Financing Inequalities: Mega Transport projects and Spatial Restructuring of Thane City, Maharashtra, India

Authors: Vaishali N Kurhekar*, Narsee Monjee College of Commerce & Economics, Mumbai, India
Topics: Transportation Geography, Economic Geography, Urban and Regional Planning
Keywords: Financialisation of Urban Capital, Real estate, Infrastructural improvement, Financial Sustainability
Session Type: Paper
Day: 4/10/2018
Start / End Time: 12:40 PM / 2:20 PM
Room: St. Charles, Marriott, River Tower Elevators, 41st Floor
Presentation File: No File Uploaded

Recentralization and centrism in the form of ‘new Regionalism’ is witnessed since last two decades with increasing financialisation of urban capital,emanating from the constant intertwining of various forms,identities of capital such as black & white economy, liquid & non-liquid assets,which is transforming the capital into assets.This has changed scenario in city planning in India,and is evident within peri-urban areas of Mumbai. Post-2000,there was integration of peri-urban areas of Mumbai into global economic system with peripheralisation of financial capital.Similarly, the end result of centrally sponsored top-down approach in urban planning (schemes like JNNURM),had specific emphasis in bringing finance into a leading role.The fate of the cities was thus left open to the private finance through neoliberal mode of urban governance. Interestingly, key words were real estate and infrastructural improvements where a major chunk of finance is penetrating into the development of advanced transport.Thane city, considered as a backyard of Mumbai city till the year 2000,is now made,a new green pasture.It would be interesting to map the geography of finance circulation, within the city into transport development as well as the real estate.In the process,huge investments have been diverted towards construction of fly-overs across the Highways,Metro project,and now Bullet trains.Though the city boomed but the question of financial sustainability of such projects became vital.The challenges such as sustainability, transparency, in the implementation of mega projects and related finance, accessibility, and socio-economic viability of such mega-projects remains unanswered.The research paper focuses on addressing such issues with special reference to Thane city.

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