We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Most of Lavasa residential property is still a shade above what affluent India would call affordable and way below expectations for the filthy rich who have long gone to sahara city nearby. And the so called affluent are not so keen to put money here in this uncertain economy. So if the builders don’t get their realty expectations down to reality, it might end up as you said a tourist city.. but a tourist city like Fatehpur Sikri near Taj Mahal which was created by Mugal emperor Akbar with all the fanfare but nobody could afford to live there. It is still the same as it was created 500 years ago; abandoned.
It is surprising that a project with such high demand requires a $425 million IPO to raise itself. In the last decade the Sahara Group, now a shadow of its swashbuckling self, had created a project called the Amby Valley not too far from Lavasa. I don’t remember reading too many articles since then about its success though many have been generous in their praise of it’s beauty. Let’s see whether Lavasa manages to do better.