No. It is not. If you plan to live in the house for decades, yes, you can still go for it, but never think of it as "investment".
Buying home for personal use is always the best. Because living in your own home has lot of advantages like stability, enjoying your own space without worrying about rental increase, can develop good social atmosphere by making friends in your neighborhood and kids can have lasting friendship with the other kids growing up together in the same neighborhood/school etc.,. But buying a property for investment, will definitely fetch good returns in the long run, provided you are lucky enough to get a decent tenant consistently, maintain the property in a good condition, need people to care for the property in case you move out of the place where you buy the property..a lot of disvantages exist in making money out of real estate investment, but it fetches a better return than any other investment eventually, given Indian lack of land space and the exploding population!!!