The glamorous actress, who won Celebrity Big Brother in 2007, wore a red sari and diamonds and emeralds to tie the knot on Sunday surrounded by family and friends in Khandala, a hill resort near Mumbai.
London-based businessman Raj arrived for the Hindu ceremony in a horse-drawn chariot. He wore a traditional maroon sherwani with golden embroidery and a turban with his face veiled by a string of pearls, known as a sehra.
The ceremony was the culmination of two days of celebrations for the couple and their families.
Those present included some of Shilpa's film colleagues and her father, who discovered he was ill with malaria just days before.
"This is it!" Shilpa wrote on her blog on the morning of the wedding, describing how her life had "been turned upside down, inside out in the past week as the marriage is nearing."
The star said she was looking forward to meeting fans under her new name "Shilpa Shetty Kundra".
In an interview with the Times of India, Shipa said: "This is my dream wedding."
As for married life, she revealed: "We plan to shuttle between Mumbai and London after marriage. I shall strive to be as successful at home as I am outside. I want to excel as a homemaker."