Peninsular India has a rich history of monument-building traditions dating back to prehistoric periods. Beginning with the enigmatic ashmounds of the Neolithic, which were probably the earliest monumental constructions in the region, and the wide variety of megalithic monuments constructed subsequently, monument-building evolved into the erection of stupas and temples in later periods. There is evidence that stupas, and probably early temples too, were carrying forward commemorative traditions from the period of the megaliths. The first few centuries of the first millennium ce probably saw the construction of temples and stupas alongside megalith-building practices. While the megaliths were presumably erected by entire communities, the erection of stupas and temples were patronized by royalty—emperors as well as local rulers, administrators, and merchant guilds. The construction as well as maintenance of temples and the associated ritual activity entailed considerable expenses, which were met by channeling revenue from land donated for the upkeep of temples, attested to by epigraphical evidence. This paper examines temple-building activity as an expression of stable political power in a given region. With the aid of examples from the medieval period, from regions falling under the geographical limits of the present-day Karnataka State, I demonstrate how monument-building activity flourished when states were stable and declined with the weakening and collapse of these states. I also show how these activities were picked up subsequently, presumably by the same guilds of artisans under the patronage of subsequent states.