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In a New Book, Journalist Samanth Subramanian Probes the Real Estate Business in and Around Delhi
by Samanth Subramanian
Published 2026-08-10 03:00:00+00:00
If an apartment is never actually built, who ends up making the money?
0:00 / 8:02 · Narrator Gacrux
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Context
In an excerpt published on 10 August 2026, Samanth Subramanian rides a motorcycle through the choking construction dust of Noida to look at apartment towers that do not yet exist. The piece observes a bizarre economic reality where developers and speculators both profit from homes that never actually get built. It asks a strange question: what happens to a housing market when its most lucrative properties are entirely imaginary?
Show notes
An examination of the real estate market around Delhi, where developers sell unbuilt apartments and intentionally delay construction. Interviews with local salesmen and industry analysts show how investors use these delays to flip properties for profit before the foundations are even poured. The reporting outlines a system driven by black money, text-message spam, and a bubble of imaginary homes.