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Deepening downturn in India's building sector eats into growth

Indebted developers cut employment, slow work on projects to clear unsold backlog of properties
Friday, August 28, 2015 - 05:50
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Noida, a city of 640,000, has grown rapidly in the last decade, expanding to a point where its middle-class housing complexes now meld into Delhi's urban sprawl on one side and rustic villages on the other, but the boom has turned to bust.

Kumar Noida, India

AFTER a decade labouring on building sites around New Delhi, Akhilesh Kumar lost his scaffolding job last month when his employer halted work on an array of 30 residential towers.

He joins more than half a million workers let go from sites around India's capital