Land prices in India are dropping rapidly. Here how (my hypothesis): People for generations have thought that land prices will always increase. It might have been true before Demonetization. But now it is almost impossible to do anything with cash (expect the purchase of land). So if anyone thinks of buying land for any residential, commercial or industrial purpose, they will not able to use their cash in building because there are subsidies available for those who take loans to finance such building. So people will use loans (accounted money) to build their buildings. You cannot also buy cars with cash (unaccounted cash).
Because of this, land purchases have either gone down or vanished (by unaccounted cash which was majority of the purchases).
So the prices are rapidly falling as people decide on selling and don't find a buyer at the perceived market rate. So they lower the prices and the vicious downward cycle continues.
Put simply: There was a land price bubble because of black money. Now the bubble is slowly bursting. IMO the bubble was so huge (as a % of the GDP), I think we're in serious trouble with the spillover effect of fallen property prices.