Verma offers a more micro view. He says: "In Mumbai, Bangalore and Pune, prices have corrected by around 22-28 per cent and there is little room for prices to go down further.

However, in Delhi and Kolkata, prices could go down by another 10 per cent over the next 2-3 months."

How much can you afford?

The interest in affordable housing in apparent, according to a recent study by Edelweiss Securities. While the figures below are for Mumbai respondents, the preference for affordable housing is a trend seen across major markets:

14%: Less that Rs 15 lakh (Rs 1.5 million)

43%: Rs 15-30 lakh (Rs 1.5-3 million)

32%: Rs 30-45 lakh (Rs 3-4.5 million)

8%: Rs 45 lakh-Rs 1 crore (Rs 4.5-10 million)

3%: More than Rs 1crore (Rs 10 million)

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