Bangalore turned out to be the only Indian city to have seen a 45% increase in demand for luxury homes costing above Rs.1.5 crore. The city, however, ranks an overall third in the country's real estate space after Hyderabad and Chennai, according to a survey by property site Magicbricks.com. While the luxury-living space is stagnant in the rest of India as the Central Business Districts have been rock steady, luxury constructions in the peripherals have seen a drop since 2016. Like Mumbai, Bengaluru too is going the apartment way and that the villa market is niche, Sudhir Pai,CEO, Magicbricks said elaborating that with the implementation of RERA Real Estate (Regulation and Development) Act, 2016 and GST, and onset of an early festive season, it is hoped that India‘s real estate market will improve in months to come.
