With a wealth of Rs 59,030 crore, Rajiv Singh of DLF, continues to remain the wealthiest Indian real estate entrepreneur for the second year in row followed by Mangal Prabhat Lodha and his family of Macrotech Developers who has secured the second spot on the GROHE-HURUN India Real Estate Rich List 2023 with a wealth of Rs 42,270 crore.
GROHE-HURUN India Real Estate Rich List 2023 ranks 100 individuals from 67 companies and 16 cities. As per the report, 61 per cent of the list saw their wealth increase, of which 25 were new faces, while 36 saw their wealth decrease.
"The entry point to the top 10 has surged from Rs 3,350 crore in 2017 to a staggering Rs 15,000 crore today. Similarly, the threshold to make it to the top 50 has risen from Rs 660 crore in 2017 to Rs 1,300 crore presently," Hurun India MD and Chief Researcher Anas Rahman Junaid told reporters.
“Indian real estate sector is all set to ‘fire from all cylinders’. With a GDP of around $17 trillion, China has 105 real estate billionaires and with the population just 1/4th of that of India, US has around 32 billionaires. Next decade, enroute to $10 trillion GDP, Indian real estate wealth creation could beat US and significantly reduce the gap with China. In 2017 GROHE Hurun Real Estate Rich List, only 15 percent of the brands were national and now it is more than 60 percent. Next step could be for these brands to go global. At this juncture of world economy and geopolitics, Indian real estate entrepreneurs are best poised to create global brands than the others. This will result in massive value creation,” he told Moneycontrol
Arjun Menda & family of RMZ Corp debuted the third position on the list, with a wealth of Rs 37,000 crore. Currently, his sons, Raj Menda and Manoj Menda, are responsible for overseeing the day-to-day operations of the RMZ Group.
With a wealth of Rs 26,620 crore, Chandru Raheja & family, of K Raheja Corp, have successfully held onto the fourth position in the GROHE-HURUN India Real Estate Rich List 2023, augmenting his net worth by an additional Rs 330 crore this year.
In Delhi-NCR, Manoj Gaur of Gaursons India is at the 40th position with a wealth of Rs 1,950 crore while Pradeep Aggarwal of Signature global is at the 58th place (Rs 1,090 crore), BPTP's Kabul Chawla & family is at the 64th position (Rs 980 crore), Omaxe's Rohtas Goel & family is at the 67th place (Rs 940 crore) and Pankaj Bajaj & family of Eldeco Infrastructure & Properties is at the 72nd position (Rs 860 crore)
Ranked fifth on the list, Niranjan Hiranandani, 73, boasts a fortune of Rs 23,900 crore as the founder of Hiranandani Communities.
Jitendra Virwani, 57, is ranked sixth on the list with a wealth of Rs 23,100 crore as the founder of Embassy Office Parks.
Vikas Oberoi, 53 and the founder of Oberoi Realty, has descended to the seventh position on the list. However, his wealth has witnessed an impressive surge of 44 percent, reaching Rs 22,970 crore.
Basant Bansal & family of M3M India occupy the eighth spot on the list.
Raja Bagmane, 63, of Bagmane Developers, ranks ninth on the list with a wealth of Rs 16,100 crore.
G. Amarender Reddy & family, the founder and chairman of GAR Corporation, made their debut at the 10th position on the list with a wealth of Rs 15,000 crore.
Mumbai leads the list
Mumbai leads the list with 29 individuals in GROHE-HURUN India Real Estate Rich List 2023, followed by New Delhi with 23 and Bengaluru with 18. The top three cities on the list account for more than 70 percent of the list.
The report said that Maharashtra and Gujarat account for 40 percent of the cumulative wealth of the list, followed by the southern region states consisting of Karnataka, Telangana, Tamil Nadu and Andhra Pradesh with 34 percent. Northern region states Delhi, Haryana and Punjab are the closest third with a 25 percent share.
With 37 individuals, Maharashtra is the preferred state of residence for real estate entrepreneurs on the list, followed by Delhi with 23 and Karnataka with 18, the report noted.
As many as 11 real estate entrepreneurs graduated from the University of Mumbai followed by Bengaluru University with 5, the List said, adding there were three from Massachusetts Institute of Technology. As many as 11 real estate entrepreneurs graduated from overseas universities, with three MIT is the preferred foreign universities for real estate entrepreneurs in India.
Average age of the realtors in the List is 63. The youngest is 45 years old and the oldest is 94 years. With a wealth of Rs 380 crore, the youngest on the List is KV Satish (45) of DS Max Properties. The oldest on the List is Prithvi Raj Singh Oberoi (94), of East India Hotels, who registered a wealth of Rs 4,010 crore.