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This paper draws on fieldwork carried out between 2017 and 2020 as part of the project “Speculative Urbanism: Land, Livelihoods, and Finance Capital,” in collaboration with the University of Minnesota, funded by the National Science Foundation [grant number BCS-1636437]. We thank our colleagues Vinay Gidwani, Michael Goldman, Hemangini Gupta, Eric Sheppard, Helga Leitner, and other members of the research team for many discussions and debates. Earlier versions of the paper were presented at the Third Annual Research Conference of the Indian Institute for Human Settlements, Bengaluru, January 10–12, 2019; in the panel on The Peri-urban Question: Renewing Concepts and Categories at RC21@Delhi, September 18–20, 2019; and at the French Institute of Pondicherry, February 13, 2020. We are grateful to the organizers and participants of those conferences for their valuable feedback, as well as to the anonymous referees for their constructive comments. All photos are by Pierre Hauser, who we sincerely thank for allowing us to use his work.