Hurun Report and GROHE India on Monday released the third edition of 'GROHE Hurun India Real Estate Rich List 2019' -- featuring the 100 richest real estate entrepreneurs in India. Lodha Developers' M P Lodha and family has been named India's richest real estate entrepreneur with a wealth of Rs 31,960 crore, followed by DLF's Vice Chairman Rajiv Singh and Embassy group founder Jitendra Virwani in the second and third position respectively. e
The list was based on a snapshot of wealth as on September 30, 2019. For listed companies, the report has taken market capitalisation to determine the wealth, while for the unlisted companies, latest financial statement has been taken into account. Here is the full list of India's richest realty tycoons and their wealth:
1. M P Lodha and family
Mangal Prabhat Lodha & family of Macrotech Developers (earlier named Lodha Developers) retained the top spot in GROHE Hurun India Real Estate Rich List 2019 for the second consecutive year. MP Lodha is currently chief of BJP's Mumbai unit. Lodha family’s wealth increased by 18 per cent during 2019 and was 12 per cent of the cumulative wealth of the remaining 99 Indians featured on the list. His wealth is Rs 31,960 crore.
2. Rajiv Singh
At number two is Rajiv Singh of DLF (up one rank) with a wealth of Rs 25,080 crore - up 42 per cent as compared to 2018.
3. Jitendra Virwani:
Jitendra Virwani of Bengaluru-based Embassy Property Developments bagged the third spot with a wealth of Rs 24,750 crore.
4. Niranjan Hiranandani
In the rich list, Hiranandani Communities group's Niranjan Hiranandani is at the fourth position with Rs 17,030 crore of wealth,
5. Chandru Raheja and family
K Raheja's Chandru Raheja and family are placed at the fifth position with a wealth of Rs 15,480 crore.
6. Oberoi Realty's Vikas Oberoi
Vikas Oberoi secured sixth position with a wealth of Rs 13,910 crore.
7. Bagmane Developers' Raja Bagmane
Raja Bagmane managed 7th position with a wealth of Rs 9,960 crore.
8. Surendra Hiranandani, House of Hiranandani Singapore
Surendra Hiranandani, House of Hiranandani Singapore was ranked eighth with Rs 9,720 crore wealth.
9. Subhash Runwal and family of Mumbai-based Runwal Developers
Subhash Runwal and family of Mumbai-based Runwal Developers was at the ninth spot with a wealth of Rs 7,100 crore.
10. Piramal Realty's Ajay Piramal and family
Piramal Realty's Ajay Piramal and family were placed tenth at Rs 6,560 crore.
Total wealth of top 100 Indians in the real estate sector stood at Rs 2,77,080 crore (USD 39.5 billion) -- up 17 per cent against 2018.
Mumbai accounted for six of the top 10 and 37 of the 100 names. Delhi and Bengaluru had 19 residents each who featured on the list. Interestingly, 3/4th of the richest Indians from the real estate sector are based in these three cities. At the same time, the sector added two more US dollar billionaires -- taking the total to nine this year. Around 59 per cent of the individuals mentioned in the list are first-generation entrepreneurs. Interestingly, eight women made it to the list in 2019.
Smita V Crishna of Godrej Properties featured as the richest woman. She is at the 14th position with a wealth of Rs 3,560 crore.
The average age of the individuals in the list is 59. Six individuals under the age of 40 and three above the age of 80 made to the list.
With a net worth of Rs 740 crore, the youngest on the list is Jupally Ramu Rao and Jupally Shyam Rao (33) of My Home Constructions, while with a net worth of Rs 3,670 crore, Prithvi Raj Singh Oberoi (90) of East India Hotels is the eldest.