© 2019 JETIR March 2019, Volume 6, Issue 3 www.jetir.org (ISSN-2349-5162) JETIR1903N88 Journal of Emerging Technologies and Innovative Research (JETIR) www.jetir.org e664 Analyzing the Forces of Real Estate Megaprojects in India Lalit Kumar Assistant Professor Department of Architecture, Deenbandhu Chhotu Ram University of Science and Technology, Sonipat, India e-mail: lalitkumar.arch@dcrustm.org Abstract: Urbanization as an outcome of economic liberalization and globalization has prompted the production and promotion of large integrated townships in India. This paper examines various forces for developing private sector-led urban development projects in India. I assert that these include diverse reasons varying from the global, provincial and local scale that can aid in describing the expansion of these megaprojects in India. These fast-growing real estate megaprojects have created a huge demand for property in peripheral locations of big cities prompting commoditization and monetization of land. The expansion of large- scale, for-profit real estate megaprojects has led to the privatization of urban space. The pragmatic analysis was derived from interviews with town planning officials, urban planning professionals, user groups, and developers with relevant published literature in journal articles and books. The expansion of large-scale urban integrated megaprojects in India necessitates a multi- scale examination of the interactions between the market, state, and society. This paper propagates a more holistic planning approach for spreading the benefits of large-scale private sector-led urban development projects among diverse socio-economic groups. Index Terms - Private urban development, economic liberalization, globalization, urban reforms, urbanization. I. INTRODUCTION Various factors are accountable for the growth of market-driven "private sector-led urban development projects" in India. The government's push to deregulate the economy through economic reforms and urban reforms involves the private sector, globalization, reduction in government control, fiscal austerity, the facilitation of foreign investment for Non-Resident Indians, opening of overseas capital investment in housing, credit deregulation through banking reforms, and the emergence of middle- class. Following the early 1990s economic liberalization program, a significant visible outcome has been the changing character of Indian cities. With the continued urban population growth, especially the middle class, liberalization reforms, and the advent of investment domestically and abroad, metropolitan India needs better infrastructure, governance, and land and property development. Demand has been observed to increase, leading to a rise in real estate investment (Chaudhary, 2007). Additionally, the Indian government has relaxed private and overseas property funding to promote domestic and transnational participation in urban development. Over the last three decades, the government has changed its priorities, creating a good atmosphere for the involvement of the corporate sector in infrastructure and housing provision (Banerjee-Guha, 2009). The structure of this article is as follows: the opening section discusses globalization and neo-liberalization; then, it discusses economic liberalization in India. The subsequent section examines various urban-level reforms followed by urbanization in India. The next two parts highlight how expanding globalization, the 1991 economic reforms, urban reforms, and the state's embrace of neoliberal policies had twin opposing outcomes on urban government and the rise of private sector-led urban development projects in India. Alongside, cities have grown more enterprising to draw investments, yet neo-liberalization has eroded the state's role, which has led to the privatization of planning and demand for such space. II. MATERIAL AND METHOD Various forces for developing large-scale real estate projects in India have been examined in this paper. The growth of such projects is not a secluded process of urban transformation. The study investigations were derived from interviews with town planning officials, urban planning professionals, user groups, and developers in the form of primary data. It uses secondary sources like relevant published literature in journal articles, books, census data, research reports, and published material. Then after that, a synthesis of data was done to conclude. Various factors of varied scales spanning from global to local can help to explain the development of large-scale real estate projects in India. The global economy's shift toward ever-greater neoliberal globalization has resulted in more unfettered money flows worldwide. As a result, national and local governments have been driven to be entrepreneurial, competing amid other cities to draw overseas capital (Hall and Hubbard, 1998). Simultaneously, neo-liberalization has derived from the state's weakness, giving the private sector more control in city planning and management (Percival, 2012). Furthermore, there is a need for a rising middle class with a desire for social class segregation, which developers are exploiting. 3.1 Globalization and neo-liberalization Globalization has become more widespread since the 1970s, with the rise of globalization as neo-globalization has facilitated free capital movement and downsized state authority over the market (Peck and Tickell, 2002). Neo-liberalism relies on the idea that the most exemplary method to achieve financial progress is to have open and uncontrolled markets free of state intervention. Keynesian principles of command over the liberated movement of funds and redistributive fairness conversely predominated prior to the 1970s (Harvey, 2006). Neoliberal principles have aided economic globalization by facilitating global investment capital flows, significantly impacting city development (Yeates, 2002).