Covid-19 pandemic hit the real estate sector hard; realtors in the list register average wealth decline of 10 percent. However, the real estate sector still added six individuals in a total tally of 33 in the IIFL Wealth Hurun India Rich List 2020.
With a wealth of Rs 32,800 crore, DLF Chairman Rajiv Singh secured the top spot among real estate developers in the country, followed by Mumbai-based Niranjan Hiranandani with a wealth of Rs 31,000 crore, according to the IIFL Wealth Hurun India Rich List 2020.
Seven realtors are among the 100 richest individuals in the country who have made it to the list. Singh, from New Delhi, was 26th overall whereas Hiranandani was ranked 36th.
The real estate sector added six individuals in a total tally of 33 in the 2020 Rich List. On account of the new additions to the list, real estate moves to the seventh spot in the sectoral index.
Covid-19 has dragged down the performance of many real estate companies, resulting in the BSE Realty Index declining by 15 percent in 2020. Excluding outliers, most of the real estate magnates in the list registered an average wealth decline of 10 percent.
Mumbai’s Mangal Prabhat Lodha and the family of Macrotech Developers secured the 42nd spot with a wealth of Rs 25,200 crore. Their fortune increased by 17 percent.
Bengaluru-based Embassy Office Parks’ Jitendra Virwani bagged the very next spot with a wealth of Rs 24,300 crore, the list said.
Chandru Raheja and family of K Raheja Corp are ranked 63 with a wealth of Rs 17,200 crore and Bengaluru’s PNC Menon and family of PNC Investments are ranked 71 with a wealth of Rs 15,600 crore.
Raja Bagmane of Bagmane Developers from Bengaluru is ranked 82 with a wealth of Rs 13,800 crore.
Being home to 217 individuals that comprise 26 percent of the list, Mumbai is the capital of India’s wealth creators, followed by New Delhi and Bengaluru. The wealth of the 838 individuals and entrepreneurs on the list totalled Rs 60 lakh crore, about one-third of India's gross domestic product (GDP).IIFL Wealth Hurun India Rich List added a record 162 new faces, from 31 industries and from 50 cities. The pharmaceuticals sector contributed the greatest number of new entrants with 27 new additions, followed by chemicals and petrochemicals (20) and software and services (15).