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

Mumbai, New Delhi and Bengaluru are home to a majority of the richest real estate entrepreneurs in India, with 62% in this rich-list being residential developers, says a report by Grohe and Hurun India

Kushal Pal Singh of DLF is the wealthiest real estate baron in India, with a wealth of Rs 23,460 crores, in a list dominated by real estate entrepreneurs from Mumbai, New Delhi and Bengaluru, which account for 73 per cent of the richest individuals in real estate. These are the findings of a study by Hurun India and Grohe. The Hurun Report, a leading luxury publishing and events group, unveiled the list of richest real estate entrepreneurs in India, on October 5, 2017.

“With a growing middle-class population, it is imperative that India produces respectable brands in real estate, in the next few years. These key developers are the powerful movers and shakers of the industry, who appreciate and acknowledge the best that the world has to offer,” said Anas Rahman Junaid, MD and chief researcher, Hurun Report India. Commenting on the report, Shubhajit Sen, country head, Grohe India, added: “The growth in India’s middle-class is driving strong demand for quality houses, which real estate brands have an opportunity to fulfil.”


Top 10 in Grohe Hurun India Real Estate Rich List 2017

RankNameNet worth (Rs crore)Main companyAgeCity of residence
1Kushal Pal Singh23,460DLF86New Delhi
2Mangal Prabhat Lodha18,610Lodha61Mumbai
3Jitendra Virwani16,700Embassy Property Developments51Bengaluru
4Yusuffali MA12,180Line investment and Property61Abu Dhabi
5Vikas Oberoi11,040Oberoi Realty47Mumbai
6Chandru Lachmandas Raheja10,440K Raheja Corp77Mumbai
7Atul Ruia5,160Phoenix Mills46Mumbai
8Sameer Gehlaut & family5,050Indiabulls Real Estate43Mumbai
9Ajay Piramal3,640Piramal Realty62Mumbai
10Surendra Hiranandani3,350Hiranandani Group62Singapore
10Niranjan Hiranandani3,350Hiranandani Group67Mumbai

Source: Hurun Research Institute 2017


Key findings

  • Delhi based Tycoon Kushal Pal Singh (86) of DLF is the real estate king of India.
  • Kushal Pal Singh tops the list with a wealth of Rs 23,460 crores, followed by Mumbai-based Mangal Prabhat Lodha from the Lodha Group, with wealth of Rs 18,610 crores and Bengaluru-based Jithendra Virwani from Embassy Property Developments, with a wealth of Rs 16,700 crores.
  • Smitha V Crishna (66), of Godrej Properties is the richest woman, with a fortune of Rs 2,210 crores.
  • Three cities, Mumbai, New Delhi and Bengaluru, are home to 74 per cent of this list.
  • Mumbai, Delhi and Bengaluru are the top cities in this real estate rich list and Hurun India rich list.
  • 35 individuals in the real estate list also featured in the Hurun India rich list.
  • There are six billionaires in the Grohe Hurun India real estate rich list 2017.
  • The Menda family owns and runs RMZ Corp, the most valuable commercial space developer in south India, valued at Rs 19,230 crores.
  • The average wealth of individuals in the Grohe Hurun India real estate rich list 2017 is Rs 1,969 crores.
  • 60 per cent of the list comprises of first-generation entrepreneurs.
  • 62 per cent in the list are residential developers. The rest are commercial, hospitality and retail real estate developers.
  • The average age is 56. The top ten’s average age is 60. The youngest is Kunal Menda (23) with a net worth of Rs 660 crores and the oldest is Prithvi Raj Singh Oberoi (88) of East India Hotels, with a net worth of Rs 3,120 crores.
  • There are seven individuals under 40 and four above 80.
  • Mumbai is the most preferred city for headquarters.
  • Philanthropists: Ajay Piramal and Yusuff Ali MA also featured in the Hurun India philanthropy list 2017, by donating Rs 111 crores and Rs 19 crores, respectively.
  • With 38 individuals, Mumbai is the preferred city followed by New Delhi and Bengaluru with 19 and 17 individuals, respectively.

However, Rupert Hoogewerf, chairman and chief researcher, Hurun Report Global, pointed out that “The cut off of Rs 300 crores, was surprisingly low for a big country like India.”


Grohe Hurun India Real Estate Rich List 2017 by city

RankCityNo. of individualsRichest individualNet worth  (Rs crore)
1Mumbai38Mangal Prabhat Lodha18,610
2New Delhi19Kushal Pal Singh and family23,190
3Bengaluru17Jitendra Virwani16,700
4Kolkata8Harsh Vardhan Neotia and family750
5Chennai4M Arun Kumar, KR Anerudan600
6Hyderabad2S Subrahmanyam Reddy, C Venkateswara Reddy650
7Gurugram2Sunil Satija, Dharmendra Bhandari650
7Cochin2KV Abdul Azeez and family650
9Mohali1Kulwant Singh and family560
9Ahmedabad1Dipakbhai Kumar Govindbhai Patel340
9Pune1Rajesh Anirudha Patil and Family1,110
9Jaipur1Nand Kishore Gupta and family340

Source: Hurun Research Institute 2017


“The top five cities account for 86 per cent of the top 100 real estate rich list entrants in India. A majority of estate developers are discreet. So, for every entrepreneur who we have found, we may have missed two. Real estate holdings are rather scattered in India and there is a good chance that we may have missed associated companies/ subsidiaries in certain cases,” said Junaid.


Housing price index


Mumbai, New Delhi and Bengaluru are home to 73pc real estate barons Report Housing Price Index


The RBI housing price index, indicates that demonetisation had a positive impact on housing prices. THe housing price index rose by 10 per cent, for the nine months ended on September 2017, compared to a marginal growth rate of three per cent in FY16. All major cities recorded a price increase after demonetisation, except Jaipur, where the prices are three per cent below the pre-demonetisation level. Lucknow, Chennai and Ahmedabad recorded post-demonetisation housing price rise of 30 per cent, 20 per cent and 17 per cent, respectively. “Based on a survey with the real estate agents in and around India, one could expect housing prices to go up in the short term and a possible correction in five years, especially in small cities. This is supported by inventory overhang and possible long-term effects of the current GDP slow down,” Junaid said.


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