This paper explores the political churnings around an almost twenty-year-old process of land acquisition and development in Rajarhat, an erstwhile rural settlement in the Indian state of West Bengal. The narrative takes shape against the backdrop of a neo-liberal state in the global South acting as a corporate facilitator, the concomitant dispossession, and particularly the transformation of the villages and rural livelihoods. The paper tries to trace the nature of this transformation by mapping the socio-economic changes on the one hand, and the reinvention of traditional caste-based social hierarchies brought about by such changes on the other, and highlights the formation of “syndicates” (low-level cartels) in the area as a unique manifestation of the latter. Such developments, the paper argues, symbolize a qualitative shift in rural social relations, brought about by rapid urbanization in neoliberal India.