That's what I call an intelligent question. Not quite sure though if you are trolling or serious. The question raises so many other questions that it becomes clear the topic is either poorly understood, full of mistakes or simply illogical.
Dobilan pointed out that we pay scarcity value, not real value. Somewhere I read that at the top of Japan's property bubble a few square kilometer of Tokio central had the same value as Canada.
How is wealth divided in India? Property is not seen as a value store or investment. It's ancesteral property that mustn't be sold. If four children inherit a plot and one refuses to sell, it can't be sold. Add the growing population and it's no surprise that land evaluation has lost touch with economic realities.
A former neighbor has a house that doesn't have a proper door. I saw an empty plastic bottle attached with a string to a stick. I asked her what that is supposed to be. She said sometimes a certain non-poisenous snake comes in the house at night. If she makes noise with the bottle, the snake goes out again. She lives in a village on a 1400 square meter plot. Rate may be something between 120 - 150 $/ square meter. I guess the plot is worth around 80 - 100 years ordinary workers' salary. This is a village seven kilometer from a 50.000 inhabitants city. Nothing big or high tech in this city.
Interesting enough plots weren't expensive in a Western sense before Greenspan. It's argued that there is no inflation. Not true. One just has to see emerging markets assets to know how increasing money supply causes inflation. But then inflation statistics purposely keep out assets.
I guess the situation in India resembles 1929. People are rather simple minded and listen to their neighbor. There is hardly variation in opinion when it comes to the question "Can property prices fall?". And as nearly everybody is of one opinion, it isn't surprising prices know only one direction.
So how to answer the question how wealth is divided in India? Means of productions are in the hands of few. There is extreme income inequality. But if people have their own house or fields worth 50 years salary, can they be called poor?
What is the value of India?
How valuable is land in the West? If one flies over Munich one can see lot's of greenery. There is no real shortage of plots. Politics creates the shortage.
What would be the value of Munich if 20% new roads were added? More as there is a value addition or less as the housing market relaxes?
What is the value of a backward district? What is the value once politics invests one billion $ in a highway and builds a university?
Value isn't static. Minor changes can have huge impact on valuations.
What is the value of the West Bank? Birth/ woman, defence considerations and politics decide the value. Add the value of olive trees.
What is the value of Kashmir? Usually if a resource is limited, one has to attach a price to it. Maybe Pakistan and India should agree that the highest bidder gets it. One could include preparation time of 20 years. As politicians are so much in love about this land they would probably do the best they can to improve ease of doing business and attrackt foreign direct investment. It's the only way to bid higher after twenty years.
People are aware that argument is wrong even though it may sound logical. That's because the value of Kasmir is a "quarrel value". Politicians at risk of loosing power can create some trouble and play the national card. Nobody cares about the valley and surrounding mountains. Most of those who get excited have never been there, nor do they intend to go there in future. How to attach a prize to quarrel value?
When the plague ravaged Europe land became plenty again. Poor people who depended on land holders and had to accept very bad working conditions could suddenly afford to decide the conditions under which they were willing to work. There was so much land that they could even afford apples once apple trees grew up. Live quality in Europe was up, but the value of Europe was down.
Can a poor man with four children complain about wealth inequality and poverty or should he apologize to wealthier neighbors with two children for making their life worse? I speak of societies in which there is social pressure to marry and to get children. I don't refer to individualistic societies. Those have so many individuals who don't get children that some families with four children are needed.
The discussion reminds of the GDP discussion. Imagine an airport has highway as well as railway connection to a city. If one closes the railway people have to take taxis. GDP increases. Suppose there is a traffic junction where traffic is smooth. If one can change the setting so that minor accidents take place garages get work. GDP increases again. Of course nobody should be seriously injured. If such a person can't work afterwards, GDP goes down.
How is the value of the world related to Covid? Does the question refer to the increase in money supply?
Why can't the world be a little bit more autistic?