The real estate/stock markets and the elections are all linked. Every political party tends to invest it's money when in power in these sectors to recover the costs incurred in elections. Always the prices surge in the first couple of years of power and tend to dip before the election, last year was an exception as recession also played it's part. A regulator in real estate as rightly pointed out by my friends will definitely help in controlling unchecked prices and will also help buyers seek out genuine builders. I think everyone knows that the realty prices in Mumbai and surrounding suburbs are overhyped...what do places like Panvel/Virar and Vasai have to quote 3000+ prices?
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