Contesting the BMC polls from Ghatkopar, developer Parag Shah has declared assets worth Rs 690 cr, making him the richest candidate in the state’s history
Parag Shah (47)
Managing director of Man Infra, a construction and real estate company with interests across Mumbai, Chennai, Gujarat, Parag Shah is likely the richest political candidate in the history of Maharashtra. The 47-year-old developer, who is contesting the BMC elections on a BJP ticket, has filed an asset declaration of Rs 690 crore, leaving other 'Maha rich' politicians in the dust.
Shah is contesting from ward number 132 in Ghatkopar (Garodia Nagar, Somaiya College). He is the managing director of Man Infra, a construction and real estate company with interests in Maharashtra, Gujarat and Tamil Nadu, and the lion's share of his wealth - Rs 501 crore - rests in company shares and bonds held by him and his wife, Mansi.
The state's richest politicians and even well-known magnates such as Mangal Prabhat Lodha are no match for Shah's money power (see box). In Maharashtra, the politician who comes closest is BJP's Mohit Kamboj, who declared assets worth Rs 353 crore in the 2014 Assembly elections.
Link to 2G scam
There is another reason Shah's candidature is making news - his connection with 2G scam-accused realtor Shahid Balwa. Shah said, "Yes, I know Shahid Balwa, as he was my client. But I have nothing to do with the scam. If anybody is spreading such rumours, it is absolutely false and only for political gain." He added, "I have been in the construction industry since 26 years. BJP approached me to contest the election. My only aim is to bring change in Ghatkopar."
Immovable assets Rs 90 crore
Rs 8.19 cr
Value of eight properties held in Ghatkopar
Rs 8.3 cr
Value of property in Thane, owned by Shah’s wife
Rs 7,710 cr
Declared assets of Nandan Nilekani, richest candidate in 2014 Lok Sabha polls and co-founder of Infosys