Mumbai among Indian cities tops the list. Mangal Prabhat Lodha of Lodha Group gets the top spot among richest individuals from the Real Estate sector, Jitendra Virwani of Embassy secures the second spot followed by Rajiv Singh of DLF.
The total wealth of top 100 Indians in the real estate sector stood at Rs 236,610 crore – up by 27 percent against 2017, says the GROHE Hurun India Real Estate Rich List 2018.
The financial capital of India, Mumbai dominates the list followed by New Delhi and Bengaluru. In Fact, the three cities are home to 78 percent of the top 100 rich listers.
The second edition of GROHE Hurun India Real Estate Rich List 2018 features the richest real estate entrepreneurs in India. Mangal Prabhat Lodha (62) of Lodha Group ranked at top spot with a total wealth of Rs 27,150 crore. Jitendra Virwani (52), of Embassy Group secured the second spot with a total wealth of Rs 23,160 crore followed by Rajiv Singh (59) of DLF at the third spot with a total wealth of Rs 17,690 crore.
Renuka Talwar of DLF was featured as the richest woman in GROHE Hurun India Real Estate Rich List 2018.
Mumbai is the most preferred city of residence for real estate tycoons in India with 35 names hailing from the city, followed by Delhi (22) and Bengaluru (21).
The total wealth of top 100 real estate barons featured in the list accounted for Rs 236,610 crore in 2018 – up 27 percent against 2017 edition’s cumulative wealth of Rs 186,700 crore.
The list was compiled on the basis of the net worth of living Indians as on 30th September 2018 when the rate of exchange to the US dollar stood at Rs 72.46.
As many as 59 percent of the names featured on the list are first-generation entrepreneurs. The average age of the individuals in the list is 59 years while the average wealth is Rs 2,366 crore.
Only four names aged below 40 years were featured in the list – indicating that the experienced and long-standing names build wealth in the long run from this sector in India.
Kunal Menda (24) of RMZ is the youngest to feature on the list while Prithvi Raj Singh Oberoi (89) of East India Hotels is the eldest. Piramal Realty, founded by Anand Piramal, storms into top 10.
Nine women feature on the list – with Renuka Talwar of DLF being the richest woman ranked at the 19th spot.
Among the 10 debutants in the list, Rameshwar Rao Jupally of My Home Constructions ranked the highest at number 14 among the top 100.
Commenting on the launch of the GROHE Hurun India Real Estate Rich List 2018, Anas Rahman Junaid, MD and Chief Researcher, Hurun Report India, said “Real Estate sector in India has always been among the key wealth creators in the country.
The combined wealth of the top 100 names listed by us in 2018 stands at USD 32.3 billion – or in other words a billion dollar more than the GDP of Cyprus. It is also an industry that demands patience and persistence – with average age of the participants on the list hovering around 59 years and accounting for 59 percent of the first generation entrepreneurs.”“The GROHE Hurun India Real Estate Rich List 2018 celebrates the champions who are altering the course of a promising industry by not only creating wealth for themselves, but most successfully serving the consumer aspirations in India best, said Audrey Yeo, vice president, marketing, GROHE Asia.