Realty Check

Buyers jostle by each other, trying their best to get the attention of sellers. Sellers have no time to breathe and can barely entertain the buyers. The scene could be from a bustling local market. But here sellers are smartly-dressed people beaming with confidence. It is a 'property fair' where developers and brokers are hardselling their properties and prospective buyers are eager listeners.

The Economic Survey 2011-12, struck a note different from the frenzy at the fair.

"Greater attention needs to be given to asset price bubbles in real estate and stock markets and their implications for the economy and the strength of the financial system," it said.

Are property prices higher than what fundamentals justify? Should the Economic Survey remark be taken as a cue to a price decline?