DLF’s Rajiv Singh and family topped the 2023 M3M Hurun Global Rich List among Indian real estate developers with wealth of $6.8 billion, followed by Chandru Raheja and family.
The total number of real estate billionaires in India fell to 12 from 14 in 2022, according to the list released on March 22. Their cumulative wealth dropped 20 percent to $37.7 billion in 2023.
Also read: Hurun Rich List: Rekha Jhunjhunwala, family lead 16 new billionaires
“This is primarily on account of the Ukraine war, inflation and increase in interest rates,” Anas Rahman Junaid, MD and chief researcher at Hurun India, told Moneycontrol. “The dollar has also appreciated significantly and this has impacted the value of companies in the Indian real estate space.”
Globally, there were 177 real estate billionaires – 111 of them in China – and the hope is the number in India “will go up if market conditions improve,” he said.
“We are excited about celebrating and benchmarking wealth creation in India with the rest of the world. We at M3M are even further excited about the value-creation potential of the real estate sector. There have been several initiatives taken by the government to support industries such as ease of doing business, Make in India initiative, and this will help Indian entrepreneurs increase their valuation,” said Pankaj Bansal, director of M3M India, a real estate developer based in Gurgaon.
Also see: Mukesh Ambani only Indian in top 10 Hurun Global Rich List 2023; a look at the 10 richest Indians
Singh and family of DLF topped the list with a rank of 21 in India and a global rank of 413.
The second spot was taken by Chandru Raheja and family of Mindspace Business Parks REIT, ranked 26 in India and 583 globally with a net worth of $5.2 billion.
The third rank was held by Mangal Prabhat Lodha and family of Macrotech Developers at 29 in India and 604 in the world with a net worth of $5.1 billion.
Niranjan Hiranandani and family from Hiranandani Communities was at No. 4 with a rank of 31 in India and 686 globally. Their net worth was $4.5 billion.
The fifth rank was held by three real estate developers – PNC Menon and family of PNC Investments, Jitendra Virwani of Embassy Property Developments, and Vikas Oberoi of Oberoi Realty. They were ranked 73 in the India list and 1,226 in the global list with a net worth of $2.7 billion each.
The sixth position was held by Raja Bagmane of Bagmane Developers, ranked 113 in India and 1,782 globally, and valued at $1.9 billion.
G Amarender Reddy and family of GAR was at No. 7, ranked 122 in India and 1,885 globally. Their worth was $1.8 billion.
Eighth on the list was Basant Bansal and family from M3M India, ranked 127 in India and 1,975 globally. They were valued at $1.7 billion.
Atul Ruia and family of Phoenix Mills were ranked ninth – 141 in India and 2,191 globally - and valued at $1.5 billion. Subhash Runwal and family of Runwal Developers were valued at $1.1 billion and ranked 187 in the India list and 2,774 globally.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
