Since the mid-2000s, India has been beset by widespread farmer protests against “land grabs.” Dispossession without Development argues that beneath these conflicts lay a profound transformation in the political economy of land dispossession. While the Indian state dispossessed land for public-sector industry and infrastructure for much of the 20th century, the adoption of neoliberal economic policies since the early 1990s prompted India’s state governments to become land brokers for private real estate capital—most controversially, for Special Economic Zones (SEZs). Using long-term ethnographic research, the book demonstrates the consequences of this new regime of dispossession for a village in Rajasthan. Taking us into the diverse lives of villagers dispossessed for one of North India’s largest SEZs, it shows how the SEZ destroyed their agricultural livelihoods, marginalized their labor, and excluded them from “world-class” infrastructure—but absorbed them into a dramatic real estate boom. Real estate speculation generated a class of rural neo-rentiers, but excluded many and compounded pre-existing class, caste, and gender inequalities. While the SEZ disappointed most villagers’ expectations of “development,” land speculation fractured the village and disabled collective action. The case of “Rajpura” helps to illuminate the exclusionary trajectory of capitalism that underlay land conflicts in contemporary India—and explain why the Indian state is struggling to pacify farmers with real estate payouts. Using the extended case method, Dispossession without Development advances a sociological theory of dispossession that has relevance beyond India.