The Rise of Baba Siddique: From Political Newcomer to Mumbai's Real Estate Tycoon
Baba Siddique's journey from a corporator in the Brihanmumbai Municipal Corporation (BMC) to becoming one of Mumbai's prominent real estate developers is a tale of ambition, wealth, and influence. His political career, business ventures, and connections i
Baba SiddiqueReal EstateBandraZears DevelopersRedevelopmentReal Estate NewsOct 17, 2024
Bandra's real estate market experienced significant growth during this period, making it one of the most desirable locations in Mumbai. Siddique's early exposure to the municipal corporation provided him with valuable insights into the complexities of real estate development and urban planning.
In 2004, Baba Siddique founded Zears Developers Pvt Ltd, a company that would become one of the leading names in Mumbai's real estate sector. One of his first major projects was the Link Square mall on Linking Road in Bandra. This commercial venture set the stage for his future endeavors. Over the years, he redeveloped several plots, transforming them into high-rise residential and commercial spaces. Notable projects include Shiv-Asthan Heights on 16th Road, Maqba Heights near Pali Naka, and Vertical Bliss at Almeida Park, where his family resides.
Siddique's wealth grew exponentially over the years. His assets, which were around Rs 23 crore in 2009, doubled to Rs 76 crore by 2014. This substantial increase in wealth is indicative of his successful business ventures and strategic investments in the real estate market.
However, his rise to prominence was not without controversy. In 2017, the Enforcement Directorate (ED) seized 33 flats linked to Siddique in a money laundering case valued at around Rs 400 crore. Despite this setback, the case was eventually closed after the police filed a summary report.
Beyond his business and political roles, Siddique was known for his extravagant iftar parties and his connections in the Bollywood industry, notably with actor Salman Khan. These social connections further solidified his position as a prominent figure in Mumbai's elite circles.
In 2019, Baba Siddique decided not to contest the elections. His son, Zeeshan Siddique, took over and was elected as the MLA from Bandra East on a Congress ticket. Zeeshan reported assets of Rs 9 crore that year, continuing the family's influence in politics and real estate.
The Siddiques have been involved in several high-profile redevelopment projects, particularly in the Bandra Kurla Complex (BKC), one of Mumbai's prime areas. The cost per square meter for built-up space in BKC is around Rs 3.4 lakh for commercial properties and Rs 3.5 lakh for residential. Two significant slum redevelopment projects in BKC are Sant Dnyaneshwar Nagar and Bharat Nagar. These projects aim to develop luxury hotels, commercial spaces, and premium housing while ensuring the rehabilitation of slum residents.
In August 2024, Zeeshan was booked for obstructing government officials from surveying the slum area. Despite this, sources indicated that Baba Siddique was not against the project but was advocating for transparency and keeping residents informed.
Baba Siddique's legacy is a mix of political achievement, business acumen, and community involvement. His journey from a political newcomer to a real estate tycoon is a testament to his strategic thinking and resilience in the face of challenges.
Frequently Asked Questions
When did Baba Siddique start his political career?
Baba Siddique began his political career in 1995 when he was elected as a corporator for Bandra in the Brihanmumbai Municipal Corporation (BMC).
What was Baba Siddique's first major real estate project?
Baba Siddique's first major real estate project was the Link Square mall on Linking Road in Bandra, which he developed through his company Zears Developers Pvt Ltd.
How did Baba Siddique's wealth grow over the years?
Siddique's assets, which were around Rs 23 crore in 2009, doubled to Rs 76 crore by 2014, indicating a significant increase in wealth due to his successful business ventures and strategic investments in real estate.
What controversy did Baba Siddique face in 2017?
In 2017, the Enforcement Directorate (ED) seized 33 flats linked to Baba Siddique in a money laundering case valued at around Rs 400 crore. However, the case was eventually closed after the police filed a summary report.
What are the key redevelopment projects Baba Siddique and his son are involved in?
The key redevelopment projects include Sant Dnyaneshwar Nagar and Bharat Nagar in the Bandra Kurla Complex (BKC), which aim to develop luxury hotels, commercial spaces, and premium housing while ensuring the rehabilitation of slum residents.
Related News Articles
Aadhar Housing Finance Eyes Sustained Growth of Over 20% in Disbursements and Asset Base
Aadhar Housing Finance projects disbursements and assets under management to grow at over 20% this year
No Reversal on Real Estate LTCG Tweaks: Government Stands Firm
Government sources have confirmed that there will be no reevaluation of the changes made to Long Term Capital Gains tax (LTCG) in the Union Budget, despite concerns over the removal of Indexation benefit on property sales.
Navigating the Industrial REIT Landscape: A SWOT Analysis of EastGroup Properties
EastGroup Properties, a real estate investment trust (REIT) specializing in industrial properties, is at a crossroads in the ever-evolving industrial REIT landscape.
Godrej Group Makes Major Move in Mumbai Real Estate by Acquiring Land for Rs 81 Crore
In a strategic move, Godrej Group, through its real estate subsidiary Anamudi Real Estates, has acquired a significant plot of land in the bustling city of Mumbai for Rs 81 crore. This acquisition marks a major step in the company's expansion plans in one
Why Pattaya is the Next Big Thing for Indian Property Investors
A luxury sea-view condo in Pattaya costs as much as a mid-range apartment in Mumbai. Discover why Pattaya is quickly becoming a hot spot for Indian property investors, offering exceptional value and potential returns.
Akshaya Tritiya: Can It Spark a Surge in Real Estate Demand?
With reduced EMIs making home loans more affordable, Akshaya Tritiya could be the catalyst for a surge in real estate demand, especially in the luxury and high-end market segments.