Economics
The Crisis That Shattered India's Economic Dreams
Abandoned developments tell the story of an economy in distress, a banking system in pain and consumers too worried about job cuts and rising costs to spend.
Wish Town was once a sought-after destination for India’s aspiring middle classes seeking a slice of the “good days” promised by an ambitious Prime Minister Narendra Modi when he swept to power more than five years ago. Now, it’s a symbol of lost hope.
A sprawling 1,063-acre property development located in Noida, just outside New Delhi, Wish Town was supposed to give would-be home buyers sparkling shopping malls, pristine golf courses and modern medical clinics. Apartments that should have been delivered by 2012 were billed in the media as “global homes with an Indian address.”