The real state boom was empowered by too many +ve factors during the year 2004 - 2008
Cash Inflow from foreign Investers
Home loan interest rates were quite low
Boom in IT Sector
People buying more than one house on loan just for investment purpose even if it was a costly affair.
Many NRI's buying houses in India for investment.
Black money from politicians and other sources going in to reality
Now all of the above conditions have reversed

Foreign investers taking out money
Interest rates too high
IT Boom some what burst

People who brought more than one home are desperate to sell their 2nd home
NRI's selling their invested houses as they need the money there.

Black money some what already invested and not giving that result. Some more can flow in but it can not change the fate of this industry.
now all the +ve has become -ve and I see no reason for property rates going 25 - 50% down in another 1 year.

So the mantra for home buyers is wait and watch policy unless you are getting a very good deal from some NRI or from a person who can not take the heavy interest rate any more.

And for the ones who want to sell, sell your property even if it did not give u any profit.