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At ₹500.62 crore, BJP’s Parag Shah is Mumbai’s richest candidate
According to his affidavit, BJP’s Ghatkopar candidate Parag Shah and family have movable assets worth ₹422 crore and immovable assets worth ₹78 crore. He is followed by Mumbai BJP unit chief Mangal Lodha, who declared assets worth ₹441 crore in his affidavit filed on Thursday.
Bharatiya Janata Party (BJP) candidate from Ghatkopar East Parag Shah declared assets worth ₹500.62 crore in his affidavit submitted on Friday, making him one of the richest candidates contesting the Assembly elections. A councillor from Ghatkopar, Shah has replaced sitting MLA Prakash Mehta as the candidate from the eastern suburb.
According to his affidavit, Shah and family have movable assets worth ₹422 crore and immovable assets worth ₹78 crore. Shah is followed by Mumbai BJP unit chief Mangal Lodha, who declared assets worth ₹441 crore in his affidavit filed on Thursday.
Lodha, a real-estate magnate, will contest from the Malabar Hill seat.
Along with his wife, Shah owns multiple lands in Maharashtra, Gujarat and Uttar Pradesh. He also owns flats in Ghatkopar, Chembur and a bungalow in Thane. His 5,710-sqft bungalow in Thane is worth ₹15 crore and three flats in Chembur are worth ₹25 crore, the affidavit states.
Shah’s wife Mansi also owns a Ferrari worth ₹2.47 crore. Together, they own jewellery worth ₹3.45 crore.
A construction giant, 50-year-old Shah is the managing director of the MAN InfraConstruction Ltd. (MICL), which builds residential towers in Mumbai.
According to the MICL website, “the group is currently developing premium Residential Projects with an approximate saleable area of 5 million sqft in various suburbs of Mumbai.” They are also building India’s first premier private port in Navi Mumbai.
Shah is a commerce graduate from the Osmania University. He made his foray into politics with the 2017 civic elections, when he had declared assets worth ₹690 crores. Interestingly, Shah was apprehensive about contesting the civic elections when Mehta asked him to enter politics.
“I thank the party for showing confidence in me and asking me to contest from Ghatkopar East. I will fulfil the duties given to me with complete dedication,” Shah tweeted later in the day.
