@neal6 Housing is an interesting market . The determinants are well known in the west , but are very different in India . My own understanding is limited to Mumbai .
For example , slums keep housing prices up in certain areas . When they are cleared , the prices of housing go flat as the cost of services rises .
The best example I can say is south Mumbai . Try hiring a driver / maid / Tution teacher / nurse or cook and your will find that you have to pay upto 3 x of what someone living in the suburbs pays . Real estate in south Mumbai is flat to negative on 10 yr returns.
Religion again plays a role . Pure Jain and pure veg complexes is Mumbai appreciate the fastest. But good luck if you are neither and want to buy .
A west facing property may be worth 25 percent more than an east facing one .
There is no shortage of idiosyncratic reasons in Indian real estate . And holding the assumption that it will always appreciate may not be correct
Adjusted for inflation housing is negative in south Mumbai over a 10 year period . And unless it doubles in the next 10 years , it will remain negative .