Indian real estate companies have contributed over Rs 920 crore to various political parties between 2019 and 2024 through electoral bonds, according to data released by the Election Commission and compiled by the State Bank of India.
DLF, a prominent player in the real estate sector, emerged as the top donor with a contribution of Rs 180 crore, including donations from subsidiaries such as DLF Commercial Developers Ltd, DLF Luxury Homes Ltd, and DLF Garden City Indore Pvt Ltd.
Other notable contributors include Prestige Group from Bengaluru, which donated around Rs 45 crore, followed by Mumbai-headquartered K Raheja Corp Private Ltd with Rs 21 crore, and Rustomjee group with Rs 5 crore. Anbee Constructions LLP, associated with Mindspace Business Parks Real Estate Investment Trust, contributed Rs 4.5 crore.
Additional contributors include Chenani Green Woods Pvt Ltd, Lulu India Shopping Mall Pvt Ltd, Inorbit Malls India, and Kalpataru Projects International Ltd, among others
"These are fully disclosed in our book of accounts for the respective years. We have no further comments,” a DLF spokesperson told Moneycontrol.
The Bharatiya Janata Party was by far the biggest beneficiary of the electoral bonds scheme, receiving Rs 6,061 crore as political donations in the last five years, according to data submitted by State Bank of India (SBI) to the Election Commission of India of March 14. This amounts to 48 percent of all electoral bonds encashed by political parties since the start of 2019-20 and before it was ruled unconstitutional by the Supreme Court earlier this year. At second place is Trinamool Congress, which mopped up Rs 1,610 crore, followed by the Indian National Congress at Rs 1,422 crore.
Real estate companies are subject to regulatory approvals for various aspects of their operations. These approvals are typically required for land acquisition, construction projects, environmental clearances, building permits, zoning regulations, and compliance with local building codes. These regulatory processes vary from region to region and can involve multiple government agencies at the local, state, and national levels.
(With inputs from Mehul R Thakkar, Ashish Mishra, Souptik Datta)
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