Last week, the Election Commission unveiled data from SBI concerning electoral bonds. Among the real estate firms that significantly donated—over Rs 1000 crore—DLF and Chennai Green Woods Private Ltd. stood out prominently.
The information released by the Election Commission also detailed SBI’s list of entities that purchased these electoral bonds for political donations, with more than 40 real estate companies contributing over Rs 1000 crore to political parties from 2019 through 2024.
On March 14, the Election Commission made available SBI’s electoral bond data across two files; one listed the names of the bond purchasers, while the other included the political parties that redeemed these bonds.
Several prominent real estate firms, particularly from the DLF group, made significant contributions, with subsidiaries DLF Commercial Developers Ltd, DLF Luxury Homes Ltd, and DLF Garden City Indore Pvt Ltd together contributing Rs 180 crore to these electoral bonds, reflected in their financial documents for the corresponding fiscal years. A company representative stated, "There are no further comments from us.”
Chennai Green Woods Private Ltd., associated with the Ramky Group, contributed Rs 70 crore. EC data indicates that B.G. Shirke Construction Technology Pvt. Ltd., known for its extensive construction portfolio in mass housing projects, donated more than Rs 80 crore.
A contribution of roughly Rs 20 crore came from K Raheja Corp, yet the organization opted not to comment.
Prior to beginning construction, real estate companies are required to secure over 20 regulatory approvals from local and state authorities. These essential approvals encompass environmental clearances, zoning regulations, construction permits, and building permits.
In 2022, a study conducted by LocalCircles revealed that cash transactions were notably prevalent in property dealings based on transaction values. Despite gradual improvements, buyers admitted to making cash payments for properties purchased within the last seven years, according to the findings reported.
Benami transactions—a practice allowing one party to transfer or hold property while another conceals the actual owner’s identify—were once common. The Benami Transactions (Prohibition) Amendment Act came into force on November 1, 2016. The Supreme Court repudiated its retroactive application in 2022.
The Real Estate (Regulations and Development) Act, also known as RERA, was designed to safeguard homebuyers’ interests and cultivate investment within the real estate sector. This mandates project and agent registration to ensure compliance with timelines, quality, and ethical practices. With RERA's implementation, homebuyers have gained heightened confidence in their dealings.
Other property firms purchasing election bonds
The Prestige Group made substantial contributions of nearly Rs 45 crore across various entities, including Prestige Garden Estates Private Ltd, Prestige Projects Pvt Ltd, Prestige Habitat Ventures, Prestige Notting Hill Investments, Prestige South City Holdings, Prestige Estates Projects Ltd, and Prestige Management and Services. There was no response from the company.
The Rustomjee Group offered a contribution nearing Rs 5 crore, while they chose to remain silent. The list also shows that BKC Properties Pvt. Ltd. and Omkar Realtors Projects Pvt. Ltd. each contributed Rs five crore.
Among retail companies, Lulu donated Rs 2 crore, whereas Inorbit Malls India Pvt. Ltd. contributed around Rs 20 crore.
The list further included various developers such as Fortune Estate Developers Pvt Ltd, Sohini Developers, SRI Developers, Ashoka Developers, Magarpatta Township Development & Construction Company, Suman Estates Pvt Ltd, Chennai Green Woods Pvt Ltd, Fortune Estate Developers Pvt Ltd, and Sweta Estates Pvt Ltd.