In my neck of the woods in New Delhi, the vast majority of new developments are scooped up by investors as well. Anecdotally, a lot of this is “black money” from government corruption. Since the cost basis of this investors is actually zero, they have infinite staying power.

Drive through New Delhi’s suburbs and the towns nearby and you’ll see vast empty towers. Many have been on the block for years without any price cuts.

Property prices have been largely stagnant and have underperformed inflation for a decade. Even now, the prices are beyond the reach of the vast majority of working Indians.