Indian real estate is in a bubble same as Hong Kong is

India, Hong Kong real estate price are in a clear bubble and are expected to come down. See charts. 
See Interactive chart of global real estate prices here:

As per Bank for International Settlements' (BIS), Indian residential property price rise since 2007 highest in world. The Reserve Bank of India (RBI) on Wednesday moved to boost the housing sector by reducing the amount of capital banks need to set aside for housing loans, as well as by reducing the provisions needed for such loans. The move has been welcomed since the real estate sector is in bad shape and particularly since the construction industry is a major source of jobs for the masses. But is relaxing these norms a prudent measure?

The question arises from the accompanying chart, taken from the Bank for International Settlements' (BIS) quarterly review for June 2017. The chart shows the rise in real residential property prices in various countries after the financial crisis. Note that India is on top of the list and the rise in Indian residential property prices is far above Canada's, the country ranked No. 2 on the list.