There are $63 billion of stalled residential projects across the country, according to Anarock Property Consultants, and their developers have become locked in a downward spiral with shadow banks. As lenders stop new credit, builders are forced to offload properties. Prices fall, causing more real estate loans to turn sour, pushing more shadow banks towards default.

from Times of India https://timesofindia.indiatimes.com/business/india-business/63-billion-of-zombie-buildings-sound-warning-for-indian-banks/articleshow/71440669.cms