Roti, Kapda aur Makaan are most essential of which Makaan is most expensive.
Unfortunately in India the growth is very disjointed. The southern states have led the march. If IT people cannot afford apts, think of those in the non IT companies. the only things which will lead to drop in real estate is interest rates over 11% and layoffs in the IT sector. I think given the rupee strength the rates are not heading to 11% anytime soon.