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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. 

The paper examines the role of slum redevelopment in the production of private property in land in a fast-growing city of southern India. Drawing on an in-depth case study in Bengaluru, we show that the tenurial rights of slum residents were eroded when the contested land on which they lived – which was layered with multiple rights and claims of various actors – was confirmed by the court as the sole property of an individual who claimed to be its owner. The transformation of the plot into private property and therefore into a fungible asset, free of encumbrances, allowed the landowner, the political entrepreneurs who spearheaded the redevelopment project, and various intermediaries to capture most of the rapidly escalating value of the land. The exchange of recognized land tenure rights for small flats carrying conditional titles further excluded slum residents from ‘proper’ urban citizenship based on property ownership and exacerbated the precarity of their lives in the city. In this case, in-situ (on the same site) slum redevelopment is shown to operate as a modality of enclosure in which the urban poor are displaced even while remaining in place – or a process of dispossession without displacement. 

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.