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Richest candidate in Mumbai? Ghatkopar’s Parag Shah declared Rs 690 crore worth assets

cities Updated: Feb 09, 2017 12:33 IST


Parag Shah, the Bharatiya Janata Party (BJP) nominee in Ghatkopar, is probably the richest candidate contesting the Mumbai civic polls. Shah runs a real estate development and construction business and has declared his family assets worth Rs690 crore. The 47-year-old graduate from Osmania University is contesting from ward number 132, which covers the Garodia Nagar-Rajawadi areas. He is pitted against Congress heavyweight Pravin Chheda, who has declared assets of Rs140 crore.

“I have made a foray in politics to make it more transparent. I have done social work for the last 15 years and I think politics will provide me with a bigger platform to continue my philanthropy,” Shah said.

Managing director of MAN Infraconstruction Ltd (MICL), Shah has declared his family movable assets worth Rs670.57 crore and immovable assets worth Rs19.38 crore in the election affidavit. Shares and bonds in various companies worth Rs 346.15 crore form the biggest chunk of his movable assets and similar financial instruments worth Rs160.92 are owned by his wife, Mansi.

The couple owns jewellery valued at Rs 2 crore and lands in Valkas and Takwahal in Maharashtra and Surendranagar in Gujarat. They also have five houses in Ghatkopar and Thane. The house in Thane is worth Rs8 crore, the affidavit reveals.

According to the MICL website, the company deals in “residential, commercial, institutional, port infrastructure, road and industrial spaces. “MICL has residential projects in Ghatkopar, Sion, Chembur, Mulund and Dahisar. It is involved in port projects at Nhava Sheva, Cochin and Chennai,” said Shah.

A BJP functionary from Ghatkopar, who did not wish to be named, said Shah is well-known in the Jain community. He the president of the Mumbai Jain Mahasangh. Shah is also close to BJP leader and state housing minister Prakash Mehta.

“Though Shah was apprehensive, Mehta asked him to enter politics as he is a very well-known person in Ghatkopar,” the source said.

Shah will face a tough fight from sitting Congress corporator Pravin Chheda. Interestingly, Chheda left the BJP in 2012 after a dispute with Mehta and won the seat on a Congress ticket. Chheda has declared movable and immovable assets worth Rs140.46 crore. He has immovable property worth Rs130.90 crore. Chheda and his wife Vijaya together own ten houses in Vidhyavihar and Ghatkopar. The 51-year-old has studied up to Class 9 and also has three cases registered against him, the affidavit reveals.

Meet the wealthiest BJP candidate from ward 132

Name: Parag Shah, 47, managing director of MAN InfraConstruction Ltd (MICL)

Shah is also the President of the Mumbai Jain Mahasangh

Education: Graduate from Osmania University

Candidature: A first-time BJP candidate from ward number 132 (Ghatkopar, Garodia Nagar, Rajawadi, etc)

Shah’s wealth

Cash: Rs1 lakh

Bank deposits: Rs10 lakh

Bonds and shares: Rs346.15 crore

Other investments: Rs43.46 crore

He owns an agricultural land and a plot in Valkas and Takwahal in Maharashtra,

He has two offices and three houses in Ghatkopar

Shah’s wife’s wealth

Bank deposits: Rs3.96 crore

Shares, bonds and investments: Rs160.92 crore

Shah’s wife, Mansi, has two plots in Surendranagar, Gujarat, and one house each in Ghatkopar and Thane.

The couple owns jewellery valued at Rs2 crore.

Family wealth

Moveable assets: Rs670 crore

Immovable assets: Rs19.38 crores

Total wealth: Rs690 crores

Family income in 2015-16: Rs3.38 crore

Tough battle against Congress’ Pravin Chheda

Pravin Chheda is the sitting corporator and leader of opposition in the Brihanmumbai Municipal Corporation

Chheda left the BJP before the civic elections 2012 to join the Congress

He has declared movable and immovable assets worth Rs140.46 crore in his affidavit

He has studied up to Class 9 and also has three cases registered against him

First Published: Feb 09, 2017 12:33 IST