have come forward in large numbers to locate many such properties in that region," said Ravindra Pai, MD, Century Real Estate.
"As bungalows went out of the market, a huge vacuum was created, which the market never addressed for a long time. But the wealthy lot in Bangalore were always looking forward to such a trend," said Jitu Virwani, CMD, Embassy Property Developments.
Bangalore being a market much more clued into global demand and supply, thanks to its IT exposure, the recession had taken a heavier toll on luxury housing demand, said Avinash Rao, regional director, Knight Frank, a real estate consultancy. There is also a change of mindset in accepting a non-CBD, non-bungalow property for luxury housing. "People in Bangalore have started accepting city outskirts with more open area for luxury housing," added Rao.