The Varthur Road belt developed primarily owing to the presence of the ITITeS sector in Whitefield and along the Sarjapur-Outer Ring Road (ORR). Satish B N, Executive Director South, Knight Frank India, elaborates, “It witnessed commercial devel opment with the advent of ITITeS in Whitefield in the late 1990s. This led to the growth of residential, retail and F&B in the area. Varthur Road grew at a tangent to Whitefield Main Road and acts a corridor to Whitefield, Old Airport Road and the Sarjapur-ORR. Most of the com mercial developments are observed near Varthur Kodi, while the area near Marathahalli Bridge is more skewed towards retail.
Varthur is well-connected to various parts of the city through the Old Airport RoadVarthur Main Road. It meets the ORR at the Marathahalli junction and connects to the Central Business District (CBD) region as well. It also connects to the ORR through Panathur Main Road. Although, presently there is no Metro Rail connectivity to Varthur, a Metro station has been proposed in Kundalahalli on Varthur Main Road.
Ram Chandnani, MD Transact ion Services, CBRE South Asia, explains, “Upcoming infrastructure in the vicinity will be a major gamechanger for the Varthur region. The planned Peripheral Ring Road (PRR) Electronics City to Whitefield phase will be the first section on which work is expected to start. The PRR will cut through Varthur, boosting access to locations in south Bengaluru by significantly lowering commuting time. The planned Metro station at Hope Farm will also serve as a major plus point. Many real estate developers looking for a first-mover advantage have initiated projects here.
RESIDENTIAL LOCATIONS PROMINENT AND EMERGING
Varthur has emerged as a major residential location primarily due to its proximity to the thriving economic hubs of the ORR and Whitefield. Shrinivas Rao, CEO Asia Pacific, Vestian Global Workplace Services, says, “Connectivity and accessibility from various parts of the city have bolstered the property market and accentuated the demand for residential developments in Varthur.Additionally, availability of residential developments across segments has led to escalation in demand and also heightened supply in this location.
At present, most residential developments are taking place off the main road.Among the locations witnessing substantial residential development, major developers have planned their projects around the Varthur Lake area. Besides this, locations such as Kundalahalli and Panathur have also benefitted from the connectivity that Varthur enjoys with Old Airport Road as well as the ORR, and have witnessed the launch of several residential options.
According to Vestian’s research, Varthur is mainly known for its expansive villa developments. Most of the villa projects in this location boast of an average area of 2,500-5,500 sqft and are priced at Rs 9,000-11,000 per sqft. Besides, the location also has a number of apartment projects that are in the price bracket of Rs 4,500 6,500 per sqft.
Ram says, “There has been a spate of launches ranging from villa plots and villas to high-rise apartments. The numerous factors that work in favour of this micro-market also offer an opportunity for investors to take positions here.
According to Vestian’s research, approximately 5,000 residential units are under construction in Varthur and are expected to be functional by 2017-18. Most of the upcoming supply is in the midsegment category with prices ranging between Rs 4,5006,500 per sqft.