Is metro connectivity key to property price hike in Whitefield

Bangalore’s real estate growth has not just been vertical it has reached the periphery of the main highways leading into the city. The main factors which have contributed to the growth of real estate, commercial, retail and residential, has been the relatively lower costs of land and the availability of large land banks. Demand has also been high on the peripheral areas of Bengaluru.

One of the important roads that lead to the city from the southwestern side of Bangalore is the Mysore Road. This particular Road has not developed despite being conceived three decades ago and has been rather slow in terms of real estate development.

The area has however, gained prominence only after a few educational institutions were set up and some industrial development happened. Many residential projects are now coming all along this road, especially in areas such as Whitefield, which are closer to Bengaluru.

Another major development which will boost real estate in Whitefield would be the western extension of Namma Metro from the Mysore Road terminal to Whitefield. Whitefield’s proximity to the ORR will also help the residential demand to go up. These two infrastructure developments will contribute to the increased demand for apartment in Whitefield.

Apartments in Whitefield are in huge demand

Whitefield is mainly meant for the lower and mid income group of the society. Many of the residential projects coming up on the Mysore Road micro market cater primarily to this segment. The premium segment is still in the initial stages. The home buyers are mainly government employees and those employed by the small and medium scale industries in the vicinity. There are also some takers from the Information Technology sector. So ready to occupy flats in Whitefield is increasing drastically in last few years. Area wise both are easily accessible to and from Bangalore. The prices for apartments in Whitefield have shown an upward trend in the past year.

There are various builders who have come up with a master plan for their projects as far as Whitefield is concerned. Already several thousand units are under construction and more are in the pipeline so there is no dearth of dwelling units in Whitefield but the waiting period may further extend due to delay in finishing the projects.

There are several ready to move apartments for sale in Whitefield and most of the occupiers are from the middle income group. But dwellings for higher income group are rare and such projects are miniscule and in the primitive stage.

Eventually Whitefield is getting back to life three decades after it was conceived and years of neglect. This area has seen sudden spurt in demand for dwelling units and within a span of few years this area will be another concrete jungle of Bangalore city.