I am only going to lay down some points which support my theory.

Between 2000 to 2010, Infosys employee base grew from 4000 to over 1.30 Lakh employees. That's a rise of 30 times in 10 years. Similar rise in employee strength was there in TCS, HCL, Wipro and so on.

Job or Employment market in India is already saturating. New jobs getting created are fewer than what was witnessed in the last 10 years.
1 Lakh employee base of Infosys is a small number when you look at India's population of over 100 Crores. But, the ratio is significantly higher in metropolitan cities.

And Economy works in a chain of events. When a section of people's purchasing capacity increases. It spreads across various business industry which they spend on and the chain reaction starts.

Indian Real Estate is also powered by a lot of un-accounted money (Black Money). So, i would not expect it to fall. But, we will not see the huge rise in real estate prices like we saw between 2000 to 2010