SRINAGAR: The first Jammu and Kashmir Assembly election since the abrogation of Article 370 in 2019 delivered a resounding victory for the National Conference (NC)-Congress alliance, but the results also highlighted that wealth alone did not guarantee electoral success. While several of the richest candidates were in the fray, many found that their vast financial resources were not enough to secure victory in a politically charged and unpredictable landscape.
The Farooq Abdullah-led National Conference emerged as the single largest party, winning 42 seats, with Congress in tow. However, some of the wealthiest candidates, despite their significant campaign resources, fell short in what was an intense and closely watched contest.
This election demonstrated that financial muscle does not always equate to political clout. Despite entering the race with the advantage of wealth, several prominent candidates, including those with the highest declared assets, were unable to sway voters. The National Conference’s dominance, coupled with the Congress alliance, overshadowed even the richest contenders.
Syed Mohammad Altaf Bukhari, the wealthiest candidate in the election, declared assets worth a staggering Rs 165 crores. He contested from Channapora on a Jammu and Kashmir Apni Party ticket but lost the seat to Mushtaq Guroo of the National Conference. Bukhari’s defeat is a prime example of how financial prowess did not guarantee electoral success. His loss reflects the complexities of voter sentiment in the post-Article 370 political landscape, where money was not the deciding factor.
Guroo is also a business who had declared assets worth Rs 94 crore.Representing the National Conference from Srinagar’s Channapora, Guroo emerged victorious with 13,717 votes. Despite having declared assets worth Rs 94 crores, Guroo’s success was attributed more to NC’s strong voter base in the region than his financial status. His win against Bukhari was one of the highlights for the NC in the Srinagar region.
Tariq Hameed Karra, the second wealthiest candidate with Rs 148 crores in declared assets, fared better than Bukhari. Contesting from Srinagar’s Central Shalteng on a Congress ticket, Karra won 18,933 votes and secured the seat. His victory represents one of the few instances where a wealthy candidate succeeded, providing a crucial boost to the Congress-NC alliance.
Devender Singh Rana, with declared assets of Rs 126 crores, contested from Jammu’s Nagrota constituency on a Bharatiya Janata Party (BJP) ticket. He won with 48,113 votes, becoming one of the few high-profile victories for the BJP in a contest dominated by the National Conference. His financial resources, combined with his political acumen, helped him secure this seat, though such success stories were rare among wealthy candidates.
Abdul Gaffar Sofi, a PDP candidate with assets worth Rs 66 crores, contested from Anantnag West but lost to NC’s Abdul Majeed Bhat. Sofi’s defeat added to the PDP’s struggles in the election, where the party failed to make significant inroads despite the wealth of some of its candidates.
Kuldeep Raj Dubey, another wealthy candidate with assets declared at Rs 59 crores, contested from Reasi on a BJP ticket and won with 39,647 votes. His victory was a rare success for the BJP in a largely National Conference-dominated election. Dubey’s wealth may have played a role, but his local support base was crucial in securing the seat.
Interestingly, some of the most successful candidates declared far more modest assets. Omar Abdullah, the former chief minister, who contested from Budgam and Ganderbal, declared only Rs 55 lakhs in assets. Despite this relatively low financial standing, Abdullah remains a key figure in Jammu Kashmir politics, demonstrating that political legacy and experience often outweigh wealth.
Similarly, Iltija Mufti, the daughter of PDP chief Mehbooba Mufti, declared assets worth Rs 28 lakhs while contesting from Srigufwara-Bijbehara. Though her financial standing was modest, her participation signalled a new generational shift in PDP’s leadership. However, like many PDP candidates, she faced an uphill battle in the election.
