Realty is favourite investment with Union ministers

From ET Realty

NEW DELHI: Suresh Prabhu, Sadananda Gowda, Ashok Gajathi Raju and Ravi Shankar Prasad are among the few ministers to have invested in financial instruments like bonds and stocks, while real estate seems to be the preferred asset-building avenue for most of the members of the union cabinet.

As per the latest details of the ‘assets and liabilities of the union council of ministers’ disclosed by the Prime Minister’s Office, a few ministers such as Sushma Swaraj and Venkaiah Naidu do not own any vehicle in their names while many others have got multiple cars including luxurious ones.

At the same time, most of the ministers have jewellery, while the real estate properties including houses and flats account for the bulk of their total assets.

The ‘cash in hand’ component declared by the most ministers are only about a few thousands of rupees, while quite a few including Swaraj, Ashok Gajapathi Raju and Ramvilas Paswan have parked their money in fixed deposits.

The assets disclosed are as on the end of the last fiscal 2014-15 and the details were last updated on PMO website on January 30, 2016. The details are yet to be disclosed for some top ministers including Rajnath Singh, Arun Jaitley, Nitin Gadkari, Manohar Parrikar, Maneka Gandhi and Harsh Vardhan.

Among ministers of state with independent charge, Mahesh Sharma has disclosed five house properties worth a total value of Rs 19.19 crore, including one he inherited.

He has also investments in company shares and owns two cars — Toyota Land Cruiser and Mitsubishi Lancer.

Jitendra Singh’s assets include a house worth Rs 1.97 crore in Jammu and agricultural land worth Rs 33 lakh.

Among Cabinet ministers, Smriti Irani has disclosed one ‘residential flat‘ in Mumbai worth Rs 90 lakh and a ‘residential apartment‘ in Goa worth Rs 87.50 lakh, among other immovable properties.

Her movable assets include two cars, jewellery, bank deposits, FDs, NSCs and shares in unlisted companies.

Radha Mohan Singh has disclosed properties in Bihar and Noida worth Rs 62 lakh, as also agricultural and non- agricultural land in Bihar. While Singh does not own any vehicle, he has parked money in FDs and his other movable assets include gold, two mobiles, one watch, one revolver and one rifle.

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