The impact of the Coronavirus notwithstanding, wealth owned by real estate developers in India has grown in 2021 when compared to the previous year, shows the IIFL Wealth Hurun India Rich List 2021. The rich list of 1,007 Indians, which is topped by Reliance Industries Ltd chairman Mukesh Ambani for the 10th time in a row, has as many as 42 builders.
While builders with strong monetary standing and proven credentials gained market share, the sector reported a 49% increase in wealth in 2021, when compared to last year, the list shows.
Top-10 richest people on IIFL Wealth Hurun India Rich List 2021
| Name | Wealth in Rs crores |
| Mukesh Ambani and family | 7,18,000 |
| Gautam Adani and family | 5,05,900 |
| Shiv Nadar and family | 2,36,600 |
| SP Hinduja and family | 2,20,000 |
| LN Mittal and family | 1,74,400 |
| Cyrus S Poonawalla and family | 1,63,700 |
| Radhakishan Damani and family | 1,54,300 |
| Vinod Shantilal Adani and family | 1,31,600 |
| Kumar Mangalam Birla and family | 1,22,200 |
| Jay Chaudhry | 1,21,600 |
Source: IIFL Wealth Hurun India Rich List 2021
When it comes to the real estate sector, Delhi-headquartered DLF’s Rajiv Singh and family topped the list, with a wealth of Rs 54,100 crores. In the overall rich list, Rajiv Singh and family are placed at the 23rd spot.
The second spot on the list was claimed by Chandru Raheja and family of the K Raheja Group, with a wealth of Rs 38,900 crores. The family’s overall ranking in the rich list is 31.
On the third spot in the rich list is Niranjan Hiranandani (with an overall ranking of 38) of Nidar with a wealth of Rs 34,100 crores.
The fourth position in the rich list is occupied by Jitendra Virwani of Embassy Office Parks, who has an overall ranking of 69, with a wealth of Rs 23,700 crores.
Placed on the fifth position at the Rich list 2021 is Vikas Oberoi (82nd rank on overall list) of Oberoi Realty, with a wealth of Rs 20,200 crores.
See also: All about Mukesh Ambani house
5 richest builders in India in 2021
| Builder | Company |
| Rajiv Singh | DLF |
| Chandru Raheja and family | K Raheja Group |
| Niranjan Hiranandani | Hiranandani Group |
| Jitendra Virwani | Embassy Office Parks |
| Vikas Oberoi | Oberoi Realty |
Source: IIFL Wealth Hurun India Rich List 2021
Bengaluru-based Bagmane Developers’ Raja Bagmane, with his overall ranking of 92, is placed at the sixth position in the list.
Hurun India Rich List is a ranking of individuals, with a net worth of Rs 1,000 crores and more and has grown to become the most comprehensive rich list from India. Over the last decade, the list grew from 100 individuals from 10 cities to 1,007 richest Indians, from 76 cities.
City-wise distribution of rich Indians in 2021
In the rich list for 2021, Delhi, at 39, added the most number of rich Indians, followed by Mumbai and Bangalore. However, 25% rich people on the list were from India’s financial capital Mumbai.
See also: All about Harshad Mehta Property
Richest Indians in 2021 : Zodiac sign-wise
Cancerians saw 92% increase in their wealth in the last one year in spite of the adverse conditions caused by the COVID-19 pandemic.
Lodha tops GROHE Hurun India Real Estate Rich List 2020
March 24, 2021: Mangal Prabhat Lodha of Mumbai-based Macrotech Developers is India’s richest person on the GROHE Hurun India Real Estate Rich List 2020, unveiled on March 23, 2021. With wealth that totaled up to Rs 44,270 crores in 2020, undergoing a 39% year-on-year increase, Lodha, 65, has managed to hold the top position in the list for the fourth time in a row.
In a list of 100 richest real estate developers in India, Rajiv Singh of DLF and Chandru Raheja of K Raheja Corp followed Lodha at the second and third positions in the list, respectively.
Top-10 developers in GROHE Hurun India Real Estate Rich List 2020
| Rank | Name | Wealth in Rs crores | Company | City of residence | Primary sector |
| 1 | Mangal Prabhat Lodha and family | 44,270 | Macrotech Developers | Mumbai | Residential |
| 2 | Rajiv Singh | 36,430 | DLF | New Delhi | Commercial |
| 3 | Chandru Raheja and family | 26,260 | K Raheja | Mumbai | Commercial |
| 4 | Jitendra Virwani | 23,220 | Embassy Office Parks | Bengaluru | Commercial |
| 5 | Niranjan Hiranandani | 20,600 | Hiranandani Communities | Mumbai | Residential |
| 6 | Vikas Oberoi | 15,770 | Oberoi Realty | Mumbai | Residential |
| 7 | Raja Bagmane | 15,590 | Bagmane Developers | Bengaluru | Commercial |
| 8 | Subhash Runwal and family | 11,450 | Runwal Developers | Mumbai | Residential |
| 9 | Ajay Piramal and family | 6,560 | Piramal Realty | Mumbai | Residential |
| 10 | Atul Ruia and family | 6,340 | Phoenix Mills | Mumbai | Commercial |
Source: GROHE Hurun India Real Estate Rich List 2020
Half of the top-10 richest developers on the list are from the residential segment while the other half are active in the commercial segment. Seven of the top-10 builders on the list are from the Mumbai market, two are from Bengaluru and one from New Delhi. Overall too, Mumbai is home to 31 of the richest real estate developers in India, while Delhi has another 22 of them.
In an indication that real estate remains largely resilient in the face of the Coronavirus pandemic, the report says that 65% of builders in the list saw their wealth increase during the year. The top nine listed companies in list – DLF, Godrej, Embassy, Oberoi, Brigade, Prestige, Suntech, Sobha and Indiabulls – have almost recovered the losses they have registered since the lockdown, the report added. However, the cut-off for the top-10 list has reduced from average Rs 6,560 crores in 2019 to Rs 6,340 crores in 2020.
Top real estate companies in India
Even though Lodha is the wealthiest builder in India, it is DLF that happens to be the top builder in India, based on its market capitalisation. Godrej and Embassy follow DLF in the second and third positions, respectively. Oberoi Realty and Mindspace Business Parks are placed at the fourth and fifth positions in that order.
Top-5 real estate companies by market capitalisation
| Company | Market cap in Rs crores | Promoter | Primary sector |
| DLF | 57,637 | Rajiv Singh | Commercial |
| Godrej Properties | 36,086 | Godrej family | Residential |
| Embassy Office Parks | 32,680 | Jitendra Virwani | Commercial |
| Oberoi Realty | 21,198 | Vikas Oberoi | Residential |
| Mindspace Business Parks | 19,024 | Chandru Raheja and family | Commercial |
Source: Hurun Research Institute 2020. GROHE Hurun India Real Estate Rich List 2020
GROHE Hurun India Real Estate Rich List 2020: The debutantes
As many as 27 individuals have made a debut on the GROHE Hurun India Real Estate Rich List 2020. These include Atul and Sagar Chordia of Panchshil Realty, Getambar Anand of ATS Infra, and Ankur, Varun and Vishal Gupta of Ashiana Housing.
India real estate rich list 2020 debut
| Name | Net worth in Rs crores | Company |
| Atul Chordia and family | 3,830 | Panchshil Realty |
| A Mohan Raju and family | 3,430 | Kalyani Developers |
| Kumar Pritamdas Gera and family | 1,290 | Gera Developments |
| Pankaj Bajaj and family | 1,170 | Eldeco Infrastructure and Properties |
| Satish P Chandra and family | 1,050 | Global Tech Park |
| GV Rao and family | 1,010 | SAS Infra |
| Kabul Chawla and family | 940 | BPTP |
| Sagar Chordia and family | 590 | Panchshil Realty |
| G Madhushudhan and family | 570 | Sumadhura Infracon |
| Apurva Salarpuria and family | 540 | Salarpuria Properties |
| Getamber Anand and family | 510 | ATS Infrastructure |
| Naresh Jagumal Karda and family | 400 | Karda Constructions |
| Dharmendra Bhandari | 320 | Bestech India |
| Sunil Satija | 320 | Bestech India |
| Punit Beriwala | 300 | Vipul |
| Srikant Krishnan | 290 | Skyline Foundations and Structures |
| Lava Krishnan | 290 | Skyline Foundations and Structures |
| KV Satish | 290 | DS Max Properties |
| Kulwant Singh and family | 280 | Janta Land Promoters |
| Rahul R Katyal | 280 | Capacite Infraprojects |
| Abhay Chandak | 280 | Chandak |
| Aditya Chandak | 280 | Chandak |
| Manish Uppal and family | 280 | Uppal Housing |
| Ankur Gupta | 260 | Ashiana Housing |
| Varun Gupta | 260 | Ashiana Housing |
| Vishal Gupta | 260 | Ashiana Housing |
| Sanjay S Lalbhai and family | 250 | Arvind SmartSpaces |
Source: Hurun Research Institute 2020. GROHE Hurun India Real Estate Rich List 2020
The youngest and the oldest
With 36 years of age, Aditya Chandak of Chandak Group with his Rs 280 crores net-worth is the youngest person on the list while East India Hotels’ PRS Oberoi, 91, is the oldest.
Star zodiac signs
The list has also categorised the wealthiest real estate developers, based on their zodiac signs. With 14% share, Aquarians top the list while Pisceans and Geminins contribute 11% share each. The wealthiest Aquarian on the list is Jitendra Virwani while the richest Piscean and Gemini are Niranjan Hiranandani and Subhash Runwal, respectively.
The self-made men
Lodha also topped the list of top-10 self-made people while Jitendra Virwani and Niranjan Hiranandani stood at second and third spots, respectively.
Top 10 self-made real estate developers in India
| Name | Company | Net worth in Rs crores |
| Mangal Prabhat Lodha and family | Macrotech Developers | 44,270 |
| Jitendra Virwani | Embassy Office Parks | 23,220 |
| Niranjan Hiranandani | Hiranandani Communities | 20,600 |
| Raja Bagmane | Bagmane Developers | 15,590 |
| Subhash Runwal and family | Runwal Developers | 11,450 |
| Rameshwar Rao Jupally and family | My Home Constructions | 5,450 |
| C Venkateswara Reddy | Aparna Constructions and Estates | 5,230 |
| S Subramanyam Reddy | Aparna Constructions and Estates | 5,180 |
| Roop Kumar Bansal | M3M India | 4,970 |
| Basant Bansal | M3M India | 4,940 |
Source: Hurun Research Institute 2020. GROHE Hurun India Real Estate Rich List 2020
The leading companies
While Lodha is ranked the top company in the residential segment, DLF has the same ranking in the commercial space. All five top-rated builders in the residential segment are based in India’s financial capital, Mumbai.
Top residential developers
| Rank | Name | Company | Net worth in Rs crores | City |
| 1 | Mangal Prabhat Lodha and family | Macrotech Developers | 44,270 | Mumbai |
| 2 | Niranjan Hiranandani | Hiranandani Communities | 20,600 | Mumbai |
| 3 | Vikas Oberoi | Oberoi Realty | 15,770 | Mumbai |
| 4 | Subhash Runwal and family | Runwal Developers | 11,450 | Mumbai |
| 5 | Ajay Piramal and family | Piramal Realty | 6,560 | Mumbai |
Top commercial property developers
| Rank | Name | Company | Net worth in Rs crores | City |
| 1 | Rajiv Singh | DLF | 36,430 | New Delhi |
| 2 | Chandru Raheja and family | K Raheja | 26,260 | Mumbai |
| 3 | Jitendra Virwani | Embassy Office Parks | 23,220 | Bengaluru |
| 4 | Raja Bagmane | Bagmane Developers | 15,590 | Bengaluru |
| 5 | Atul Ruia and family | Phoenix Mills | 6,340 | Mumbai |
Top affordable housing developers in India
Hyderabad-based Aparna Constructions and Estates has emerged in the list as the top developer catering to affordable housing in India. According to government-defined rules, units of up to Rs 50 lakhs are counted as affordable properties in India.
| Rank | Name | Company | Net worth in crores | Change (%) | City |
| 1 | C Venkateswara Reddy | Aparna Constructions and Estates | 5,230 | Revalued | Hyderabad |
| 2 | S Subramanyam Reddy | Aparna Constructions and Estates | 5,180 | Revalued | Hyderabad |
| 3 | Bijay Kumar Agarwal and family | Sattva Developers | 4,170 | 290% | Bengaluru |
| 4 | Errol Fernandes | Ferns Estates and Developers | 1,640 | 8% | Bengaluru |
| 5 | Harshavardhan Neotia and family | Ambuja Neotia | 1,440 | -18% | Kolkata |
Source: Hurun Research Institute 2020. GROHE Hurun India Real Estate Rich List 2020
Top property developers by city
According to the list, the market hold of developer varies from city to city. This is why there are no overlaps, when it comes to being the dominant real estate player in a market.
| City | Name | Main company | Company value in Rs crores |
| New Delhi | Rajiv Singh, Pia Singh amd Renuka Talwar | DLF | 57,637 |
| Bikramjit Ahluwalia and family | Ahluwalia Contracts | 1,781 | |
| Rohtas Goel and family | Omaxe | 1,498 | |
| Mumbai | Mangal Prabhat Lodha and family | Macrotech Developers | 47,098 |
| Adi Godrej, Jamshyd Godrej, Nadir Godrej, Rishad Naoroji and Smita V Crishna | Godrej Properties | 36,086 | |
| Vikas Oberoi | Oberoi Realty | 21,198 | |
| Bengaluru | Jitendra Virwani | Embassy Office Parks | 32,680 |
| Raja Bagmane | Bagmane Developers | 14,437 | |
| Irfan Razack, Noaman Razack and Rezwan Razack | Prestige Estates Projects | 10,662 | |
| Hyderabad | C Venkateswara Reddy and S Subramanyam Reddy | Aparna Constructions and Estates | 9,513 |
| Rameshwar Rao Jupally and family | My Home Constructions | 4,957 | |
| Pune | Atul Chordia and family, Sagar Chordia and family | Panchshil Realty | 5,113 |
| Rajesh Anirudha Patil and family and Milind Kolte and family | Kolte-Patil Developers | 1,856 | |
| Gurugram | Roop Kumar Bansal and Basant Bansal | M3M India | 9,200 |
| Dharmendra Bhandari and Sunil Satija | Bestech India | 627 | |
| Kolkata | Apurva Salarpuria and family | Salarpuria Properties | 1,732 |
| Harshavardhan Neotia and family | Ambuja Neotia | 1,690 | |
| Noida | RK Arora and family | Supertech | 694 |
| Getamber Anand and family | ATS Infrastructure | 635 | |
| Thane | Shailesh Puranik and family | Puranik Builders | 944 |
| Chennai | M Arun Kumar | Casagrand | 703 |
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
Housing News Desk
November 21, 2018: 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
An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
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