Lavasa, A Billionaire's Folly, Becomes a Nightmare for Bankers in India

Residential buildings stand around Dasve Lake in Lavasa, India, on Sunday, May 13, 2018. Hindustan Construction Co. Chairman Ajit Gulabchand is in discussions with as many as three strategic investors, including private equity players and banks, to come up with a solution for Lavasa, a city modeled on the cotton-candy harbor of Italy's Portofino that is now an incomplete shell housing some 10,000 people, and is open to either a partnership, or selling his stake in the project entirely. Photographer: Karen Dias/Bloomberg via Getty Images