Who are the richest real estate developers in India? Here’s taking a closer look at the realty tycoons and their families who have firmly cemented their places in the real estate pantheon.
Agreed, COVID-19 did generate a temporary lull in the mainstream real estate sector throughout India, although the market was quick to bounce back and recover. In fact, it has been on the upswing, driven by increasing needs for security of consumers due to the pandemic, record-low property prices and interest rates, Government incentives, stamp duty cuts in many Indian States, attractive offers by developers and more. As a result, the future looks bright for both residential and commercial real estate in the country.
Now, reports confirm that overall wealth increased for the country’s richest real estate players by a whopping 26% (year on year), touching a cumulative Rs. 3,48,660 crore, based on the 2020 GROHE Hurun India Real Estate Rich List. This report pegged Mangal Prabhat Lodha as the country’s richest developer for the fourth successive year, with a fortune of Rs. 44,270 crore. He helms Macrotech Developers or the Lodha Group, which is one of the most recognizable real estate brands in the country.
His total wealth went up by 39% for 2020 and the Lodha Group had the highest industry revenues amongst all realty players in the country last year. Rajiv Singh of Delhi Land & Finance (DLF Limited) achieved the second position on the list with Rs. 36,430 crore in total wealth. He saw his net worth grow by 45%, driven considerably by growth of 50% in DLF share prices in 2020. DLF Ltd is the country’s biggest publicly listed real estate player with properties spanning 24 cities and 15 Indian States. The third position was taken up by Mumbai-based Chandru Raheja and his family, the owners of K Raheja Corp which has 20 million square feet and counting as far as their office space assets are concerned. They have collective assets totaling Rs. 26,260 crore as per reports.
The list of richest developers also includes these big names:
- 4th position– Jitendra Virwani of Embassy Office Parks (Bangalore) with a net worth of Rs. 23,220 crore.
- 5th position– Niranjan Hiranandani of Hiranandani Communities (Mumbai) with a net worth of Rs. 20,600 crore.
- 6th position– Vikas Oberoi of Oberoi Realty (Mumbai) with a net worth of Rs. 15,770 crore.
- 7th position– Raja Bagmane of Bagmane Developers (Bangalore) with a net worth of Rs. 15,590 crore.
- 8th position– Subhash Runwal and family of Runwal Developers (Mumbai) with net worth cumulatively standing at Rs. 11,450 crore.
- 9th position– Ajay Piramal and family of Piramal Realty (Mumbai) with a net worth of Rs. 6,560 crore.
- 10th position– Atul Ruia and family of Phoenix Mills (Mumbai) with a net worth of Rs. 6,340 crore.
The GROHE Hurun India Real Estate Rich List 2020 stated that the list of the 100 wealthiest developers had a total of 8 dollar billionaires along with 27 new entries as well. The top 9 listed companies in this list are also those that have recovered quicker than other players and gained more market share all throughout the pandemic. In contrast, the IIFL Wealth Hurun India Rich List for 2020 had Rajiv Singh of DLF Limited at the first position with a net worth of Rs. 32,800 crore, followed by Niranjan Hiranandani, Mangal Prabhat Lodha and family, Jitendra Virwani, Chandru Raheja and family, PNC Menon and family and Raja Bagmane.
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Experts reckon that there may always be some variations in the actual wealth and holdings of these leading real estate developers. However, what is clear is that the richest developer lists have the same names who have mostly managed to hold onto their positions over the years. Mumbai has the highest number of wealth creators in the rich list followed by New Delhi and Bangalore. Not for nothing is Mumbai the costliest Indian city for real estate!
