In mid-2007, as the population of Pimpri-Chinchwad (commonly known as the Detroit of the East) exceeded the one-million mark, property prices skyrocketed and the country’s top real estate developers rushed to start building luxury residences for what was then anticipated to be a steady inflow of IT professionals.
And given the overly optimistic statistics governing middle class consumer demand, automobile manufacturers (including Daimler Chrysler) began to fast-track capacity expansion plans.
Today, Pimpri-Chinchwad, a mere 150 km away from India’s commercial hub of Mumbai and 15 km from the IT-metropolis of Pune, is in a state of total disarray.
To read more, please, visit - Rakesh Saxena - Seeking Alpha
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