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.
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