From Money Control
On April 27, 1882, the then Maharaja of Mysore, Chamaraja Wodeyar IX granted some 3900 acres of land on the eastern side of Bangalore to the Eurasian and Anglo-Indian community to settle down. This suburb over the ages came to be known as Whitefield and continued to remain a quaint suburb till the arrival of 21st Century, after which there was a sea-change.
It is in the early part of 2000s, that the hitherto unknown suburb charged up, with malls, plazas, multiplexes, pubs and what not. Driven largely by the IT/BPO industry, the suburb of Whitefield is now one of the fastest growing realty micro-market, possibly in India.
With all the major IT companies having their offices and centres in the suburb, the real estate prices have escalated by as much as 30% over the past few years. With massive infrastructure build up, it is only natural that Whitefield would also become a hub for specialised residential projects. One of such premier project is Ithaca (Phase II) launched by the Skylark group.
But beyond the fact that it makes great sense from a location perspective, the project has garnered a lot of interest from the investor community as well. And here are some of the reasons: Easy exit option – A safe & promising investment option, the project could be exited after 3 years with over 76% assured returns.
Low booking amount, attractive subvention & bank funding– To book an apartment in Ithaca, one needs just 5% of the price of the apartment. 80% amount will be funded by bank subvention without any EMIs for customers till possession. Attractive returns expected in next 3 years: Presently priced at INR 4,650 per Sq. Ft Skylark Ithaca phase 2 can ensure great returns in the coming time.
Going by conservative estimates, even if there is a price appreciation of INR 1000 per Sq. Ft. in next 3 years, a 1000 Sq. Ft. unit will ensure a net profitof INR 10 Lacs for the investor. With the initial investment of less than 2 Lacs, the return for the investor can reachup to 500% or more. Little surprise then, Skylark Ithaca , named as an island of happiness, has been planned to offer all the conveniences of the city without the usual clamour.
Professionally managed by a dedicated team of architects, civil and structural engineers, & various other seasoned specialists, Skylark Ithaca is aimed at offering an international lifestyle to its residents- Interestingly at an irresistible price scheme as mentioned above. The project also draws its strength from the brand name of the developer that is one of the trusted names in the Southern India. Skylark, the Bangalore based developer is known for creating ground breaking living spaces.
It has more than 10 million sq.ft of completed development and a diverse portfolio of outstanding projects in residential, commercial & hospitality space that have a unique architectural style & design concept. In order to ensure the delivery of best quality within the stipulated time frame, L&T, the biggest construction companies in India, has been roped in. The project has also been aesthetically designed. For instance, 1, 2 & 3 BHK apartments are open from three sides ensuring good amount of sunlight to every unit.
There are no other high rise apartments coming up in the radius of 2 KMs. The project has 80% (16 Acres) open space offering huge landscaping area, play grounds and parks & various other world class amenities. The project is strategically located with major commercial & entertainment hubs of the city such as ITPL, Hoodi Circle, Sai Baba Ashram & Old Madras Road (OMR).
Proximity with IT catchment such as ITPL that houses some of the prominent IT companies such as TCS, Oracle, Perrot, IBM, GE, Xerox, Mu Sigma & Vodafone etc. is expected to further drive growth in the coming time. The Global launch of Skylark Ithaca is being planned from 30th January to 6th February, 2016 simultaneously in 5 countries and 10 cities.
The global launch will be conducted on Delhi, Mumbai, Bangalore, Singapore & Sydney on 30th/31st January 2016. On 4th& 5th February launch will be organized in London, whereas on 5th/6th February launch will be conducted in GCC cities such as Dubai, Abu Dhabi, Doha & Muscat. This is the biggest global launch of a residential project by an Indian Developer.
Thus, the Whitefield as we know will undergo a drastic change yet again with projects like Ithaca coming up. It will not only be a great living proposition but also an investment opportunity, not worth the miss.