Leading independent real estate consultancy ANAROCK has announced the successful culmination of a major land deal in Whitefield - Bengaluru's most prominent IT/ITeS hub. ANAROCK represented both the buyers (Godrej Properties) and the sellers in this outright land acquisition of 18 acres of prime land which Godrej Properties will develop into a mid-range residential township.
"The timing for this plot's acquisition for residential development is impeccable, considering the massive demand for quality housing in Bengaluru post the lockdowns. Of the total 15,020 homes launched in Bengaluru in 2020 till September, branded developers like Godrej Properties accounted for a massive 63% share. This clearly indicates that homebuyers in India's Silicon Valley are focused on quality and execution certainty. The current interest rate cycle is also turning favourable for the housing sector, wherein more and more orgzed realty players are expected to acquire land in prime residential corridors in the coming months," said Ritesh Srivastava, SVP - Land Services, ANAROCK Property Consultants.
Over the last decade, Whitefield's skyline has metamorphosed significantly into tall skyscrapers and big residential communities. The housing demand in this region is primarily driven by the IT professionals working in nearby office complexes. Whitefield's residential real estate growth has also benefitted from the saturation of core areas of the city, significant rise in IT/ITeS and retail spaces in and around the locality, availability of land parcels for large-scale developments and the presence of excellent physical infrastructure. The superlative connectivity to the central business district, the upcoming metro corridor from Byappanahalli to Kadugodi under the phase-II of Namma Metro, and the proposed eight-lane peripheral road that connects Whitefield to other arterial roads of the city enhances the real estate potential of this region. Overall, Whitefield has earned its label 'the jewel of the eastern suburbs'.
Whitefield also provides easy access to all social infrastructure facilities including schools and colleges, shopping malls as well as hospitals. Land prices here have appreciated considerably in recent times on the back of surging demand for housing options in areas in and around Whitefield.
The new project, which is slated to be completed in the next 5-6 years, will deliver approx. 1,600 units spread over 2.4 million sft.
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( With inputs from ANI )
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