ABSTRACT
A shift in the governance model – from State monopolisation of resources and redistribution, protectionism, and State intervention through central planning until 1990 to the neoliberal approach post-1991 is observed. The neoliberal model of governance believes in establishing a robust market as the driving force for socio-economic growth, with minimal State intervention at the micro level of governance but with greater State intervention at the macro level of governance. This approach in regulating the urban real estate sector envisages a systematic State intervention as a regulator and the facilitator in creating sustainable demand, supply, and value in urban land parcels and urban real estate commodities by proactively making legislative and policy interventions, creating value therein with reclassification of land use, integrated development of large-scale, city-level infrastructure, etc., attracting private developers and investors. The State expects achieving the twin objectives of sustainable economic growth and fulfilment of the socio-economic aspirations of all such actors, including those of the urban poor, through trickle-down effect. The chapter looks at various interventions and initiatives taken by the State and examines whether they have had the desired trickle-down effect and fulfilment of the socio-economic aspirations of all, in the complete absence of the State’s redistributive role, or whether achieving the objectives will remain a myth.
