‘India’s real estate boom is pricing Indians out’: Finfluencer exposes ghost tower economy

India’s housing crisis isn’t about a lack of supply—it’s about who the homes are really for, says finfluencer Sharan Hegde, who warns that the country’s real estate boom is fueling speculation, not shelter.

In a LinkedIn post, Hegde argues that India’s metros are being filled with “ghost towers” owned by absentee investors, while genuine homebuyers are priced out. “Mumbai’s Worli and Bandra sell for ₹80,000 to ₹2.5 lakh per sq. ft., but most homes remain vacant,” he notes. “Supply exists, but it’s locked away from real people.”

In Gurgaon, ultra-luxury projects like DLF Camellias are reportedly going for ₹100 crore and up—often as third or fourth homes. “Local incomes can’t keep up, and empty towers dominate the skyline,” he adds.

Even Hyderabad, once seen as a middle-class stronghold, is cooling off. “FOMO and easy credit inflated prices. Builders overbuilt. Demand collapsed. Resale prices dropped 15–30% in parts,” Hegde writes, noting that authorities have since paused new project approvals.

Across cities, he sees a pattern: sky-high prices, low occupancy, and distorted demand.

Hegde points to Monaco as a model, where property ownership requires at least six months of residency annually. Utilities and taxes are monitored to prevent idle investment, and proof of active use is mandatory.

To curb India’s speculative spiral, he suggests:

• A vacancy tax on unused homes after 12 months
• Annual occupancy declarations
• Higher stamp duties for investor-bought homes
• Licensing caps in oversupplied zones
• Minimum holding periods with steep flip taxes

“India’s goal should be to build homes,” he concludes, “not hollow assets.”