New Launch Projects: The price bubble nobody talks about?

Two years ago I'd have laughed at these prices. My kids' school admission is coming up, so I need a bigger 3BHK, but yaar, this 'New Launch Projects' corridor ka kya scene hai? Everyone talks about appreciation, but honestly, prices have just gone crazy. Lagta hai builders ne artificial hike kar rakhi hai. Is it really worth paying 1.2 Cr+ for a 3BHK here now, or will it correct? My wife thinks we should wait, but I'm worried about missing out. What's the ground reality? Disagree? Tell me why.