Of the 288 sitting MLAs in the Maharashtra Assembly, 238 are recontesting elections in 2024. Among these, 216 (91 per cent) have witnessed an increase in wealth, according to data from the Association for Democratic Reforms (ADR).
A total of 4,136 candidates are contesting the Assembly election in Maharashtra this year. The average assets of these candidates is approximately ₹9.1 crore. But, only 145 candidates, accounting for 3 per cent of the candidates, possess assets exceeding ₹30 crore. Among them,, the BJP leads the fray with 41 candidates in the roster, followed by Congress with 24 and Shiv Sena with 21.
Parag Shah, 55, is the richest candidate representing the Bharatiya Janata Party (BJP) from the Ghatkopar East constituency. Shah, the founder of Man Infra Construction, entered politics in 2019 as an MLA with his total assets valued at ₹500 crore. By 2024, his assets surged to ₹3,383 crore, a staggering 536 per cent increase in wealth. This growth appears to be driven by increase in stock price of Man Infra Construction, from ₹14 in 2019 to ₹280 in 2024. Consequently, his holdings in financial savings instruments such as bonds, debentures, mutual funds, and investments in shares increased from ₹199 crore in 2019 to ₹ 2,129 crore in 2024.
Prashant Ramsheth Thakur, a 50-year-old supplier of construction machinery, is the second wealthiest candidate from the BJP, representing the Panvel constituency. He is contesting again with a declared net worth of ₹475 crore. Thakur and his wife possess immovable assets worth ₹417 crore, which include 56 agricultural properties, 9 residential buildings, 5 commercial properties and more, across various locations in Maharashtra.
The third richest candidate is 69-year-old Mangal Prabhat Lodha, a six-time MLA representing the Malabar Hill constituency for the BJP. Affiliated with the party since 1987, Lodha’s assets have seen a significant rise over the years. His net worth grew from ₹7.9 crore in 2004 to ₹68 crore in 2009, ₹198 crore in 2014, ₹441 crore in 2019 to reach ₹447 crore in 2024.
Lodha is the founder of Mumbai-based multinational real estate construction company, Lodha Group, which generates an annual profit exceeding ₹500 crore. He and his wife own residential properties worth ₹218 crore and have personal loans totalling approximately ₹144 crore.
The fourth richest candidate is Pratap Baburao Sarnaik from Shiv Sena (Eknath Shinde faction). His total assets have grown from ₹16 crore in 2009 to ₹333 crore in 2024. Sarnaik owns 17 non-agricultural lands, 12 residential buildings and 12 commercial properties valued at ₹232 crore. He holds ₹5 crore worth of jewellery and two Toyota Innova cars.
The fifth on the list is Abu Asim Azmi from the Samajwadi Party, a former Rajya Sabha member and three-time MLA. His assets have increased from ₹209 crore in 2014 to ₹309 crore in 2024. Azmi’s investments include ₹170 crore in Vijay Trading Co, ₹5 crore in Gulf Hotel and ₹2 crore in Citywalk Shoes.