Whitefield was renowned back in the good old days for its pristine living conditions and laidback lifestyle. It was a stronghold of the British Raj and continues to hold an old world charm, despite the IT developmental influx it has seen. Whitefield is spread over a 5-km radius around the erstwhile ITPL which is the set-up that began it all. Every major IT player in India and abroad has a presence in the area, upping the property value in the area significantly over the years.
The government too jumped on to the bandwagon and procured a number of property to give out on lease. Though at first glance it may seem that Whitefield is saturated, fact is that it has currently met around 60 to 65 per cent of the demand that exists. There is still a potential for around 30 to 35 per cent in terms of residential and commercial real estate.
Connectivity, a non-issue
Whitefield is styled on the basis of the British colonies of yore and till today has maintained the same semblance to a large extent. When it first started gaining prominence it was a bit remote from the centre of Bangalore with no proper roads. But this was soon rectified with wide, broad roads and lots of greenery along the way, making connectivity a non-issue.
With large names such as HP, SAP, and Siemens in the area, the potential for residential real estate constantly remains. To further supplement the residential development, there has been tremendous development in the commercial and retail sector as well.
You have massive malls in the area and commercial and tech property of prominent names in the realty field.
The development in Whitefield has been organised, and continues to be so in the central part as well as its outskirts in Hoskote and the Malur-Tirupati road. The area has a number of educational institutions such as TISB, Inventure Academy, Greenwood High, and International School of Management Excellence. In terms of medical facilities, the area is famous for the Satya Sai Baba Medical Institute and Hospital.
Land here is at a premium. Though not much of it is available in the central part of Whitefield, some land is still available in the vicinity of ITPL. The reason: it is all revenue land, most of which has been acquired by the KIADB.
Apartments in the area cost between Rs. 3,500 and Rs. 4,500 per sq. ft. Villas are in the bracket of Rs. 2.5 to Rs. 3 crore. Rentals too are high with commercial property going at Rs. 40 to Rs 45 per sq. ft. For a 2BHK apartment, be ready to shell out anywhere between Rs. 15,000 to Rs. 25,000 a month depending on the location and amenities.
Negatives
The only negative aspect of the area is water shortage, primarily due to a low ground water table. However, BWSSB coverage is available. Whitefield also figures in Metro Reach 2 development, which will obviously pick up from Byappanahalli.
Whitefield retains its old world charm and is an area with a great deal of history. It's a wonderful area to be in and still holds promise in terms of good property being available.
(The author is the Head, Sattva Real Estate Solutions, a real estate market research division of Sattva Group)
