India’s property market has gone from strength to strength. Even the institutional investment market, the least liquid among the largest economies in the Asia-Pacific, has taken off. However, the boom in Indian real estate masks a vulnerability that has become more acute in recent years. In 2018, flats priced below 5 million rupees (US$52,000) accounted for 52 per cent of launches in India’s largest cities, according to data from Knight Frank. Sales of flats above 10 million rupees accounted for 71 per cent of transactions, up from 48 per cent in the first quarter of 2024.