India’s ‘Ghost Towns’ Middle Class With Debt—and Broken Dreams

BrotherKantu

BrotherKantu

Chief Minister (5k+ posts)
NOIDA, India—Half a million unfinished apartments are stuck in financial limbo in India, dashing the dreams and the spending of a middle class that was supposed to be spearheading India’s economic rise.


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Jonaki Ray took a loan to buy an apartment in 2009 that has tied up her life savings for more than a decade. To pay for her mortgage, and an apartment she has rented in the meantime, she stopped splurging on things like vacations abroad and a new car.
Ms. Ray has finally been given the keys to the unit, but still has no plans to move in. She has to finish the interiors on her own, and she is worried about safety as no one else on her floor has moved in.
"There is this thing looming over me and I don’t know what is going to happen,” she said. "It’s always there at the back of my head."
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Wish Town, a development in the New Delhi suburb of Noida, encapsulates the plight of middle-class Indians who sank their life savings into
The construction workers are long gone, the site’s cement factory and cranes have stopped working. Signs mark aborted projects: a "Sports Field" is still a cauliflower patch, the "Social Club" a shell of a building.
Construction stopped in 2016 when the developer couldn’t pay its debt. Only about half of the 40,000 apartments that were to house close to 200,000 people have been finished and handed over to their buyers. Those who have moved in complain that the golf club, gyms, pools, retail spaces and restaurants advertised by its developer, Jaypee Group have largely yet to be built.
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Source:-
India's Ghost towns




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BrotherKantu

BrotherKantu

Chief Minister (5k+ posts)
pinionated said:
China faced a similar situation.... people sell dreams and then reality hits....
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China built mega new cities and towns to increase its GDP. Had no intentions to populate them. PTI also want to build million homes but some legal issues are in the way and Khan doesn’t want any thing against the law.

On the other hand communist government doesn’t have to answer any one.
 
Eyeaan

Eyeaan

Chief Minister (5k+ posts)
pinionated said:
China faced a similar situation.... people sell dreams and then reality hits....
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These are two different situations (though you may argue that both are bad.)
In china, either local cities administrations or the construction Industry with the patronage/ partnership of city government have invested in this industry . Further it was part of a long-term plan for future expansion and the local governments took these risks. A similar investment is being made in long-rout High-speed trains (with no passengers in the near future) - However government claims that it is built for the next 60 years and mainly for the purpose of national integration.
 
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