Meet Mofatraj Munot, Mumbai businessman with net worth Rs 13,900 crore, built palace of Sharjah’s ruler

Mofatraj Munot has been a constant in the fast expanding list of Indian billionaires and is one of the richest real estate developers in India. His 50-year-old company, named after a mythical tree, has made several marvels including the palace of the ruler of Sharjah, and the former tallest residential tower in Mumbai.

After gaining experience while working with his uncle, Mofatraj Munot started to develop real estate himself in 1969. His Mumbai-based firm Kalpataru saw its first tryst with fortune when Munot bagged big contracts to construct properties in the Middle East during the oil boom of the 1970s. The crown jewel among these construction contracts was the palace of the ruler of Sharjah. This established Munot as a leading developer.

Munot’s architectural feats reportedly include building Mumbai’s tallest residential building in the 1970s. The building held the record for around 25 years. Today, the company’s flagship project is an 11.2-million-sq ft township in Mumbai. Mofatraj’s son Parag Munot has taken over the management of the company from the veteran businessman. Kalpataru, which is named after the mythological tree of fulfilment of wishes, Kalpavrushka, is known for several industry-firsts in real estate, including eco friendly practices and innovations like houses with 1.5 bedrooms.

In a long career in construction, Munot has bagged several accolades including ‘Infrastructure Person of the Year’ and several real estate awards. As per Forbes real-time rich list, Munot’s current net worth stands just under Rs 14,000 crore ($1.7 billion). Munot is also a well-known philanthropist. The Munot Foundation, where he is a trustee, has initiatives in healthcare and education empowering the underprivileged in several parts of the country.