Both global factors, such as search for yield and a secular deepening in Asian financial markets contributed  1  “Kerala’s Gulf Connection : Emigration, Remittances and their Macroeconomic Impact 1972-2000”, Kannan K.P and Hari K.S, Centre fro Development Studies, Working Paper No. 328. BIS Review 55/2005  1  to the strong growth.
The immediate answer is no, though of course, in terms of the day-to-day controlling of consumer price inflation, housing is still the biggest thing being faced at the moment. Over longer periods of time, real house prices are determined by the balance between underlying demand and supply conditions. There are nevertheless some important idiosyncrasies to housing markets that should be borne in mind.