The real estate markets too are facing a neat correction. This year may see a drop in the 'high value' properties market since retail customers are looking for buying homes that cost less than Rs 50 lakh. This is what builders, property portals and international property consultants are suggesting.

Aditya Verma, business head of Makaan.com, which gets an average of 7 lakh visitors a month, said, "Most visitors access Makaan.com primarily to look for properties meeting their requirements. Based on this vast user base, we can confidently say that 70 per cent visitors are interested in properties below Rs 50 lakh.

The trend in this data suggests that there will be a drop in high value properties. So, 2008 will see more upcoming projects in the less than Rs 50 lakh bracket."

Jones Lang LaSalle Meghraj country head and chairman Anuj Puri agrees.

"Most major Indian developers are now actively getting into affordable homes to meet the existing shortage of 25 million residential units in the country. This is also a means for them to hedge the downside of a drop in the demand for luxury homes. There is a huge demand for residential units in the Rs 30-50 lakh range, but the metros have next to nothing to offer."