Undoubtedly a ready-to-move-in 2 or 3-BHK apartment or a home poses a lot of advantages to the home buyers and especially for the first-time home buyer. Earlier, there were threats of delayed possessions which was a chronic problem of the real estate industry and home buyers who booked under-construction homes.
For practical reasons, for people from outstations who stay on rent, a ready-to-move-in apartment or a home is a great advantage as they don’t have to pay a double premium for their stay which are their home rent and the EMIs for the new home. A ready-to-move-in apartment or a home has other advantages too where the buyers can also get a glimpse of the kind of neighbourhood they would be in as most of the homes would be occupied by then. In the context of the market condition now prevalent in India, and especially in Bangalore, the supply of the homes are in plenty and there is a pretty high backlog of unsold stock too although not much in Bangalore. This guarantees a ready supply of ready-to-occupy homes in the city you live in and in places where the influx of industries are more like Bangalore, Pune, Noida, Gurgaon, etc. the rental prices escalate faster thus making it more judicious to go for ready-to-move-in homes and apartments.
The market watchers opine that the demand of ready-to-move-in homes and apartments are more near the industrial and the IT hubs of cities like Bangalore, Pune, Coimbatore, etc. The reasons can be easily guessed as it is evident that most of the outstation people working in these parks and industrial areas are more who prefers to stay near their workplaces. That’s one of the reasons why such areas are high in social infrastructure and the prices of properties in such areas also escalate in prices faster than in other areas. One such area is Whitefield in Bangalore where there is a perennial demand of ready-to-move-in properties and homes. Let’s discuss the reasons why Whitefield has emerged as one of the most sought after places in Bangalore and that too the demand of ready-to-move-in apartments is on a higher scale.
From the time the IT Parks and the MNCs migrated to Whitefield which was a hamlet once, the ready to occupy flats are high in demand. Whitefield is in East Bangalore and this area constitutes most of the IT industries and MNCs from the time the IT revolution started sowing its seed in Bangalore. The emergence and growth of Whitefield have been quite fascinating and exciting for the city as it had been quite dramatic. Following this, the demand for the area multiplied and the reasons why there is a higher demand of ready-to-move-in 2 and 3-BHK apartments in Whitefield are listed below.
Return on Investment:
Whitefield is no doubt an area with a high demand for housing with a great social infrastructure but yet, comparatively, the average prices of properties are lower in the area. The average property value or the value of a 2 or 3-BHK apartment in Whitefield is about Rs. 5200 per square feet. In comparison to the value per square feet in Jayanagar or other central parts of Bangalore would be Rs. 21,000 per square feet. Anyone would agree that this is a massive difference and that’s the reason there is a prospect that the value would escalate to that range within few years’ time which indicates a very high scope of higher return on investment. This can be attributed to the growth of the residential catchments in the area and the growth of employment in the neighbourhood with the large companies settling down, IT Parks expanding and the growth of working population in the area.
Amenities & Infrastructure Abandon:
Due to the ample land area available in the area, the apartments and the housing complexes of Whitefield have much more open spaces, landscaped gardens and amenities compared to the ones in central Bangalore owing to the paucity of space. Most of the housing complexes there in Whitefield have children’s play area, fitness clubs and clubhouses with enough parking spaces and a load of luxury amenities which provide a luxurious style of living. There are plenty of ready-to-move-in 2 and 3-BHK apartments in Whitefield as well for the home seeking population to buy homes too. The area is also rich in social infrastructure with classy shopping malls, markets, restaurants, eateries, hospitals, schools, colleges, etc. In a nutshell, apart from the high employment generating potential of the area, the region would be the first choice for the home buyers and there is every possibility that you would fall in love with the place at first sight.
Proximity to utility centres:
The residents of proper or outskirts of Bangalore have to ply in the city and how many times they might have been stuck in those traffic jams in disgust. The people staying at Whitefield might not have to face this problem as a resident of Whitefield would be very likely having his or her workplace near their home which may be at a walking distance. Statistics reveal that about 60 percent of the city’s IT workforce works in Whitefield. Over and above that, the region’s overdeveloped infrastructure provides the other utility centres like schools, colleges and other places at arm’s length. This makes Whitefield a sought after place because of its ease of lifestyle and living.
The availability of homes and especially ample supply of ready to occupy 2 and 3-BHK apartments in Whitefield is another factor that the home buyers prefer them. This saves them money as well as they can immediately shift to the lifestyle that they were longing for as well. There is an ample supply of ready-to-move-in apartments and flats in Whitefield and all kinds of developers are present at Whitefield. There are affordable builders who have also built projects in the area along with luxury homes and villas and row houses that you would get easily at the best of locations of your choice. Owing to the demand in the area the supply is also high of 2 and 3-BHK apartments in Whitefield which are highly affordable as well with all kinds of luxury amenities too.
These are the few of the reasons for which the demand for housing in Whitefield is higher and that too of the ready-to-move-in apartments and homes. The price escalation of the area is also notable and the return on investment on properties at Whitefield is also promising. Considering all these, the realty experts suggest that it is high time that we invest in Whitefield for us to reap the most financial benefit that could be capitalized from the property and the gradual development of the area before the prices become out of reach of the common man.