05 Nov In Whitefield The Future Looks Bright – Invest In Upcoming Apartments
If you consider the promises the future holds for Whitefield, the problems that this eastern part of Bengaluru face today will seem petty. The ones having real estate market sense choose Whitefield as their home, looking at the massive development initiatives being undertaken by the government. The sheer number of upcoming apartments in Whitefield that are coming up is remarkable. Massive residential and commercial projects adorn its brilliant skyline. Whitefield has come a long way from being a quiet agricultural suburb to a bustling real estate paradise. Most of the development started in the early 2000s after the IT boom.
The Whitefield population mostly consists of IT professionals and employees having white-collar jobs. Whitefield has top international MNC offices, which draws hundreds of professionals towards it. They settle here in the hope of an elevated lifestyle. Naturally, the demand for 1, 2 and 3 BHK apartments in Whitefield is high. The market favours home buyers here. Bengaluru has mostly been a stable market in terms of real estate because of its capacity to create job opportunities. As long as the employment sector flourishes, real estate demand will be high.
Despite its commuting challenges, Whitefield remains the first choice for many home buyers. This is primarily because of two factors – one, making an investment when one can and two, the promise the future holds here. Many believe that the Peripheral Ring Road (PRR) and Metrorail Phase II connecting Baiyappanahalli to Whitefield will change the profile of Whitefield completely. The PRR project is expected to integrate state and national highways around Bengaluru. This includes Hosur Road, Old Madras Road, Bellary Road and Tumkur Road. This will also reduce pressure on the Outer Ring Road (ORR).
The second phase of Metro will become functional by 2020. Everybody knows what this project means to Whitefield. Both these projects will address Bengaluru’s long-existing traffic woes, especially for those living in Whitefield. With this area becoming the preferred destination for thousands of people in a short time, there is a sudden spike in residential and commercial projects. Moreover, the upcoming apartments in Whitefield will fall under the RERA norms, making home buying significantly easier for home buyers. As per the top builders here, more than four lac people work in various MNCs in Whitefield.
Imagine the number of projects being undertaken by these developers to keep pace with the demand. Property prices near the metro stations and corporate hubs are going up, as everyone is looking to own 1, 2 and 3 BHK apartments in Whitefield either near the stations or near their workplace. As more and more infrastructural developments are undertaken, the demand and prices for properties will rise near the projects. Metro work is progressing fast. The PRR project work will soon gain pace. Over the past five years or so, almost 28,500 residential projects have come up in the Whitefield region.
While the number of launches peaked during the period 2013-2015, accounting for 83 percent of unit launches in these five years, demonetisation, GST and RERA brought this percentage down a bit since 2016. The lull resulted in a large inventory of unsold units in Whitefield. Hence, any home buyer looking to invest in a property should do so now. Developers are offering great discounts, freebies and offers on the unsold units. Ready-to-move upcoming apartments in Whitefield are a great option if you are planning to move in near future.