Am not rich enough to "invest" in RE. But did purchase 1 for living. So i can sense the headache one will get by investing in RE.
best time was 2002-2008.Now the market is saturated with apartments of all sixes and ranges. Not that RE will no longer give returns, but it will be skewed. One are will offer higher returns than another within a walkable distance in the city. What ever is the property price add 20% more for registration, taxes, bribes, commissions, entry fees, lawyer fee, bank loan fee etc.. and then comes the repair, rework, painting if it is a second hand property.
Unless one has a way to convert black money or deploy black money in other assets from the sale of property, there will be little returns. With indexation removed, the odds of having returns is even less.
Luxury/premium apartment- the real luxury apartments not like the "lake view apartments" in BLR, will have better returns. the rest , are going down the drain. When an investment/opportunity is marketed to general public, its no longer an investment.