Real estate prices in small pockets of Delhi-NCR and Mumbai may fall 20-30 per cent in the next six months. A study of India's top 10 listed developers' balance sheets by Hindustan Times revealed a massive oversupply and a slowdown in sales, with developers having unsold properties worth an estimated Rs 31,000 crore.

In fact, most developers are now resorting to offering freebies amounting to 5-8 per cent of the property value, while mid-rung developers are offering discounts of 10-15 per cent on a case-by-case basis.