As a terrain for neoliberal capitalism, Gurgaon, a city peripheral to New Delhi, has urbanized tremendously to become part of an urban agglomeration. Along with its unprecedented urban growth, the semiarid, water‐stressed region is undergoing a fundamental reconfiguration of its ecologies, visible in its disconnected hydrological network, fragmented landscape, and reappropriated forests and agricultural land. This article reflects on the evolving interaction between water and society and the growing water insecurities within this “emerging” urban system by interrogating the region's rapidly transforming hydrosocial system. It highlights the transition from community‐managed traditional water system to a centralized, extractive, and techno‐centric approach and addresses the challenges and differential vulnerabilities created by this transformation.