IIFL Wealth Hurun India Rich List 2022: 43 real estate developers make it to the list

DLF’s Rajiv Singh and family topped the list among real estate developers with a wealth of Rs 61,300 crore followed by Chandru Raheja and family of K Raheja Group with a wealth of Rs 47,200 crore. The former witnessed an increase of 13 percent in wealth and the latter 21 percent, according to the List.

Singh is ranked 17th and Raheja 28th in the overall Rich List 2022. This is the 11th annual ranking of the richest individuals in India. Wealth calculations are a snapshot as of 30th August 2022.

Mangal Prabhat Lodha and family of Macrotech Developers was at number three with a wealth of Rs 45,900 crore, an 8 percent increase over last year.

Niranjan Hiranandani of Nidar was at number four with a wealth of Rs 37,100 crore, as per the Rich List.

The fifth spot was held by realtor Vikas Oberoi of Oberoi Realty with a wealth of Rs 25,900 crore. Jitendra Virwani of Embassy Office Parks held the sixth spot with a wealth of Rs 23,600 crore. PNC Menon and family of PNC Investments was worth Rs 23,300 crore, an increase of 70 percent over last year.

Raja Bagmane of Bagmane Developers was worth Rs 17,600 crore, a decrease of 3 percent last year.

“The real estate market has been on an upswing with the opening of the economy and since the iterations of repo and reverse rate cuts by the government resulted in liquidity injection. Cumulative wealth of the entrants from the industry has increased by 21%,” Anas Rahman Junaid, MD and Chief Researcher, Hurun India told Moneycontrol.

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