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

RankCityNo of individualsRichest individualNet worth (Rs crores)
1Mumbai35Mangal Prabhat Lodha27,150
2New Delhi22Rajiv Singh17,690
3Bengaluru21Jitendra Virwani23,160
4Pune5Atul Chordia1,810
5Hyderabad4Rameshwar Rao Jupally3,370
6Noida2RK Arora510
6Chennai2M Arun Kumar, KR Anerudan680
6Gurugram2Roop Kumar Bansal1,990
6Cochin2KV Abdul Azeez and family650
10Kolkata1Harshvardhan Neotia and family1,880
10Thane1Shailesh Puranik and family370
10Ahmedabad1Gautam Adani and family2720

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

RankNameNet worth (Rs crores)Main companyCity of residence
1Mangal Prabhat Lodha27,150LodhaMumbai
2Jitendra Virwani23,160EmbassyBengaluru
3Rajiv Singh17,690DLFNew Delhi
4Chandru Raheja14,420K RahejaMumbai
5Vikas Oberoi10,980Oberoi RealtyMumbai
6Niranjan Hiranandani7,880HiranandaniMumbai
6Surendra Hiranandani7,880HiranandaniSingapore
8Ajay Piramal and family6,380Piramal RealtyMumbai
9Manoj Menda5,900RMZBengaluru
9Raj Menda5,900RMZBengaluru

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

RankNameCompanyNet worth (Rs crores)City of residence
1Mangal Prabhat LodhaLodha27,150Mumbai
2Vikas OberoiOberoi Realty10,980Mumbai
3Surendra HiranandaniHiranandani7,880Singapore
3Niranjan HiranandaniHiranandani7,880Mumbai
5Ajay Piramal and familyPiramal Realty6,380Mumbai

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)

RankNameNet worth (Rs crores)Company
1Rameshwar Rao Jupally3,370My Home Constructions
2Raja Bagmane2,940Bagmane Developers
3Gautam Adani and family2,720Adani Realty
4Roop Kumar Bansal1,990M3M India
5Basant Bansal1,980M3M India
6Patanjali Govind Keswani and family1,870Lemon Tree
7Atul Chordia1,810Panchshil Realty & Developers
8Anil Bhalla990Vatika
9Suresh L Raheja and family880Raheja Universal
10Vijay Vasudev Wadhwa860Wadhwa 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

NoNameWealth (Rs crores)Percentage changeCompanyPrimary segment
1Manoj Menda5,900122%RMZCommercial
2Raj Menda5,900122%RMZCommercial
3Ajay Piramal and family6,38075%Piramal RealtyResidential
4Harshavardhan Neotia and family1,88066%Ambuja NeotiaResidential
5Jude Romell and Dominic Romell72061%Romell Real EstateCommercial
6Sunil Mittal and family1,23054%Bharti RealtyCommercial
7Boman Rustom Irani1,15052%Keystone RealtorsResidential
8Percy Sorabji Chowdhry58052%Keystone RealtorsResidential
9Chandresh Dinesh Mehta58052%Keystone RealtorsResidential
10Jitendra Virwani23,16039%EmbassyCommercial

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

 

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