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Bangalore, an aspiring “world city”, is rapidly transforming as factories and mills are sold to private developers. As their neighbourhoods now accommodate multi‐million‐dollar gated communities and post‐industrial labour markets, residents experience an in situ displacement, staying in place while landscapes around them dramatically reconfigure. This paper makes sense of how old‐time residents locate themselves within such urban growth through nostalgic invocations of the past. Emplaced within histories and geographies of neighbourhood change, nostalgia creates “affective landscapes” through which residents invoke their closeness to past landscapes of abundance and involvement in community‐making. Such affective landscapes bring together embodied, sensorial, and more‐than‐human fields of action to shape an everyday politics in which residents narrate their marginalization within the world city and articulate their own value here.

 

Jakarta, Indonesia’s capital, is increasingly characterized by luxury real estate developments and high-profile infrastructural projects made possible by economic liberalization and finance capital. Yet these developments have contributed to Jakarta’s struggles with chronic flooding, land subsidence, and water shortages. This paper contributes an empirical study of the spatial-temporal dynamics of speculative urbanism and the associated impacts on water resources and flood events in Jakarta. I use an urban political ecology approach to analyze mainland and offshore development. First, I show how financial speculation generates flood risk and the overexploitation of water resources, producing uneven socio-spatial distributions of risk. These transformations in Jakarta’s hydroscape in turn threaten to undermine the city’s viability as a site for speculative investment. I thus show how speculative urbanism can be threatened or disrupted by nonhuman agencies. Second, I illustrate a second form of speculation, which I refer to as environmental speculation. As Jakarta’s water crisis has cast doubt on the future of the city itself as a place of habitation, the state explored an ambitious and potentially lucrative coastal defense project, while private developers have engaged in land reclamation. The turn toward offshore development illustrates how environmental speculation creates new opportunities for capital accumulation. I advance two arguments: first, in order to capture the full costs of speculative urbanism, it is imperative that urban scholars attend to its ecological dimensions. Second, an urban political ecology approach advances our understandings of speculative urbanism by illuminating its contradictions and limits. 

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.

 

Peri-urbanization is transforming the urban-rural interface of metropolitan areas across the global south. Large-scale planned developments and infrastructure projects result in the widespread displacement of residents and the disappearance of agricultural fields, vegetable plots, and small enterprises. Through multi-year fieldwork in eastern peri-urban Jakarta, we shift the optic from the large players driving these transformations—developers, land brokers, and investors—to examine how residents of peri-urban settlements (kampungs) respond to unexpected developments and manage the uncertainties associated with market-induced displacement. We conceptualize their practices as everyday speculation, extending speculation beyond its financial meaning to include social and cultural aspects. Both displacees in relocation kampungs and holdouts in kampungs subject to displacement make the most of emergent spatiotemporal rent gaps to devise ways to improve their livelihoods and accumulate wealth, but they also attempt to realize their social and cultural aspirations of reproducing kampung ways of life characterized by dense social networks and commoning practices such as mutual aid. Speculation reinforces pre-existing economic inequalities among kampung residents but is not obliterating social and cultural values that contest the norms of neoliberal global urbanism. Scaling up from everyday speculation by individual households, we identify three paths of kampung transformation that are concatenating across a shape-shifting speculative kampung landscape that coexists in a complex and synergistic relationship with the planned developments. Understanding residents’ everyday actions is thus important to grasping the full scope of peri-urbanization. 

This article explores a conjunctural approach to comparison as a means to capture the complexity of the processes shaping metropolitan land transformations in a city of the global South, comparing the co-implicated actions of developers and local residents across central and peri-urban Jabodetabek. A conjunctural approach shares with some other forms of comparison the ambition to build new theories and challenge existing knowledge. Rather than controlling for the characteristics of units of analysis as in conventional comparison, a conjunctural approach attends to the broader spatio-temporal conjuncture. It involves highlighting unexpected or overlooked starting points for comparison, attending to inter-place, inter-scalar and inter-temporal relationalities in order to identify shared general tendencies as well as particularities and to chart their mutual constitution. Grounding this comparison iteratively puts local knowledge and observations in conversation with already existing theories. Deploying these principles in a socio-spatial intra-metropolitan comparison, we show that economic speculation on land and property is complexly entangled with actors’ socio-cultural speculations, as they seek also to realise aspirations for distinct peri/urban futures. Economic speculation deepens already existing inequalities in wealth and power differentials between and among developers and kampung residents. The erasure of informal settlements and displacement of their residents is supplemented by the ability of other kampungs and select residents to take advantage of spillover opportunities from the formal developments built on former kampung land. Distinct central city and peri-urban landscapes are emerging, shaped by differences in the social ecology of land and local governance and planning regimes.

 

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.

 

Under the designation “platform urbanism,” there is growing scholarly recognition that platform intermediaries are reconfiguring urban industries, processes, and relationships through the collection and manipulation of big data. Central to realizing this economic project is financial speculation on platforms’ ability to coordinate network effects—a phenomenon in which the more users there are in a networked system, the more valuable and useful it becomes. In this paper, I argue that while the existing literature recognizes the importance of network effects, it has also adopted a limited conceptualization that understands platform firms as the primary agents generating and capturing the economic benefits of network effects. Drawing on 12 months of ethnographic fieldwork in Greater Jakarta, Indonesia, I work to expand this understanding through attention to the social lives of network effects—the ways in which platform architectures are always embedded in social relations created and sustained in everyday urban life. I show how ride-hailing drivers have attempted to mitigate the risks of their work through building socio-technical networks of their own, for their own purposes. Doing so reveals that it is not only platform firms and venture capital that speculate on network effects; rather, a range of actors in the city-region seek to tap into driver networks to advance their own social, political, and economic ends. In conclusion, I suggest that attending to these practices opens up space to reframe platform urbanism beyond its current preoccupation with macro political economic analyses, while also establishing new lines of inquiry for “speculative urbanism.”

 

This essay offers a retrospective account of a multimodal public exhibit at the end of a multi-year research project on speculative urbanism. While the registers of speculation are invariably forward-looking, our research presented us with the central place of memory as a frame through which urban residents in Bengaluru, India, negotiate their present and imagine the possibilities of the future. This essay examines four ways in which we created space for memory in our exhibit, understanding our approach as situating an archive-optic, drawing on approaches of critical fabulation, object perception, and submerged perspectives. I suggest that these forms of engagement are multimodal and that they offer feminist and decolonial ways to unmaster linear narratives and situate our research affectively.

 

This article contributes to debates on the financialization of global South economies by looking closely at how India’s real estate markets became entwined with global financial networks. We offer an analytical frame that centers on the strategies of global finance and its ability to transform its form and mode of operation when faced with a supposed ‘limit’, both spatially and temporally. Finance capital, we argue, derives its power from working with state actors and ambitious borrowers––across borders, sectors and conditions–– to spawn new investment opportunities and, over time, a financialized type of urban transformation. In 2005, India deregulated foreign investment into land and real estate, a watershed moment that radically altered the financial and urban speculative logics of the sector. Private equity firms made vast investments into urban projects, anticipating massive returns, and even though the bubble quickly burst, India continues to attract finance capital. We explain this conundrum by tracking the new techniques and investment tools of private equity (‘following the financial strategy’), arguing for an analytical approach attuned to the relentless dynamism and hyper-mobility of finance capital (an ‘inter-scalar and conjunctural dynamics approach’).