Mumbai dominates GROHE Hurun India Real Estate Rich List 2018, followed by New Delhi and Bengaluru

Mumbai is home to the most number of rich real estate tycoons, followed by New Delhi and Bengaluru, with the three cities accounting for 78 per cent of those in the top 100 rich list, according to a study by Hurun Report and GROHE India

Mumbai is the most preferred city of residence for real estate tycoons in India, with 35 names hailing from the city, followed by Delhi (22) and Bengaluru (21), according to the ‘GROHE Hurun India Real Estate Rich List 2018’, featuring the richest real estate entrepreneurs in India.

Mumbai, New Delhi and Bengaluru were home to 78 per cent of the top 100 rich-listers. The list, released by Hurun Report and GROHE India, is topped by Mangal Prabhat Lodha (aged 62) of the Lodha Group, with total wealth of Rs 27,150 crores. He is followed by Jitendra Virwani (aged 52) of the Embassy Group at number two with total wealth of Rs 23,160 crores and Rajiv Singh (aged 59) of DLF at number three with total wealth of R 17,690 crores. The total wealth of the top 100 real estate barons featured in the list, accounted for Rs 2,36,610 crores (USD 32.7 billion) in 2018 – up 27 per cent against 2017 edition’s cumulative wealth of Rs 1,86,700 crores (USD 28.6 billion).

The list was compiled on the basis of the net worth of living Indians as on September 30, 2018 when the rate of exchange to the US dollar stood at Rs 72.46. The list relates to Indians only, defined as born or brought up in India.

 

GROHE Hurun India Real Estate Rich List 2018 by city

Rank City No of individuals Richest individual Net worth (Rs crores)
1 Mumbai 35 Mangal Prabhat Lodha 27,150
2 New Delhi 22 Rajiv Singh 17,690
3 Bengaluru 21 Jitendra Virwani 23,160
4 Pune 5 Atul Chordia 1,810
5 Hyderabad 4 Rameshwar Rao Jupally 3,370
6 Noida 2 RK Arora 510
6 Chennai 2 M Arun Kumar, KR Anerudan 680
6 Gurugram 2 Roop Kumar Bansal 1,990
6 Cochin 2 KV Abdul Azeez and family 650
10 Kolkata 1 Harshvardhan Neotia and family 1,880
10 Thane 1 Shailesh Puranik and family 370
10 Ahmedabad 1 Gautam Adani and family 2720

Source: Hurun Research Institute 2018. GROHE Hurun India Real Estate Rich List 2018

 

59 per cent of the names featured in 2018 edition of GROHE Hurun India Real Estate Rich List are first generation entrepreneurs. The average age of the participants is 59 years – with the youngest being 24 years (Kunal Menda of RMZ) and the eldest being of 89 years (Prithvi Raj Singh Oberoi of East India Hotels). The average wealth of the individuals in the list is Rs 2,366 crores. Only four names aged below 40 years were featured in the list, indicating that the experienced and long standing names build wealth in the long run from this sector in India. Nine women too feature on the list, with Renuka Talwar of DLF being the richest woman ranked 19. Among the 10 debutants in the list, Rameshwar Rao Jupally of My Home Constructions ranked the highest at 14, among the top 100.

 

Top 10 in the GROHE Hurun India Real Estate Rich List 2018

Rank Name Net worth (Rs crores) Main company City of residence
1 Mangal Prabhat Lodha 27,150 Lodha Mumbai
2 Jitendra Virwani 23,160 Embassy Bengaluru
3 Rajiv Singh 17,690 DLF New Delhi
4 Chandru Raheja 14,420 K Raheja Mumbai
5 Vikas Oberoi 10,980 Oberoi Realty Mumbai
6 Niranjan Hiranandani 7,880 Hiranandani Mumbai
6 Surendra Hiranandani 7,880 Hiranandani Singapore
8 Ajay Piramal and family 6,380 Piramal Realty Mumbai
9 Manoj Menda 5,900 RMZ Bengaluru
9 Raj Menda 5,900 RMZ Bengaluru

Source: Hurun Research Institute 2018. GROHE Hurun India Real Estate Rich List 2018

 

Commenting on the launch of the GROHE Hurun India Real Estate Rich List 2018, Anas Rahman Junaid, MD and chief researcher, Hurun Report India said, “The real estate sector in India has always been among the key wealth creators in the country. The combined wealth of the top 100 names listed by us in 2018 stands at USD 32.3 billion – or in other words, a billion dollars more than the GDP of Cyprus. It is also an industry that demands patience and persistence, with the average age of the participants on the list hovering around 59 years and accounting for 59 per cent of the first generation entrepreneurs. India perhaps accounts for the largest population of homeless people in the world and aptly, the government is embarking on its most ambitious housing program. At the same time, the Indian economy is back on track and is expected to uplift millions of people to better economic conditions, thereby, further improving the demand for the real estate across premium, residential, office and commercial segments. In the coming years, value creation in the wake of greater transparency and institutionalisation in the sector, is expected to take the sector to a new orbit.”

See also: Mumbai, New Delhi and Bengaluru are home to 73% real estate barons: Report

 

Top property developers in the residential category

Rank Name Company Net worth (Rs crores) City of residence
1 Mangal Prabhat Lodha Lodha 27,150 Mumbai
2 Vikas Oberoi Oberoi Realty 10,980 Mumbai
3 Surendra Hiranandani Hiranandani 7,880 Singapore
3 Niranjan Hiranandani Hiranandani 7,880 Mumbai
5 Ajay Piramal and family Piramal Realty 6,380 Mumbai

Source: Hurun Research Institute 2018. GROHE Hurun India Real Estate Rich List 2018

 

Debut in GROHE Hurun India Real Estate Rich List 2018 (Self-made entrepreneurs)

Rank Name Net worth (Rs crores) Company
1 Rameshwar Rao Jupally 3,370 My Home Constructions
2 Raja Bagmane 2,940 Bagmane Developers
3 Gautam Adani and family 2,720 Adani Realty
4 Roop Kumar Bansal 1,990 M3M India
5 Basant Bansal 1,980 M3M India
6 Patanjali Govind Keswani and family 1,870 Lemon Tree
7 Atul Chordia 1,810 Panchshil Realty & Developers
8 Anil Bhalla 990 Vatika
9 Suresh L Raheja and family 880 Raheja Universal
10 Vijay Vasudev Wadhwa 860 Wadhwa Group Holdings

Source: Hurun Research Institute 2018. GROHE Hurun India Real Estate Rich List 2018

 

GROHE Hurun India Real Estate Rich List 2018: The biggest gainers

No Name Wealth (Rs crores) Percentage change Company Primary segment
1 Manoj Menda 5,900 122% RMZ Commercial
2 Raj Menda 5,900 122% RMZ Commercial
3 Ajay Piramal and family 6,380 75% Piramal Realty Residential
4 Harshavardhan Neotia and family 1,880 66% Ambuja Neotia Residential
5 Jude Romell and Dominic Romell 720 61% Romell Real Estate Commercial
6 Sunil Mittal and family 1,230 54% Bharti Realty Commercial
7 Boman Rustom Irani 1,150 52% Keystone Realtors Residential
8 Percy Sorabji Chowdhry 580 52% Keystone Realtors Residential
9 Chandresh Dinesh Mehta 580 52% Keystone Realtors Residential
10 Jitendra Virwani 23,160 39% Embassy Commercial

Source: Hurun Research Institute 2018. GROHE Hurun India Real Estate Rich List 2018

 

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