Jindal adds that the real estate story in investment destinations such as Trivandrum, Mangalore, Nasik, Bhopal, Dehradun, Raipur, Amritsar and Jalandar is driven by huge amounts of NRI money and demand. "These places are experiencing a sharp increase in property prices which has gone along with increased demand.

For instance, in cities like Trivandrum, apartment prices are in the range of Rs 2,600-3,000 per sq ft. Similarly, residential values in Bhopal rule at Rs 1,140-1,280 per sq ft."

Agrees Kushagr Ansal of Ansal Housing & Constructions. He says industrial and infrastructural growth in these cities makes them a viable alternative. "Agra, Chandigarh, Panchkula, Amritsar, Indore, Meerut etc are feasible options.

Investment level in these cities starts from 5 lakh onwards which is next to impossible in metros. Plus, in today's market there is more demand for low investment options."

Real estate developer Vipul's focus too has largely been on Tier-II cities such as Ludhiana, Manesar, Dharuhera, Faridabad, Nagpur and Bhubaneshwar. Punit Beriwala, MD of Vipul, says unorganised construction activities within city-limits have led to the development of quality real estate in outskirts of cities and peripheral expressways.

"Cities near the national highways provide a good breathing space for development of real estate. The scenario in Tier-II and Tier-III cities is refreshingly different. The ruling prices in these cities are not so high and hence investors -- including small players -- should look forward to better returns."

However, even within the metros there are areas that can be tapped in times of a slowdown. Mumbai, for instance, has attractive locations in Panvel, Vasai-Virar and Kalyan-Dombivili. Prices in Panvel are around Rs 3,200-3,800/sq ft and even lesser in Vasai-Virar at Rs 2,300-Rs 2,800/ sq ft. Well-linked via railways and roadways, these areas also offer new residential supply in the form of large townships.

Mukesh Ambani's Special Economic Zone (SEZ) is coming up at Panvel, which will also see enhancement of its train terminus. These extended suburbs are excellent alternatives to high-priced locations in central Mumbai to provide housing to masses at realistic prices.

In Chennai, areas such as Tontiarpet, Minjur and Perambur are attracting the investors. Prices in Perambur are in the range of Rs 3,000-3,500/sq ft and Rs 2,000-2,500/sq ft in Minjur. According to JLLM, these were largely ignored by developers earlier since they were considered low-profile destinations. However, these are within 10 kilometres from the core city and just within 3 kilometres from the railway station.

Areas such as Bellari Road, Hosur Road, Sarjapur Road and Banerghatta Road in Bangalore are drawing attention too. These areas are yielding new residential stock. Prices vary between Rs 3,500 and Rs 3800/sq ft in Bellari Road while it is around Rs 2,700-3,000/sq ft in Sarjapur Road. Developers such as Ajmera and Purvankara have upcoming projects here.

While Bellari Road is close to the International airport, Hosur Road is close to Electronic City, Banerghatta Road has both residential and commercial projects driving real estate, and Sarjapur is gaining popularity because it lies between Bellari and Electronic City. The entry levels are also lower compared to central Bangalore.

A lot of factors are at play while choosing the right buy. Investors can make this process easier if they choose their projects carefully, including the location, the builder and civic agency notifications on the project.