Baba Siddique: From Political Figure to Multi-Billion Real Estate Mogul
Baba Siddique, a former MLA and corporator from Bandra West, has transformed from a local political figure to a renowned real estate mogul with a net worth of over Rs 15,000 crore. Despite legal challenges, his empire continues to thrive, spanning major p
Baba SiddiqueReal EstateMumbai Property MarketRedevelopment ProjectsPolitical InfluenceReal Estate NewsOct 16, 2024
In the mid-1990s, Siddique, dressed in jeans and a T-shirt, started gaining attention in the corridors of the Brihanmumbai Municipal Corporation (BMC) headquarters. As Mumbai's real estate market boomed, so did his political career. He quickly became a key figure, facilitating several redevelopment projects that transformed the landscape of Bandra, Khar, and Santacruz.
One of the pivotal moments in Siddique’s career came in 1998 when a new slum rehabilitation policy was introduced. This policy aimed to provide free homes to eligible slum dwellers while allowing developers to utilize a portion of the land for commercial and luxury projects. Siddique, with his growing political influence, played a crucial role in these redevelopment efforts. The Daulat Nagar slum redevelopment project in Santacruz West was one of his early successes, executed in collaboration with Rakesh Wadhawan of HDIL and Rafique Mandelia, a politician from Rajasthan.
In 1999, Siddique contested and won the assembly elections from Bandra West, adding to his role as a corporator. During this period, he became intimately involved with the BMC’s building proposal department, particularly in the western suburbs. His influence was such that obtaining building occupation certificates in the area often required his approval.
In 2004, Siddique took a major step into the real estate industry by registering his construction firm, Zears Developers Pvt Ltd. One of his first significant projects was the development of the Link Square Mall on the bustling Linking Road in Bandra. This was followed by high-profile projects like Shiv-Asthan Heights on 16th Road and Maqba Heights near Pali Naka, which became the residence of his extended family.
Siddique’s business ventures, however, were not without challenges. In 2017, the Enforcement Directorate (ED) raided his properties, including the luxury residential tower 81 Aureate at Bandra Reclamation. The ED alleged money laundering and attached 33 high-end apartments in the building. Despite these allegations, the case later collapsed, and the flats were eventually released.
Today, Siddique’s real estate empire is estimated to be worth over Rs 15,000 crore, according to a Bandra builder. His business interests extend beyond Mumbai, with ventures in Dubai and London. Despite facing legal issues, his influence and wealth continue to grow, solidifying his position as one of Mumbai’s most prominent real estate moguls.
Frequently Asked Questions
When did Baba Siddique enter state politics?
Baba Siddique entered state politics in 1999 when he contested and won the assembly elections from Bandra West, adding to his role as a corporator.
What was the significance of the slum rehabilitation policy in Siddique's career?
The slum rehabilitation policy introduced in 1998 opened significant opportunities for real estate developers in Mumbai. Siddique, with his growing political influence, played a pivotal role in facilitating several redevelopment projects, including Daulat Nagar in Santacruz West.
What were some of Baba Siddique's early real estate projects?
Some of Baba Siddique's early real estate projects include the Link Square Mall on Linking Road in Bandra, Shiv-Asthan Heights on 16th Road, and Maqba Heights near Pali Naka.
What legal challenges did Baba Siddique face, and how did he overcome them?
In 2017, the Enforcement Directorate (ED) raided his properties, including the luxury residential tower 81 Aureate at Bandra Reclamation, alleging money laundering and attaching 33 high-end apartments. However, the case later collapsed, and the flats were eventually released.
What is the current estimated value of Baba Siddique's real estate empire?
Baba Siddique’s real estate empire is currently estimated to be worth over Rs 15,000 crore, according to a Bandra builder. His business interests also extend to Dubai and London.
Related News Articles
Retail Sector Sees Unprecedented Growth in First Half of 2024
India's retail sector witnesses strongest H1 leasing in 5 years, with 3.1 mn sq. ft. of retail space leased across 8 cities.
Maharashtra Appoints 12 Officers to Accelerate Rs 912 Crore MahaRera Recovery for Homebuyers
Maharashtra has appointed 12 officers to expedite the recovery of Rs 912 crore under the MahaRera scheme, focusing on protecting the interests of homebuyers in key districts such as Mumbai City, Mumbai Suburban, Thane, and Pune.
Surge in Costs for European Residency Programs: What You Need to Know
The costs associated with European residency programs have seen a significant rise in recent years. Real estate is no longer an eligible investment, and applicants are now required to invest in funds that support local businesses. Here’s what you need to
Adani Enterprises Soars 7% Following Stake Sale in Adani Wilmar
Adani Enterprises Ltd. (AEL) has witnessed a significant 7% surge in its stock price after announcing the sale of its stake in Adani Wilmar Ltd. This strategic move is part of the company's broader plan to navigate market volatility and public shareholdin
Real Estate Sector Calls for Budget 2025 Reforms to Boost Growth Amid Economic Challenges
The real estate sector is urging the government to implement significant reforms in Budget 2025 to stimulate growth and address economic challenges. Industry leaders and experts are emphasizing the need for measures that can revive the sector and enhance
Office Space Leasing Poised to Hit 85 Million Sq Ft in 2024: Cushman & Wakefield
Cushman & Wakefield's latest report predicts a 14% rise in gross office space leasing, setting a new record of 85 million square feet in 2024. The Global Capability Centers (GCCs) are expected to play a significant role, contributing nearly 30% to this gr