PMC Bank customers rush to withdraw money from a branch in Mumbai in September. In a decade of alleged deception, the bank's exposure to a single housing developer reached 70% of total assets. © Reuters

Indian financial sector stuck in real estate quicksand

Over 500,000 stalled housing units deepen economic mess for Modi

KEN KOYANAGI, Nikkei Asian Review editor-at-large

November 28, 2019 17:44 JST

MUMBAI -- Adel Divine Court was supposed to be a manifestation of the Indian Dream -- a posh, gated high-rise complex of about 1,000 apartments in the New Delhi suburb of Faridabad.

Instead, the development has become a nightmare. Eight years after the residences were put up for sale, the project remains uncompleted, with some buyers demanding refunds while others fight to have the construction finished.