Also I know it's anecdotal but construction activities are totally out of sync with how the economy is supposedly doing. Kolkata has a shrinking population yet there's massive flat complexes being constructed everywhere I look, side by side with increasing developments with outlying areas connected by a short local train journey(Kalyani). At this point I think it's substantially due to construction companies who had bought too many expensive machines during the heady pre 2008 years and can't accept them lying about depreciating daily without use.
The place where I live, not even inside KMC territory, is leased land so non transferable. The house opposite mine got turned into a flat, with two apartments on each floor, probably something like 600 sqft apartments. Each sold for 40L back in 2012, these are ones without legal property deeds so resale value for buyers would be way lower. I still don't get it, even if the buyers had black money, the deal was utter shit.