Real estate - Southwards?

Its always a treat to read Deepak Parekh's review of housing scenario.

A very well written Chairman's statement from the HDFC's annual report.

Excerpts:
The siren of caution in the real estate market is now ringing loud and clear.Tom Barrack, arguably the world's greatest real estate investor, likens the current real estate market to a game of polo. "I feel totally safe playing Polo on a field full of pros, but when amateurs are all over the field, someone can get killed.
They have more guts than brains and charge after every ball and don't know when to hold back." It is the same with the current Indian real estate market, even in India we need to licence projects and rate developers. If there is no clearing  off the turf, the amateurs are going to get trampled, taking seasoned horsemen down with  them.
Should the housing market in Mumbai look like a classic case of  `irrational exuberance', how then does one explain the same in Delhi, Bangalore, Pune and many more such cities? Home prices have spiralled in the last fifteen  months. House price vertigo is more than a local or national condition – it is  a worldwide phenomenon. Southwards is where prices must go.