PM Modi Has Just Rs 4,700 In Cash But His Property Price Went Up By 25 Times

02/02/2016 1:47 PM IST | Updated 15/07/2016 8:26 AM IST
Kevin Frayer via Getty Images
AHMEDABAD, INDIA - APRIL 30: BJP leader Narendra Modi takes a picture of himslef, his inked finger and the party insignia with his mobile phone after voting at a polling station on April 30, 2014 in Ahmedabad, India. India is in the midst of a nine-phase election that started on April 7 and ends May 12. (Photo by Kevin Frayer/Getty Images)

Prime Minister Narendra Modi does not seem to believe in keeping too much money in his wallet. And, he clearly knows which properties to buy and where to invest.

According to the latest details of his assets disclosed by the Prime Minister’s Office, Modi's assets have gone up to Rs. 1.41 crore--thanks to his smart investments in properties. A residential property that he had purchased over 13 years ago has appreciated by more than 25 times.

In the last one year, Modi has also decided that it's probably best to keep less in his hands and put more in banks and properties. The Prime Minister had a total ‘cash in hand’ of just Rs. 4,700 at the end of the last fiscal, down from Rs. 38,700 disclosed mid-fiscal as on August 18, 2014.

While Jashodaben has been mentioned as Modi's spouse in the disclosure, her assets have not been mentioned in it.

In the last seven months, the total value of Modi’s movable and immovable assets has grown from Rs. 1,26,12,288 to Rs. 1,41,14,893.

As per the disclosure, Modi does not own any ‘motor vehicles/aircraft/yachts/ships’, while he still retains his bank accounts in Gujarat. However, he has no bank account in Delhi.

He has no loans.

The Prime Minister has some jewellery. He has four gold rings weighing approximately 45 grams with a value of about Rs. 1.19 lakh as on March 31, 2015. The value of these rings has come down slightly from Rs. 1.21 lakh since last disclosure as on August 18, 2014.

The latest disclosures are updated till January 30, 2016, as per the PMO website.

Modi also seems to believe in safe investments. His movable investments include L&T Infra Bonds (Tax Saving) worth Rs. 20,000, National Savings Certificates worth about Rs. 5.45 lakh and life insurance policies worth Rs. 1.99 lakh. The total value of his movable assets is Rs. 41.15 lakh.

The immovable assets include one-fourth part in a residential property in Gandhinagar and his share is 3,531.45 square feet with a built-up area of 169.81 square feet.

Stating that this was not an “inherited property”, the disclosure mentions the date of purchase as October 25, 2002.

The cost of purchase has been disclosed as Rs. 1,30,488 while the “investment on the land by way of development construction, etc” has been shown as Rs. 2,47,208.

The “approximate current market value” of the property has been disclosed as Rs. 1 crore. This puts the total appreciation at over 25-times over the cost of the property and the investment made thereon in over 13 years since the purchase.

Our Prime Minister is quite a smart investor.

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