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Real estate started getting real hit.
Because of so many reasons property value is in down trend.

So far people were thinking it is worth investing on lands.
But now one should reconsider the option before investing.

Is this a good sign or bad sign?

Its a known fact that there are plenty of unsold inventory lying in the market and reduction in the number of new launches.
But, As such I don't see any such decline in the prices/trend so far.

Can you substantiate your view with some data related to any project or any specific area wise quoted prices?

Property which they said were quoting INR 4000/sft, 2 years ago prarthana enclave is now quoting INR 3500/sft
now.

Just Ignore such properties. Those seller not even interested to sell their property as they don't have need of money. These sellers know very well their expected price is beyond the market price and they simply test the buyers response. They are not even ready for negotiations. They just test the market pulse at regular intervals.

In my personal Opinion, If some one is in need of money, they don't wait for many years for liquidation. I've seen similar cases earlier for Rashi Residency layout on Magadi Road, PC Paradise layout at Chandapura Circle on Hosur Road...etc, Seller placing ads in web portals freely for the same property from last couple of years by revising prices and till today they haven't sold them.

Srinandi developers were quoting INR 3000 2 years ago are quoting INR 2800 now. They were quoting 10% extra for East, north, corner sites 2 years ago are not quoting anything extra now.

is this a BDA/BMRDA approved Layout & followed all the bye-laws ?

There are couple of developers having projects without proper approvals from a competent authority or intentionally deviated from the sanctioned plan. Now they have the pressure of RERA along with the Demonetization effect & unable to do registration at full value as they can easily get caught with the IT Department/Revenue dept when compared with the previous registrations. These people still demand major Part in Cash and some how they want to get rid of those projects asap.

These are the people having cash flow problem & trying to attract the potential buyers with some carrots & ready for compromise. If you sit with them for negotiation, you can get further reduction in price for cash settlement.