The economy might be bad and thef orecast gloomy, but if you need a house to live in, this is as good a time asany to buy. However, when it comes to buying a house as an investment, wouldyou put your hard earned money in it? Do you think the real estate market isgoing to bounce back and is likely to give you phenomenal returns on your investment?

Like stock markets, when the real estate market is hit by fear psychosis, potential buyers just postpone their decisions;there is no distinction between a good property and a badly located property.This is where a savvy investor can step in to land a good deal, says HiteshSahni of HSN Realty. At present, transaction prices in most markets are down by25-30% across the board.

This is precisely why expertssuggest that you take this opportunity to invest in property. With manyinvestor-driven markets having shown a substantial correction of late, they sayit's a good idea to get in before the markets start picking up. Already, some smart investors have begun to explore the real estate market in smaller cities.This is because the entry cost at these places is lower when compared with thecost of property in metros. This is also a good time for investors to sharpen their bargaining skills to notch further discounts on the falling prices.

High net worth individuals have started coming back to real estate as they feel that the sector has bottomed out and they will get good returns on the money invested in big projects, says Rohtas Goyal, chairman, Omaxe. Most of the investments have come between mid-December and January, adds Anuj Puri, chairman and country head, Jones LangLa Salle Meghraj. He adds that in January alone, four projects worth Rs 350crore were finalised. This is definitely a sign of revival in the property market.