Meet Maharashtra’s wealthiest candidate with net worth of ₹3,382 crore: gold, diamonds, mutual funds...

Bharatiya Janata Party (BJP) MLA from Ghatkopar East, Parag Shah, is the richest candidate in the Maharashtra Assembly elections being held across 288 seats today, November 20.  Shah is contesting from the Ghatkopar East again.

Shah and his wife have declared combined assets of ₹3,382 crore. This includes ₹3,315 crore movable and ₹67 crore immovable assets. Of the ₹3,315 crore in the movable asset section, Shah has declared ₹2,179 crore in his name (self) and about ₹ 1,136 crore in his spouse’s name.

Shah, 55, is a real estate builder and runs a construction company, Man Infra Construction Limited. He had declared ₹500 crore net worth in 2019. His assets grew nearly six times over the past five years.

₹25,70,27,280 income in FY 23-24

Shah's income in FY 2023-24, as declared in the affidavit, was ₹25,70,27,280. In FY 2022-23, the income was ₹22,92,37,310. His spouse's income in FY 2023-24 was ₹16,36,60,140. In FY 2022-23, the spouse's income was ₹5,85,01,970, according to the affidavit.

Shah has declared ₹21,78,98,54,471 as his movable assets, and his spouse has declared movable assets of ₹1136,54,26,427. Shah has ₹1.8 lakh cash in hand. His wife has ₹1.3 lakh cash in hand. Shah has declared Fixed Deposits worth ₹1.71 crore. His spouse's fixed deposits are worth ₹2.92 crore.

The BJP leader has invested ₹2129,64,09,907 in bonds and mutual funds. His wife had an investment worth ₹1110,90,61,171 in bonds and mutual funds.

No Cars, ₹33,36,00,000 immovable assets

The couple do not own a vehicle, as per the affidavit.

Shah owns gold, silver and diamonds worth ₹3,52,49.509. His spouse has gold, diamonds and silver worth ₹3,17,20,971.

The total worth of immovable assets declared by Shah is ₹33,36,00,000. His wife's immovable assets are worth ₹34 crore. 

In the immovable assets, Shah has declared ownership of agricultural land worth ₹1 crore. He also owns non-agricultural land valued at over ₹61 lakh. He owns commercial buildings worth several crores of rupees and residential buildings/apartments worth several crores, too.

Shah owns flats in Mumbai and Thane, and agricultural and non-agricultural land in Maharashtra and Gujarat. Shah's real estate company has projects in Mumbai besides Gujarat and Chennai.

Became MLA in 2019

In 2019, Shah won the Maharashtra Legislative Assembly from Ghatkopar East constituency on a BJP ticket. At that time, he declared his property worth ₹500.62 crore and he was richest candidate in the election. He won the election with margin of 53,319 votes. Shah faces NCP (Sharad Pawar) candidate Rakhee Jadhav this time.

In 2017, Shah contested Brihanmumbai Mahanagar Palika (BMC) election from Ward 132 and won from there.

Shah graduated with a Bachelor of Commerce from Osmania University in 1990.

In Maharashtra, the BJP, in alliance with Ajit Pawar-led NCP and Eknath Shinde-led Shiv Sena under the ruling Mahayuti banner, is contesting against the opposition Maha Vikas Aghadi (MVA) alliance comprising the Shiv Sena (UBT), the NCP (Sharad Pawar) and the Congress in the November 20 election for 288 seats. 

Votes will be counted on November 23.