If the entanglements of real estate and finance capital are pivotal in ongoing urban transformations in cities of the global south, then a less visible but equally vital dimension is the process of land assembly on which residential and commercial real estate speculation and development are premised. This paper pries open the value chain of land assembly that underlies these transformations in a rapidly expanding peri-urban frontier of Bengaluru, India. Drawing on detailed interviews with land market intermediaries, operating across different scales, who were instrumental in assembling agricultural land for a large apartment complex, the paper shows how existing forms of social power and local knowledge are harnessed to create inter-scalar linkages that enable the creation and extraction of value in Indian real estate. It makes the case for understanding the economic and cultural work of intermediaries in animating land's value chain as ‘articulation work’. Finally, the paper assesses the varying forms and quantum of value that are generated and captured by different actors in the value chain, which stretches from the landowning farmer up to a major real estate company, to reflect on the micro-dynamics of speculative urbanism and agrarian urbanization.
The papers and commentaries constituting this special issue offer new insights into speculative urbanism from the perspective of two southern metropolises. Based on an international and interdisciplinary collaboration comparing speculative urbanism in central and peri-urban Jakarta (Indonesia) and Bengaluru (India), and interrogating the literature triggered by a seminal 2011 paper by Michal Goldman, this issue extends existing speculative urbanism scholarship in four ways. First, the papers in this special issue take a multi-scalar approach, placing speculative urban practices within the broader spatio-temporal conjunctural contexts shaping their emergence. Second, extending currently economistic framings, they show how speculation also is socio-cultural. The diverse actors engaged in speculative urbanism do not simply seek to accumulate wealth; they do so with aspirations in mind for differentially imagined, but yet-to-be-realized, urban/peri-urban futures. Third, they highlight how speculative urbanism involves a broader range of actors than the usual suspects (developers and financial institutions), including land brokers, individual landlords, the state and its actors, and residents displaced from informal settlements. Fourth, they draw attention to diverse objects of urban speculation; not only land and property, but also more-than-human phenomena such as urban socio-ecologies and socio-technical networks.
more » « less- NSF-PAR ID:
- 10396817
- Publisher / Repository:
- SAGE Publications
- Date Published:
- Journal Name:
- Environment and Planning A: Economy and Space
- Volume:
- 55
- Issue:
- 2
- ISSN:
- 0308-518X
- Page Range / eLocation ID:
- p. 359-366
- Format(s):
- Medium: X
- Sponsoring Org:
- National Science Foundation
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