People earning in foreign currencies buying multiple properties in India — is it making housing unaffordable for locals?

I’ve been observing a growing trend where people earning in dollars, euros, pounds, or Gulf salaries invest heavily in Indian real estate.

Many of them are buying multiple plots and houses as investments. In several cases, these properties remain vacant for years because they are only held for price appreciation. Some may not even be sure if they will return to India permanently.

The concern is that housing is a basic necessity, but it increasingly feels like it’s turning into a speculative asset. When buyers earning in stronger currencies enter local markets, they can afford to pay much higher prices. This often pushes property rates beyond what people earning in INR can reasonably afford.

This leads to a few questions: • Is foreign earning investment distorting local housing affordability? • Should there be policy or taxation differences for vacant investment properties? • Is this just normal market behaviour, or is it creating long-term housing issues? • How do locals realistically compete in such markets?

Genuinely curious to hear perspectives from homeowners, NRIs, real estate professionals, and people currently trying to buy property.