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. 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’s a look at the 10 richest real estate developers in the country:
Mangal Prabhat Lodha of Macrotech Developers
With a wealth of Rs 31,960 crore, Mangal Prabhat Lodha and 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. Notably, M P Lodha is currently chief of BJP’s Mumbai unit.
Rajiv Singh of DLF
At number two is New Delhi-based Rajiv Singh of DLF (up one rank from last year) with a wealth of Rs 25,080 crore, up 42% compared with 2018, mainly on account of Rs 11,250 crore capital infusion process initiated in 2017.
Jitendra Virwani of Embassy Property
Jitendra Virwani of Bengaluru-based Embassy Property Developments has bagged the third spot with a wealth of Rs 24,750 crore. Virwani has been called South India’s largest office space landlord. Recently, in April 2019, Embassy Office Parks REIT became India’s first publicly listed REIT.
Niranjan Hiranandani of Hiranandani Communities
Mumbai-based Niranjan Hiranandani, who controls the privately owned Nidar Group, was ranked 4th in the list with a wealth of Rs 17,030 crore. Hiranandani has invested in residential townships and commercial real estate mainly in Maharashtra.
Chandru Raheja and family of K Raheja Corp
Chandru Raheja,chairman of K Raheja group, has been ranked 5th with a net worth of Rs 15,480 crore. The family-run C L Raheja group has diversified into hotels, commercial properties, shopping malls, IT parks and residential properties.
Vikas Oberoi of Oberoi Realty
Mumbai-based Vikas Oberoi runs Oberoi Realty and is placed 6th on the list with a net worth of Rs 13,910 crore. Oberoi Realty has completed 42 projects across Mumbai with 27.43 million square feet under construction as on March 2019.
Raja Bagmane of Bagmane Developers
Bengaluru-based Raja Bagmane, CMD of Bagmane Group, is 7th on the list with a net worth of Rs 9,960 crore. Bagmane Developers currently has an exclusive office space portfolio, with a leasable area of 12.3 million square feet.
Surendra Hiranandani of House of Hiranandani
With a fortune of Rs 9,720 crore, House of Hiranandani’sSurendra Hiranandani is ranked 8th on the list, a little behind his elder brother Niranjan Hiranandani.
His group is mainly involved in residential projects in the cities of Chennai, Bengaluru and Hyderabad.
Subhash Runwal and family of Runwal Developers
Subhash Runwal, founder and chairman of the Runwal Group, has been ranked 9th with a net worth of Rs 7,100 crore. Runwal Developersoperates four malls in the country with over 2 million square feet of gross leasable area.
Ajay Piramal and family of Piramal Realty
Piramal realty’s Ajay Piramal ranks 10th on the GROHE Hurun India Real Estate List 2019 with a net worth of Rs 6,560 crore. Piramal Realty has 15 million square feet of land under development across commercial and residential segments.