Skeletons of half-finished buildings loom over daily life in Lavasa, India.
Photographer: Karen Dias/BloombergBillionaire’s Folly Becomes Bankers’ Nightmare
What happens when a privately built and managed city goes bust? We may soon find out.
This onetime hilltop paradise is becoming for some a hell on earth.
The days of zero crime are over. Garbage collection is sporadic, so litter soils the man-made lake. Storefronts are vacant. Signs of neglect are everywhere: maintenance is late or nonexistent. And that’s for the construction already done. For the unfinished building works—i.e. most of it—there is little happening.