Prime Minister Manmohan Singh reveals that he is worth Rs.10.78 crore

Manmohan Singh

It’s not just his Cabinet colleagues who are getting rich. The prime minister too has doubled his net worth in just a year’s time.

Declaring his assets for 2011-12 on Friday, Prime Minister Manmohan Singh revealed that he is worth Rs.10.78 crore – which is more than a 100 per cent increase from last year, when he had declared assets worth Rs.5.10 crore.

A closer look at the latest declaration shows that the prime minister this time got a government-approved valuer to assess the worth of his two properties – a house in Sector 11, Chandigarh, and a flat in Vasant Kunj’s B Block.

Manmohan Singh
The reformist PM also believes in parking his investments in SBI fixed deposits rather than the equity market.

Last year, Manmohan had cited the “current market value” of his Chandigarh house at Rs.90 lakh and his Vasant Kunj flat at Rs.88.67 lakh.

But the government-approved valuer has changed those estimates this year. The current declaration now says that the Chandigarh house, as per the valuer, is worth a whopping `4.74 crore while the Vasant Kunj flat is worth Rs.2.53 crore. This alone has led to the sharp increase in Manmohan’s total worth for this year.

The 4,500-square feet Chandigarh house, according to the declaration, cost just above Rs.17 lakh when the prime minister acquired it in 1987 and subsequently added another floor to the house in 1997.The Vasant Kunj flat, along with some renovation, had cost Manmohan a little over Rs.7 lakh when he purchased it in 1991.

Government sources say it is rare for Cabinet ministers to hire a government-approved valuer to assess their assets and Manmohan has set an example this time.

The reformist prime minister also believes in parking his investments in safe fixed deposits in the State Bank of India rather than the equity market.

He has fixed deposits worth Rs.2.93 crore in the Central Secretariat branch of the SBI.

Manmohan also has a fleet of bulletproof BMWs at his disposal from the government and is a SPG protectee, but he still retains a 15-year-old Maruti 800 car as his personal asset which he says is worth Rs.21,000 today.



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