HAL old airport road, and the NICE Road. The Kempegowda International Airport (KIA) is an hour-long drive from this locality, and the Whitefield Railway Station is just three km away. The Metro Rail project will integrate Whitefield into its network under Phase-II, and will be one of the biggest drivers of property prices in the coming years. The seamless connection is what makes Whitefield a favorite location for homebuyers.
Vast social-infrastructure and entertainment hub
Good social infrastructural services are the essentials of a residential locality. Whitefield is on top when it comes to social infrastructure–it has reputed educational institutions, hospitals, banks and shopping centres. Whitefield is also a favorite haunt for artistes, photographers, writers and thinkers and has an abundance of space for recreation. From art theatres to museums, Whitefield has a lot to offer. With a significant population in the age group of 20 to 35, Whitefield has also developed as a hub for the younger generation. The area is plush with pubs, nightclubs and breweries and also has a varied assortment of malls that enable weekend retail therapy. Thus, buying a property in Whitefield is not only about the home, but its access to necessities and entertainment.
High capital appreciation
With rapid development comes fast-appreciating property value. Due to its close proximity to major commercial areas and the large number of tech offices opening here, Whitefield has witnessed a sharp increase in property prices. This locality is also the perfect choice if you are looking to buy a home primarily as an investment as finding a tenant and earning high rental income is relatively easy. The increased number of people moving to this locality for work has led to a rise in the demand for housing options.
Wide availability of housing choices
An interesting feature about Whitefield is the wide range of accommodation or housing choices that it provides. It has varied choices of luxurious villas, township projects, apartments etc for sale at different price points suiting different budgets. With wonderful designs, architectural beauty and range of housing projects, Whitefield is one of the best options in the city to buy a home. Moreover, it has housing projects from renowned groups giving buyers plenty of options to choose from.
In conclusion, it can be said that the IT boom, a catalyst in Whitefield’s development, has created a huge job market that has two huge benefits for people looking to buy homes in the locality. First, owning a home here will help you live closer to your office, and second, if you look at real estate as an investment, the returns are high. Whether you are a first-time home buyer or a seasoned investor looking for apartments or villas, Whitefield has something for everyone.