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Conflict and Commensuration: Contested Market Making in I ndia's Private Real Estate Development Sector
Author(s) -
Searle Llerena Guiu
Publication year - 2014
Publication title -
international journal of urban and regional research
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 2.456
H-Index - 114
eISSN - 1468-2427
pISSN - 0309-1317
DOI - 10.1111/1468-2427.12042
Subject(s) - real estate , restructuring , private sector , real estate development , valuation (finance) , intermediary , business , economics , finance , market economy , economic growth
Newly constructed high‐rise housing and malls, soaring land prices and violent confrontations over land testify to the massive urban transformations underway in I ndia today. Having secured an expanded role in urban development from the state, the private sector helps to shape urban restructuring; however, few scholars have studied private real estate development in I ndia or revealed the factions that underlie an analytically unitary ‘private sector’. This article sheds light on private sector real estate industry members' efforts to develop an internationally familiar real estate market in I ndia. Foreign investors and consultants have been collaborating with I ndian real estate developers, who are now active intermediaries in the flow of capital into I ndia. Drawing on participant observation and data from interviews, this article finds, however, that foreign financiers and I ndian developers struggle to form partnerships on account of differences on issues like land valuation. The outcome of such conflicts will define the contours of I ndian real estate development and its integration with international markets in the future.