New York City Mayor Zohran Mamdani has proposed a 'pied-à-terre' tax aimed at luxury properties valued over $5 million that are not occupied full-time. This initiative is designed to generate revenue from underutilized high-value real estate, primarily owned by ultra-high-net-worth individuals. The term 'pied-à-terre' translates to 'foot on the ground' in French, reflecting the concept of second homes. In contrast, India does not have a nationwide equivalent of this tax. However, it has provisions that tax additional properties owned by individuals. According to Anil Harish, MD of D.M. Harish & Co., while Maharashtra previously had a tax on larger residential premises, it is no longer in effect. Currently, in India, only two properties can be classified as self-occupied for tax purposes; any additional properties are subject to tax on notional rent, which is similar to the 'pied-à-terre' tax but falls under the Income Tax Act rather than being a municipal property tax. The proposal has ignited a lively debate on social media, with various opinions on its potential impact and fairness.