DLF’s Rajiv Singh, is the wealthiest Indian real estate entrepreneur, shows the Grohe-Hurun Rich List 2023. With his Rs 59,030 crore fortune, 64-year-old Singh has retained the coveted position for the second time in a row.
Promoters of Mumbai-based Macrotech Developers and Bangalore-headquartered RMZ have been positioned at the second and third spots in the list in that order. In the past five years, the wealth of Macrotech Developers owners Mangal Prabhat Lodha & family has risen 56% to touch Rs 42,270 crore in 2023, shows the report. With its wealth of Rs 37,000 crore, RMZ owners Arjun Menda & family have made it at the third position for the first time. Chandru Raheja & family of K Raheja group, Niranjan Hiranandani of Hiranandani Communities and Jitendra Virwani of Embassy Office Parks are placed at the 4th, 5th and 6th positions, respectively.
In its sixth edition, the Grohe-Hurun India Real Estate Rich List 2023 ranked 100 individuals from 67 companies and 16 cities.
Top-10 real estate developers in India in 2023
| Rank | Name | Wealth in Rs crore | 1-year change (%) | 5-year change (%) | Company | Headquarters |
| 1- | Rajiv Singh | 59,030 | -4% | 234% | DLF | New Delhi |
| 2- | Mangal Prabhat Lodha & family | 42,270 | -20% | 56% | Macrotech Developers | Mumbai |
| 3* | Arjun Menda & family | 37,000 | New | New | RMZ | Bengaluru |
| 4↓ | Chandru Raheja & family | 26,620 | 1% | 85% | K Raheja | Mumbai |
| 5↑ | Niranjan Hiranandani | 23900 | 7% | 182% | Hiranandani Communities | Mumbai |
| 6↓ | Jitendra Virwani | 23,100 | -2% | -0.3% | Embassy Office Parks | Bengaluru |
| 6↓ | Vikas Oberoi | 22,970 | 1% | 109% | Oberoi Realty | Mumbai |
| 8↓ | Basant Bansal & family | 16,110 | -7% | 305% | M3M India | Gurugram |
| 9↓ | Raja Bagmane | 16,100 | -4% | 448% | Bagmane Developers | Bengaluru |
| 10↓ | Gavva Amarender Reddy | 15,000 | 0% | New | GAR Corporation | Hyderabad |
Source: Hurun Research Institute; GROHE-HURUN India Real Estate Rich List 2023
Top-5 companies by market capitalisation
| No | Company | Mcap in Rs crore | 5-year growth (%) | Promoter | Primary Sector |
| 1 | DLF | 1,16,650 | 139% | Rajiv Singh | Commercial |
| 2 | Macrotech Developers | 48,180 | 77% | Mangal Prabhat Lodha | Residential |
| 3 | Godrej Properties | 38,720 | 79% | Godrej family | Residential |
| 4 | Oberoi Realty | 35,470 | 85% | Vikas Oberoi | Residential |
| 5 | Embassy Office Parks | 29,290 | 26% | Jitendra Virwani | Commercial |
Source: Hurun Research Institute; GROHE-HURUN India Real Estate Rich
Wealth creation across real estate categories
The wealth in the list 2023 originates primarily from residential real estate companies, followed by those from commercial real estate.
25 news names in top-100
This year, 25 real estate entrepreneurs debuted in the list, including Ayodhya Rami Reddy of Ramky Estates Ravi Agarwal, Devender Aggarwal, Lalit Aggarwal and Pradeep Aggarwal of SignatureGlobal
Table 4: GROHE-HURUN India Real Estate Rich List 2023 Debut
| Rank | Name | Wealth
(INR Cr) |
Company |
| 1 | Arjun Menda & family | 37,000 | RMZ |
| 2 | Sudarshan Kumar Bansal | 3,070 | Pacific Development Corporation |
| 3 | Prem Bhutani & family | 1,680 | Parmesh Construction Company |
| 4 | Ayodhya Rami Reddy | 1,420 | Ramky Estates & Farms |
| 5 | Surendra Bommireddy | 1,300 | Alliance Group/Urbanrise |
| 5 | Suresh Bommireddy | 1,300 | Alliance Group/Urbanrise |
| 7 | Ravi Agarwal | 1,090 | Signatureglobal |
| 7 | Devender Aggarwal | 1,090 | Signatureglobal |
| 7 | Lalit Aggarwal | 1,090 | Signatureglobal |
| 7 | Pradeep Aggarwal | 1,090 | Signatureglobal |
| 11 | Mahabir Prasad Periwal & family | 870 | Pioneer Urban Land & Infrastructure |
| 12* | Shahid U. Balwa & family | 610 | DB Realty |
| 13 | Amit jain | 530 | Arkade Developers |
| 14 | Mayur R Shah & family | 410 | Marathon Nextgen Realty |
| 14 | Chetan R Shah & family | 410 | Marathon Nextgen Realty |
| 16 | Deepak Bhatewara | 400 | Rohan Builders & Developers |
| 16 | Suhas Lunkad | 400 | Rohan Builders & Developers |
| 18 | Sukhdev Singh Khinda & family | 370 | AGI Infra |
| 19 | Yogesh Puranik | 350 | Puranik Builders |
| 19 | Milind Lunkad | 350 | Rohan Builders & Developers |
| 19 | Shrikant Puranik | 350 | Puranik Builders |
| 19 | Sanjay Lunkad | 350 | Rohan Builders & Developers |
| 23 | Arjun Sharma | 340 | Select Infrastructure |
| 24* | Kulwant Singh & family | 340 | Janta Land Promoters |
| 25 | Neeraj Ghei | 340 | Select Infrastructure |
Source: Hurun Research Institute; GROHE-HURUN India Real Estate Rich List 2023
* Re-entered the list
States where the rich live
Western states of Maharashtra and Gujarat account for 40% of the cumulative wealth of the list, followed by the southern region states of Karnataka, Telangana, Tamil Nadu and Andhra Pradesh with 34%. Northern region states Delhi, Haryana and Punjab are the closest third with a 25% share. With 37 individuals, Maharashtra is the preferred state of residence for real estate entrepreneurs on the list, followed by Delhi with 23, and Karnataka with 18.
Change-makers
Vinod K Goenka of Mumbai-based DB Realty is the biggest gainer on the list, followed by Shekhar G Patel and Dipakkumar G Patel of Ganesh Housing Corporation on the second and the third rank, respectively.
Professionally speaking
Also, 10% of companies featured in the Rich List 2023 are run by professional CEOs.
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