Chennai real-estate: Boom or Bubble ?

I don't have any property as of now and i might be speculating on few things here. I keep hearing this "bubble" theory for quite a few years (little more than 4 yrs in my case) in potlucks, parties, media, ... i really like to know where this goes in chennai.

I was under assumption for a long time that this market is more end user driven with very little investor forces playing. But now a days i see lot of people esp NRI, IT folks looking it as a investment option. Is the surge mainly fueled by NRI, IT and investors or is there a genuine rise in demand for housing? I can't believe something getting appreciated by 300+% in matter of 4 or 5 years while there is no change in facilities; and one thing i hear in many instances is properties are shifting hands and nothing is built upon them, no idea how much of it is true.

If i R2I in couple of years, one thing that worries us is whether w'll be able to secure a piece of land close to my work, other will be the dollar dip (i'm sure you heard the scary story of 35 rupees exchange rate), which i leave it to Nilekani and Premji to worry for now.