Mangal Prabhat Lodha (65) and family of Lodha Group is the richest real estate developer on the GROHE Hurun India Real Estate Rich List 2020 for the fourth consecutive year [Representative image]
With a wealth of Rs 44,270 crores, Mangal Prabhat Lodha (65) and family of Lodha Group is the richest real estate developer on the GROHE Hurun India Real Estate Rich List 2020 for the fourth consecutive year. His wealth increased by 39 percent in the current year.
Founded in 1980 and headquartered in Mumbai, Lodha is India’s largest real estate developer by sales value for financial years 2014-20 and the second-largest by area delivered. Lodha Group had the highest revenue from operations among all the real estate developers in India during the pandemic hit year 2020, the List said.
With a wealth of Rs 36,430 crores, Rajiv Singh, 61 of DLF ranked second on the list and registered an increase of 45 percent in wealth, backed by 50 percent rise in DLF’s share price, it said.
Established in 1946, Delhi Land & Finance (DLF Limited) is the largest publicly listed real estate company in India with properties in 15 states and 24 cities. DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF and Singapore's sovereign wealth fund GIC has 34 million square feet of office and retail properties generating an annual rental income of Rs 3,500 crores.
The fourth edition of GROHE Hurun Real Estate Rich List 2020 is a ranking of the most successful real estate entrepreneurs, inheritors in India, ranked by net worth proportionate to their ownership in their respective real estate businesses. Wealth calculations are as of December 31, 2020. The GROHE Hurun India Real Estate Rich List 2020 ranks 100 individuals from 71 companies and 15 cities.
The top nine listed companies in the GROHE Hurun India Real Estate Rich List 2020 have almost recovered the losses they have registered since the lockdown. Among states/UTs, Maharashtra tops with 37 in the list, followed by Delhi and Karnataka with 22 and 20 respectively. As many as 11 companies on the List registered over Rs 2,000 crore in sales. 26 companies registered over Rs 1,000 crore in sales compared to 20 last year.
As per Hurun India Wealth Report, Mumbai is home to the most number of millionaire households and consequently is home to the largest real estate companies in the country. Mumbai leads with 31 individuals in GROHE Hurun India Real Estate Rich List 2020, followed by New Delhi and Bengaluru with 22 and 20 individuals respectively.
The total wealth of top 100 entrants in the list is up 26 percent from 2019 to Rs. 3,48,660 crore. Bijay Kumar Agarwal of Sattva Developers fastest riser in the 2020 list.
Mangal Prabhat Lodha's wealth increased by 39 percent in the current year.
With Rs. 280 crore net worth, the youngest on the list is Aditya Chandak (36) of Chandak Group and at Rs. 2,170 crore, oldest on the list is P R S Oberoi (91) of East India Hotels
Three entrants under 40 and four above 80 made it to GROHE Hurun India Real Estate Rich List 2020.
At 27 drop offs and 33 percent witnessing wealth decrease, the pandemic year saw the most churn. As many as 65 percent saw their wealth increase with most top developers resilient to pandemic impact, the List said.
The entry limit for the 2020 List fell from Rs. 300 to Rs. 250 crore in 2020 possibly due to pandemic impact.
With a 70 percent increase in wealth and current wealth of Rs 26,260 crore, Chandru Raheja & family, 80, of K Raheja Corp moves up two spots and storms into the third spot in the GROHE Hurun India Real Estate Rich List 2020. K Raheja Corp has over 20 million square feet of office space, making it the second-largest commercial developer in the country. In July 2020, Mindspace Business Parks REIT raised Rs 4,500 crores through IPO, causing the wealth gain. Mindspace is currently trading at a market cap of Rs 18,000 crores.
With a wealth of Rs 23,220 crores, Jitendra Virwani, 54 of Embassy Group ranks fourth in the list. Founded in 1993 and headquartered in Bengaluru, Embassy Group is the sponsor for India’s first Real Estate Investment Trust. The Embassy Group has developed over 55 million square feet of commercial, residential, industrial and warehousing, retail and hospitality spaces in India and overseas. In August 2020, Embassy Property Developments bought around 14 percent stake in Indiabulls Real Estate from its promoter and plans to increase its stake in the company.
The fifth spot is taken by Niranjan Hiranandani, 70, Hiranandani Communities, whose real estate businesses registered a valuation of Rs 20,600 crores. In July 2020, the group launched the world's second-largest data center, Yotta NM1 in its Integrated Yotta Data Center Park, under the subsidiary Yotta Infrastructure, in Navi Mumbai. In 2019, the global private equity firm, Blackstone tied up with Hiranandani Group to enter the warehousing business in India.
With a 13 percent increase in wealth to Rs 15,770 crores, Vikas Oberoi, 51 of Oberoi Realty is ranked sixth on the list. Oberoi Realty focused on premium developments in the residential, office space, retail, hospitality, and social infrastructure verticals. In December 2020, Oberoi Realty bought out Sahana Group’s 50 percent stake in the 221-key five-star hotel in Mumbai’s Worli area for Rs 1,040 crores.
Raja Bagmane, 61 of Bagmane Developers ranks seventh on the list. With 17 million square feet of total operational size, Bagmane Developers is a leading developer of office spaces. Raja Bagmane, who registered a wealth of Rs 15,590 crores increased his wealth by 57 percent, primarily due to a 50 percent increase in after tax profit in FY20.
With a wealth of Rs 11,450 crore and a wealth increase of 61 percent, Subhash Runwal & family, 77 of Runwal Developers moved up 1 spot to secure the eighth spot in the list. Subhash Runwal founded Runwal Group in 1978 and has delivered over 51 residential projects. In May 2019, Runwal Group partnered with Warburg Pincus to create shopping malls across tier I, II, and III cities in India.
With a wealth of Rs 6,560 crores, Ajay Piramal and family, 65, of Piramal Realty, moves up one spot to register ninth on the list. Founded in 2010, Piramal Realty develops luxury residential projects in Mumbai. In July 2015, private equity firms Warburg Pincus and Goldman Sachs invested in Piramal Realty. The company has around 17 million square feet of residential and commercial space under development in and around Mumbai.
With a wealth of Rs 6,340 crores, Atul Ruia and family, 49, of Phoenix Mills ranks tenth on the GROHE Hurun Real Estate Rich List 2020. Phoenix Mills, which started as a textile manufacturing company in 1905, now owns and operates some of the most reputed luxury malls and hotels in the country. In December 2020, Phoenix entered into a non-binding term sheet with an affiliate of Singapore’s GIC for a strategic retail-led mixed-use property development platform.
The top Property Developers in Delhi included DLF’s Rajiv Singh, Pia Singh and Renuka Talwar with a total net worth of Rs 57,637 crore. Bikramjit Ahluwalia and family of Ahluwalia Contracts with a net worth of Rs 1781 crore and Omaxe’s Rohtas Goel and family with a net worth of Rs 1,498 crore.
Developers who made their debut in the 2020 Rich List included Atul Chordia and family of Panchshil Realty with a net worth of Rs 3830 crore, A Mohan Raju & family of Kalyani Developers with a net worth of Rs 3430 crore; Kumar Pritamdas Gera & family of Gera Developments with a net worth of Rs 1290 crore and Pankaj Bajaj and family of Eldeco Infrastructure and Properties with a net worth of Rs 1170 crore; Kabul Chawla & family of BPTP with a worth of Rs 940 crore; Getamber Anand & family of ATS Infrastructure with a net worth of Rs 510 crore among others, the List said.
Grohe Hurun India Real Estate Rich List 2020 top commercial property developers included Rajiv Singh of DLF with a net worth of Rs 36,430 crore; Chandru Raheja & family of K Raheja (Mumbai) with a net worth of Rs 26,260 crore; Bengluru’s Jitendra Virwani of Embassy Office Parks with a net worth of Rs 23,220 crore; Bengaluru’s Raja Bagmane of Bagmane Developers with a net worth of Rs 15,590 crore and Atul Ruia and family of Phoenix Mills with a net worth of Rs 6,340 crore.
Unveiling the report, Bobby Joseph, Leader, LIXIL, India & Subcon (GROHE, American Standard & INAX), said, “The India Real Estate Rich List is more than a list of the wealthy in the space, it is an indicator of the overall sentiment and direction of the industry. At GROHE, we rely on this as an important climate indicator to tune our strategy & marketing efforts. Also, it is heartening to see that wealth creation in the sector continued to be robust and that there are new entrants into the list, even in a pandemic year. The message coming out is definitely positive and uplifting."
In his comments, Hurun India MD and Chief Researcher, Anas Rahman Junaid, said, “COVID-19 was the litmus test for Indian real estate sector. We saw top developers in each city consolidating their market share. This could be the reason why the GROHE Hurun Real Estate Rich List registered the biggest churn of 27 percent since inception. Marred by COVID-19, the year 2020 showcased the resilience of the top developers in the country and not surprisingly the real estate business in India remains highly localised relative to similar/developed economies.”