The Rise of Baba Siddique: Mumbai's Real Estate Powerhouse
Baba Siddique, a prominent figure in Mumbai's real estate and political circles, started his journey as a corporator in 1995 and became an MLA for Bandra in 1999. His influence in the real estate market of Bandra is legendary, shaping the city's landscape
Baba SiddiqueReal EstateBandraNcpPoliticianReal EstateOct 17, 2024
Bandra, a bustling suburb of Mumbai, saw a significant growth in its real estate market during this period. This growth provided Siddique with a unique opportunity to understand the intricacies of the market and leverage his political connections. His experience in the BMC gave him valuable insights that he would later use to build his real estate empire.
In 2004, Siddique founded Zears Developers Pvt Ltd, marking the beginning of his foray into real estate development. One of his first major projects was the Link Square mall on Linking Road in Bandra. This project not only boosted his reputation but also set the foundation for his future ventures. He went on to redevelop a plot on 16th Road into Shiv-Asthan Heights and constructed Maqba Heights near Pali Naka, where his family currently resides. Another notable project was Vertical Bliss at Almeida Park, which further cemented his reputation in the real estate industry.
Siddique’s wealth grew exponentially over the years. According to his election affidavit from 2014, his assets were estimated at around Rs 76 crore. This was a significant increase from 2009, when his assets were around Rs 23 crore, doubling in just five years. Although he did not contest the 2019 elections, his son, Zeeshan Siddique, carried on the family legacy by being elected as an MLA from Bandra East. Zeeshan reported assets of Rs 9 crore in 2019.
Despite his success, Siddique faced legal challenges. In 2017, the Enforcement Directorate (ED) seized 33 flats linked to him in a money laundering case valued at around Rs 400 crore. However, the case was eventually closed after the police filed a summary report.
Siddique was also known for his extravagant iftar parties and his connections with Bollywood stars, particularly Salman Khan. Balancing his roles as a businessman and a public figure became more challenging after 2019, especially with his son Zeeshan’s involvement in local politics.
Two significant slum redevelopment projects in Bandra have gained attention. These projects, located in Sant Dnyaneshwar Nagar and Bharat Nagar in the Bandra Kurla Complex (BKC), have seen both Siddique and Zeeshan protesting against them. The BKC, a prime area of Mumbai, has a cost per square meter of around Rs 3.4 lakh for commercial properties and Rs 3.5 lakh for residential properties. The plan for Sant Dnyaneshwar Nagar, a 10-acre site housing 5,500 families, includes developing a luxury hotel, commercial spaces, and premium housing, with provisions to rehabilitate slum residents. In August, Zeeshan was booked for obstructing government officials from surveying the slum area.
Sources indicate that Siddique was not against the projects but was advocating for transparency and keeping residents informed. His efforts to ensure fair treatment for the residents reflect his commitment to community welfare, even as he built his real estate empire.
Frequently Asked Questions
When did Baba Siddique start his political career?
Baba Siddique started his political career in the Brihanmumbai Municipal Corporation (BMC) in 1995 and became an MLA for Bandra in 1999.
What were some of Baba Siddique's major real estate projects?
Some of Baba Siddique's major real estate projects include the Link Square mall on Linking Road in Bandra, Shiv-Asthan Heights on 16th Road, Maqba Heights near Pali Naka, and Vertical Bliss at Almeida Park.
How much did Baba Siddique's assets grow between 2009 and 2014?
Baba Siddique's assets grew from around Rs 23 crore in 2009 to around Rs 76 crore in 2014.
What legal challenge 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 current slum redevelopment projects in Bandra?
The current slum redevelopment projects in Bandra are located in Sant Dnyaneshwar Nagar and Bharat Nagar in the Bandra Kurla Complex (BKC). These projects aim to develop a luxury hotel, commercial spaces, and premium housing, with provisions to rehabilitate slum residents.
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