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India’s Elite Homeowners Are Now Slumdog Millionaires

An entire city built and managed by investment capital was ambitious when it was conceived. It remains an impossible dream even now.

<div class="paragraphs"><p>Lavasa:&nbsp;This is no Portofino.&nbsp;Photographer: Karen Dias/Bloomberg</p></div>
Lavasa: This is no Portofino. Photographer: Karen Dias/Bloomberg
Nearly a quarter century after investors formed a private corporation to build and manage a hillside resort four hours from Mumbai, just 5,000 people linger in the derelict shadow of what was meant to be the first of several picturesque enclaves, housing 300,000 in total. For the hapless residents — and the homebuyers waiting to move in — more bad news came last week. The bankruptcy court sent packing the only rescuer of Lavasa Corp....
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