Here is why Whitefield lures lot of potential home buyers

Dominated by the IT (Information and Technology) sector, Bangalore has always been a sought after destination for investment. So it doesn’t come as a surprise to see capital values of residential properties skyrocketing. However, one particular locality that has caught the attention of many builders and investors is Whitefield. Cited to be a self sufficient micro market- thanks to its ever growing social infrastructure, the neighborhood has transformed itself into a residential hotspot. Following are some of the major factors that drive the residential demand here;

Connectivity

Encircled by established localities like Bellandur, Hoodi, Marathahalli and Mahadevapura, the vicinity is cited to be a major transit point. The locality has a number of major connectors like HAL Old Airport Road and Whitefield Road that ease access to other parts of the city. Local and national real estate developers are now cashing on the seamless connectivity and are purchasing apartments in Whitefield in large parcels so they could build large capital ventures. Apart from roads, the locality is well networked via rail too. The proposed Namma Metro Phase-II line has roped in a lot of foreign investment.

Presence of IT Bigwigs

Essentially known to be a IT dominated region, the area is home to a number of companies like HCL, Wipro, TCS and IBM. The realty demand here is majorly driven the white collared professionals. IT employees want to reside near to their office spaces and real estate developers are now tapping into this demand and are creating a number of multistorey buildings. Apartments in Whitefield boasts state of the art amenities and facilities.

Being a renowned IT hub, the area enjoys all the basic civic amenities. Reputed educational institutions, shopping malls and eatery joints are all just a stone throw away. The growing social infrastructure has resulted in a major price appreciation. Apartments in Whitefield have witnessed an escalation of over 12% in the past one year. The current ongoing rates for homes here are expected to hover anywhere between of Rs 3,500 and Rs 4,200 per square feet. The area is also cited to be a preferred rental destination and home here are estimated to generate a rental return of Rs 14 per square feet per month- making the locality a haven for many investors.

Major players are now entering the market and the vicinity is all set to have over 40 new residential projects the coming few years. These ventures range from being mid-segmented to ultra luxurious. According to current market trends, 1 BHK homes that spread between 500 and 800 square feet are expected to cost an average of Rs 28 lakhs. Similarly, 2 and 3 BHK homes that spread over 1,000 square feet cost and average of Rs 4,500 per square feet. So if you want to invest in a property that appreciates through time, don’t think twice before investing in apartments in Whitefield . They not only produce high ROI they also churn great rental yields.