DLF promoter Kushal Pal Singh is the richest among Indian real estate moguls, followed by Mangal Prabhat Lodha of Lodha Group, who also is Bharatiya Janata Party's Member of Legislative Assembly in Maharashtra.
While Singh has a wealth of Rs 23,460 crore, Mumbai-based Lodha has a fortune of Rs 18,610 crore, according to GROHE Hurun India real estate rich list released on Thursday.
Jitendra Virwani of Bengaluru-based Embassy Property Developments ranks third and has a wealth of Rs 16,700 crore.
Among richest Indian families in the real estate business, Menda family of Bengaluru-based RMZ Corp, with six members, has topped the chart, followed by Mumbai-based Godrej family five members. Godrej group's real estate arm is Godrej Properties.
New Delhi's Asiana Housing with three family members from the Gupta family is third on the list.
Explaining the methodology for arriving at the chart, Anas Rahman Junaid, managing director and chief researcher of Hurun report India said, “We have tried to limit the valuation to primary ownership in India real estate businesses registered in Ministry of Corporate Affairs. However, there could be outliers. For instance, Godrej group is a diversified conglomerate with diverse business interest and Adi Godrej has a valuation of Rs 37,800 crore in Hurun India Rich List 2017. However, in the GROHE Hurun India Real Estate Rich List 2017, we have considered the valuation of Godrej Properties for Adi Godrej, which would translate to Rs 2,210 crore.”
Mumbai, Delhi and Bengaluru are the top cities in the list. The average wealth of GROHE Hurun India real estate rich list for this year is Rs 1,969 crore. The data shows that 60% of the list has first-generation entrepreneurs, whereas 62% in the list are residential developers. The rest are commercial, hospitality and retail real estate developers.
The average age of people featured is 56, with the youngest being Kunal Menda of RMZ Corp at just 23, having a net worth of Rs 660 crore, and the oldest – Prithvi Raj Singh Oberoi of East India Hotels – at 88 years, with a net worth of Rs 3,120 crore.
“The top five cities account for 86% of 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 and subsidiaries in certain cases,” added Junaid of Hurun Report India.
CONCRETE GAINS
- 60% in the list has first-generation entrepreneurs, 62% are residential developers
- The average age of people featured is 56, with the youngest person aged 23
