![]() Its obligations are among the $210 billion stressed assets looming over India, which has one of the world’s worst bad-loan problems. Lavasa defaulted on dues payable to bondholders and has delayed repayment to other creditors including banks, the company said in a May 3 filing. Lavasa is a typical example of a large-scale infrastructure project gone bad, saddling its bankers with unpaid dues that are helping drive record losses at many Indian lenders. The first and only town to be built-Dasve-is littered with concrete skeletons. ![]() Generally abandoned is the original plan of developing five towns with theme parks, school campuses, sports complexes and research centres in the scenic hills of the Western Ghats, a Unesco world heritage site known for its evergreen tropical forests that shelter 325 species of vulnerable or endangered animals, birds and fauna. “There is hardly anyone who wants to stay." “In 2012, when we first came to this place, it was booming-from being a vibrant place it has come down to be a ghost town," said David Cooper, a 63-year-old resident of Lavasa’s home for senior citizens, Aashiana. faces what may be its final reckoning, as India’s central bank forces lenders to restructure debts quickly or take defaulters to bankruptcy court.Īrguably even worse off than current residents are the thousands of people who have put down their life savings or borrowed money to buy property in Lavasa, only to fear it may never get built. Today Lavasa is an incomplete shell housing some 10,000 people, a symbol of the excesses gripping the world’s second most-populous nation. (The company declined to provide a full estimate.) It would be India’s first privately built and managed city, one of five planned for 30,000 to 50,000 people each, soaking up settlers from the hinterlands looking for opportunities in urban areas.
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