Company that won Rs 1.15 lakh crore, Rs 14,400 crore projects is 2ndbiggest buyer of Electoral Bonds
The Election Commission of India (ECI) has met the Supreme Court's deadline by publishing data on electoral bonds, shedding light on the controversial practice of political funding in the country. However, the revelations have sparked concerns over transparency and potential influence peddling.
Among the significant findings, India's leading lottery company, helmed by the contentious businessman Martin Santiago, emerged as the top purchaser of electoral bonds. This revelation has drawn sharp scrutiny, particularly given Santiago's past associations and ongoing controversies surrounding his company's financial activities.
Following closely behind is the Megha group of companies, comprising Megha Engineering & Infrastructures Limited (MEIL) and Western U.P. Power Transmission Company Ltd (WUPPTCL), which has raised eyebrows with its substantial contributions to electoral bonds. MEIL's purchased 966 bonds, each worth Rs 1 crore, totaling Rs 966 crore, along with WUPPTCL's acquisition of bonds worth Rs 220 crore.
The Megha group is headquartered in Hyderabad and has won several government projects, including many works part of the Rs 1.15 lakh crore Kaleshwaram Lift Irrigation Project in Telangana, and the Rs 14,400 crore Thane-Borivali Twin Tunnel Project in Maharashtra.
MEIL was also the largest donor to Prudent Electoral Trust in 2022-23, contributing Rs 83 crore to the trust that distributes money to political parties.
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Karnataka to introduce new affordable housing policy with EWS mandate for private developers
Bengaluru: Karnataka is drafting a new Affordable Housing Policy that may require private real estate developers to allocate a portion of their projects for economically weaker sections (EWS). This initiative is part of preliminary discussions aimed at addressing the state’s housing challenges.
The policy is being developed by the Indian Institute of Human Settlements (IIHS), an urban-focused research organization co-founded by Nandan Nilekani and Deepak Parekh. IIHS was chosen for this task without a tender process.
Housing Minister B.Z. Zameer Ahmed Khan's office has confirmed that discussions are underway to include a clause mandating private developers to reserve inventory for EWS buyers. At present, residential layouts are only required to allocate spaces for civic amenities such as parks and playgrounds.
The policy is a key component of Chief Minister Siddaramaiah's agenda for affordable housing. It aims to streamline procedures in the housing sector while ensuring inter-departmental coordination. It will replace the 2016 housing policy and is expected to help Karnataka secure additional funding from union government housing schemes.
Funding challenges have hindered the state's housing programs, such as the Chief Minister’s One Lakh Housing Scheme, where the per-unit cost of ₹11.2 lakh places a significant financial burden on beneficiaries. With banks reluctant to lend, the government faces an estimated ₹3,700 crore shortfall.
The state is evaluating two affordable housing models proposed by the Boston Consulting Group (BCG). The first model, the Land Sharing Model, involves the government providing land to private developers, who would dedicate 30-50% of the land to affordable housing. Once the housing units are completed, they would be handed over to the government for distribution, while the developers would monetize the remaining land.
The second model, the Interest Subsidy Model, suggests offering a 3-5% subsidy on home loan interest, which would reduce monthly installments for beneficiaries from ₹8,700 to ₹5,500-6,800. This approach is expected to cost the government ₹60-170 crore annually.
