18 May,2009 07:52 AM IST | | Varun Singh
After shelling out huge sums to netas for the Lok Sabha polls, it's empty pockets for the Assembly polls in October
It's no secret that the real estate sector kept the poll juggernaut rolling. The maximum donations to political parties came from Mumbai-based builders. However, even though the results are out, builders are still a worried lot. Already badly hit by the economic slowdown, builders are worried about the upcoming Assembly elections in October.
While most builders kept mum on the subject, a leading city-based builder said, "The market is at an all-time low and builders have already spent a lot in the Lok Sabha elections. Now, with very less mint in hand, it will be very difficult to shell out money to political parties for the Assembly polls."
No choice
Sources from the industry say that builders have no choice, but to fund netas. "There is no escape from this.
This is a give and take relationship. Even if the market is not doing well, builders will have to provide funds to parties," said another builder from the western suburbs. However, keeping in mind the current market scenario, builders may alter their budgets.
Mihir Dhruva of the Siddharth Group, a leading real estate company, said, "Giving money to political parties is common; builders do it every election. However, this year the scenario is different. Due to the economic downturn, builders will have to compromise on the funds they provide to political parties."u00a0u00a0u00a0u00a0
Real estate experts sympathise with builders. "Most of the builders are complaining since they won't be able to shell out money for the Assembly polls due to the global meltdown.u00a0u00a0
They seriously don't have the money, but political parties won't understand," said Ajay Chaturvedi, a real estate expert.
