Career
At just 19 years old, he began working in his father's business in the 1980s. In the early 1980s, Goenka started his real estate empire with Conwood Constructions and launched projects at Gokuldham and Yashodham in Goregaon, Mahavir Nagar in Kandivli and Vasant Vihar in Thane. [6] In 1994, he diversified his business by venturing into the dairy industry in partnership with the US-based Schreiber Foods, establishing an integrated dairy plant in Baramati. [7] By 2006, he partnered with Shahid Balwa, another Mumbai-based realtor in a 50:50 collaboration to develop Le Méridien Mumbai (now Hilton International Airport Hotel). This partnership resulted in the creation of the DB group. [8] [9]
Goenka, known for cluster development in Mumbai and its suburbs, focuses on redeveloping aging buildings and converting them into affordable housing while adhering to sustainable urban growth and town planning goals. [10] In 2020, the Government of Maharashtra established a steering committee comprising cabinet ministers, senior officials, and industry leaders, including developers like Goenka to address real estate challenges and support initiatives like these. [11]
As of January 2025, Goenka is involved in redevelopment projects in and around Mumbai, including slums, cooperative societies, and Maharashtra Housing and Area Development Authority-owned properties. Since beginning his work in slum redevelopment in 1995, he has been part of projects totaling over 1 million square feet. He is currently involved in Ten BKC, a five-acre redevelopment project near Bandra Kurla Complex, developed in collaboration with Adani GoodHomes. [12]
Controversies
Goenka was arrested on 20 April 2011 for his alleged involvement in the 2G spectrum case. During his imprisonment, he temporarily stepped down from his roles in the companies he was associated with. [14] [15] [16] [8] After spending over seven months in custody, Goenka was granted bail by the Supreme Court of India on 23 November 2011. [17] [18] In 2013, UAE telecommunications operator Etisalat initiated legal proceedings against its Indian partners, Goenka and Shahid Balwa, after the Supreme Court canceled the latter's 2G licenses. [19] [20] [21] On 21 December 2017, Goenka and all 18 other accused persons in the 2G spectrum case were acquitted of all charges levied against them. [22] [23] [24]
Goenka was linked to a Yes Bank-Dewan Housing Finance Corporation fraud case over a ₹350 crore loan his firm, Neelkamal Realtors, received from Yes Bank between 2013 and 2016, which the CBI alleged was diverted as part of a ₹4,733 crore siphoning scheme involving DHFL. [25] Despite raids in 2022 and a chargesheet in 2024 [26] , a CBI court in March 2025 dropped the charges against Goenka, finding that the loan had been settled with Piramal Capital and Housing Finance Limited, which had acquired DHFL, before the chargesheet was filed and that there was no evidence of fraud, thereby clearing him of liability. This repayment was a key factor in the court's decision to dismiss the allegations against him. [27] [28] [29]
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