Between 2019 and 2024, the Election Commission released data revealing that political parties received over Rs.1000 crore in political donations from more than 40 real estate firms through electoral bonds. SBI's list of entities that purchased these bonds for the purpose of making political contributions was also made public.
The data on electoral bonds purchased by SBI was made public by the Election Commission on March 14 through two separate files: one listing the names of the buyers and the other detailing the political parties that redeemed the bonds.
DLF's subsidiaries, namely DLF Commercial Developers Ltd, DLF Luxury Homes Ltd, and DLF Garden City Indore Pvt Ltd, were among the notable real estate firms that made significant contributions to the electoral bonds. These subsidiaries collectively donated a sum of Rs.180 crore.
One of the spokesperson of the company said,"These are fully disclosed in our book of accounts for the respective years. We have no further comments."
Chennai Green Woods Private Ltd, a construction company under the ownership of the Ramky Group, donated Rs.70 crore. B. G. Shirke Construction Technology Pvt Ltd, known for its extensive construction projects including mass housing developments, contributed more than Rs.80 crore.
K Raheja Corp made a contribution of approximately Rs.20 crore. No response was provided by the company.
There are over 20 regulatory approvals needed, including environmental clearances, zoning regulations, construction permits, and building permits, that real estate companies must obtain from local and state authorities before starting construction.
According to a study conducted by LocalCircles in 2022, property transactions were identified as the primary sector where cash was predominantly used based on the value per transaction.
The study also highlighted that despite improvements over time, a significant number of property buyers acknowledged the utilization of cash during transactions for properties acquired within the past seven years.
Benami transactions, in which properties are transferred or held by one individual while the payment is made by another person in order to hide the true owner's identity, used to be a prevalent practice in the past.
The registration of real estate projects and real estate agents is mandated by RERA, which guarantees compliance with project timelines, quality standards, and fair practices. The introduction of RERA has significantly enhanced the trust and confidence of homebuyers.
Prestige Group, by means of its subsidiaries like Prestige Garden Estates Private Ltd, Prestige Projects Pvt Ltd, Prestige Habitat Ventures, Prestige Notting Hill Investments, Prestige South City Holdings, Prestige Estates Projects Ltd, Prestige Property Management and Services, has made a significant contribution of approximately Rs.45 crore.
The Rustomjee Group, BKC Properties Pvt Ltd, and Omkar Realtors Projects Pvt Ltd each contributed Rs.5 crore. Lulu contributed Rs.2 crore, while Inorbit Malls India Pvt Ltd contributed around Rs.20 crore. The company did not provide any comments regarding the contributions.
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