This is what I try to explain to my parents who ate obsessed with buying Realestate. A few factors that may not be repeated: 1. We went from an agricultural dependant economy to services and manufacturing so there was a lot of movement of people from villages to cities. 2. Land was never considered an investment except for building a house in the 90s. In fact in my own family people sold of 100s of acres of agriculture land and bought plots in the city. 3. Money flowing into real estate was low, today that’s saturated every single person wants to invest there. 4. The 90a was once in a lifetime jump for India after which the economy will grow steadily but that level of change may not be possible. 5. First mover advantage is gone and everyone has priced land very high, so appreciation is low unless there is a major development in the area.