Bchairman and managing director, Rustomjee, gives his take on the current real estate sceneoman R Irani,

Mumbai has always been a very insular market compared to the rest of the cities, because in Mumbai, we've traditionally seen the demand exceeding the supply.

The newspapers are talking about the entire economy being slowing down and although this is a reality, it still doesn't mean that home-buying will slow down. Real estate demand still continues to thrive.

It's not as if good homes can be found immediately. A lot of us are still looking for that dream home or seeking that perfect space. So that situation still exists. But with the kind of development that's coming in right now, I believe all these needs will be met.

When people hear that the prices are going to drop, they tend to hold on for some more time. This might last for two or three months. In the current scenario, buyers might not prefer to buy an under construction flat. But I still don't think that all these factors will affect the demand for good homes.

As a matter of fact, we've been telling everybody that at a time like this it is actually the good brands that will sell. So if you want to buy a home, I suggest you invest in the brand, which means with a reputed developer.

As for buying a flat you mean to live in, I don't think it's a good idea to wait for the rates to drop. You may lose out on some good bargains in such periods, if you keep hoping that the market will fall further. I would say now is the real opportunity for the market to grow. So go for it.

Watch out for some more home-buying advice and solutions for mass housing from Irani next week