While people may be holding back on investing in real estate across the city, Whitefield has emerged as the a goldmine for realtors, where demand and supply hits perfect equilibrium unlike other pockets
The real estate sector has been witnessing several dramatic fluctuations this year, but Whitefield has emerged as one area where demand and supply are at perfect equilibrium. Realtors, who had invested in the area years ago, are today bearing fruit of their decisions.
Pic for representation
Moreover, the once IT dominated area is now witnessing a residential and commercial boom. Three big malls have opened up in the area, four five-star hotels began operations and five real estate giants have opened up residential apartments 2011 has definitely proved beneficial for Whitefield.
Recording this finding, the Global Real Estate Intelligence agency, Jones Lang LaSalle India claimed that Whitefield recorded a healthy demand and supply this year.
"The year 2011 has been crucial for Whitefield and dramatic development has taken place. Demand for residential and office space remained high. The unique point about the area is that accommodation is available at all prices.
It might take some time for Whitefield to become Bangalore's next Brigade Road, but with the social infrastructure and public transport system improving, the area is getting there fast," said Karun Varma, managing director, Jones Lang LaSalle India (Bangalore).
A win-win game
While for many realtors the target audiences were primarily IT employees earlier, now they are diversifying wooing employees from other sectors.
"Everything came together at the right time for Whitefield. Commercial development in the form of malls, residential apartments and villas opened up, The IT industry decided to strike viable deals with the service apartment sector and the Metro connectivity (which will become a reality in the next few years) all worked out well and in a timely manner.
We are now witnessing a 200 per cent increase in demand for all sectors," said Rahim Khan, a real estate agent from the area. Meanwhile, Whitefield is further luring a growing number of investors, who believe that profits will only increase further.
"When I moved into Bangalore about 30 years ago, Whitefield did look like a potential investment opportunity and today it certainly has reiterated that point.
With the IT boom, Whitefield has made its way onto the global map and today the residential and commercial real estate is growing aggressively," said Pankaj Shah, co-chairman, ACREX 2012.
Lapping it up
He added that apartments once priced at Rs 2,000/sq ft are selling fast at even at Rs 4,500/sq ft and there is a reasonable realisation of prices, and demand and supply is parallel. "The good connectivity has helped greatly and the next decade will be a crucial growth period for Whitefield," Shah said.
Further, people working in the area have also chosen to settle down in the area to avoid travelling. "Initially when I started working in Whitefield, I used to travel all the way back home to J P Nagar.
However, I realised that I was wasting time and money traveling back and forth and since the rent for a 1BHK is reasonable I shifted here. The area has developed and options for eating out and entertainment are good," said Tony Varghese, an IT employee.
Adhering to the trend this year, many realtors will be opening up projects that have been under construction for years. Many have invested in the area, which at the moment seems to be one of the city's main profit making sectors.