New Delhi: Parag Shah of the Bhartiya Janta Party declared assets worth Rs 690 crore. That makes him the richest contesting candidate in the elections to the richest civic body in India. He has won the contest in ward No. 132 to become a corporator in the Brihanmumbai Municipal Corporation.
Parag Shah is a real estate developer who has defeated Congress heavyweight Pravin Chheda from the Gujarati and Jain dominated suburbs of Ghatkopar and Mulund, which constitute the ward. The realtor, who owns Man Constructions and Man Developers, has real estate projects in Mumbai and Gujarati.
Pravind Chheda was the leader of the opposition in the BMC and defeating him became a prestige issue for the BJP. The decision to field Parag Shah against him was taken in order to have a strong candidate who could win the seat.
According to his nomination papers Shah owns nine properties in Mumbai and Thane. A Thane flat is worth Rs 8 crore. Shah’s company is redeveloping properties in Ghatkopar, Mira Road and Mulund.