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Ready-To-Move Apartments In Whitefield, Bengaluru Update:
If you are looking for a ready-to-move apartment in Whitefield, Bengaluru, be assured, you will be spoilt with choice. These types of apartments are the most-preferred option for a majority of homebuyers. A 2016 survey revealed that Delhi NCR and Mumbai are the most-cautious markets with 89 percent and 88 percent showing their preference. 79 percent of residents in Bengaluru showed their preference for the ready-to-move apartments. Construction delays are the primary reason for the spurt in demand of these apartments.
This trend started in 2014 and is here to stay. Most of the prospective buyers are looking to buy a house for self-use. Hence, they readily prefer ready-to-possess apartments in Whitefield. As per a 2016 report on ETRealty, homebuyers in Bengaluru and Chennai, after considering the monetary benefits, opt for pre-launched properties as their second option. Whitefield has a supply for 10,000+ ready-to-move units. The residential real estate market in Bengaluru is slowly stabilising after the demonetisation phase.
A recent PropIndex report has revealed that the average price of ready-to-move apartments in eight out of 14 cities this quarter, and the impact was majorly noticed in higher-budget segments. However Pan-India, such properties commanded a seven percent premium over under-construction properties. This will keep future price of new launched in check, reports ET Wealth. The Bengaluru Index shows an increment of one percent over last quarter for the October-December 2016 period. More and more localities have witnessed price increase than decline.
“In the October to December 2016 quarter, 62 percent localities saw an average price increase of 3.1 percent, while the balance 38 percent localities saw 3 percent price decline. Price movement across all but one budget segment has been positive with price movement ranging from -0.8 percent in the Rs 6,000-9,000 per sq. ft. segment to 3 percent in the Rs 9,000 per sq. ft. budget segment,” states the report.
The positive price movement in the city is because of the price increment across all major high consumer preference localities such as Whitefield, Sarjapur and Electronic City. In the October-December 2016 period, an analysis of 94 localities in Bengaluru revealed that ready-to-move properties were 3.1 percent more expensive than under-construction properties, reports The Economic Times. In Bengaluru, nearly 1,500 apartment complexes have been added in the last two years. For the first time, they have no come up for registration, as per the revised guidance value for 2017-2018.
The Hebbal-KIA corridor has seen the maximum growth. Mahadevapura, which houses Whitefield and the city's IT corridor, has added 263 apartment complexes and East Bengaluru has added 120 apartment complexes. The guidance value revision is likely happening in October. Both NRIs and buyers back at home are zeroing-in on Whitefield to make good returns. The locality has seen very strong demand and appreciation in the past 15 years. The cosmopolitan locality is full of options.
There are plenty of places to eat out, have fun, indulge in nightlife and go shopping. Whitefield has some really amazing schools and hospitals. The large format retail stores are a lifeline for Whitefield residents. The high street of Brookefield is home to numerous national and international restaurant chains and specialty shops. Whitefield is known for its ready-to-move apartments, premium apartments, villas and gated communities. “Namma Metro” will be connecting Whitefield in its second phase.
The Purple Line will cover 13 stations en route and will extend to Whitefield from Byappanahalli. Mid-segment housing projects are a hit in Whitefield. These apartments are mostly 2 and 2.5BHK. Buyer preference for the latter has increased as they include almost three bedrooms at a more affordable price. Most of the projects in Whitefield have amenities such as swimming pool, club house, tennis and badminton courts and a host of other indoor recreational activity.
According to The Financial Express, Bengaluru is the third-largest hub for High Net-Worth Individuals (HNIs). It has a titanic base of expatriates who live and work in the city, and a large proportion live in Whitefield. This has naturally increased the demand for high-end properties in the area. Despite the slowdown in the market, the residential projects in Whitefield, Bengaluru, have been able to command a fair price growth. This is because of a variety of factors such as product differentiation, project exclusivity, luxurious amenities and good connectivity to the Central Business District.
Some of the prime factors that are fuelling real estate investments in Bengaluru, including Whitefield are;
Growth in IT Industry
Significant increase in HNIs and Expatriates
Growth and development of E-commerce
Rapid increase in start-ups
As has already been discussed, incomplete projects and delays in project completion are driving the sale of ready-to-move apartments in Whitefield. Near-complete projects give buyers the opportunity to assess the quality of construction, present infrastructure and amenities. These are extremely important factors when looking for a property in Bengaluru. Whitefield has stretched itself horizontally and vertically to morph into a self-sufficient ecosystem. Business World reporter Ashish Sinha believes 2017 will be a turning point for real estate.
As not many launches are likely and home loan rates will be slashed soon, the demand of ready-to-move apartments is going to go through the roof. Genuine homebuyers are lapping up these apartments due to lack of options and time. Moreover, buyers may lose out on a chunk of tax benefits on interest payment towards the housing loan if they do not get possession within five years of availing the home loan.
“For someone in the top income tax bracket of 30 percent, such a delay can lead to a sharp drop in tax benefit: from 60,000 to just 9,000 a year. A staggering 59 percent of respondents to our survey were interested in buying a new ready-to-move in home, while 16 percent said they preferred an under-construction house,” a report states.
A.S. Sivaramakrishnan, Head, Residential Services, India, CBRE South Asia, states that the choice of ready-to-move apartments or under-construction properties depends on possession timeline, funds availability and property affordability. If one has the money to spare and needs a home right away, naturally ready-to-move apartments in Whitefield are an obvious choice.