The richest property developers are in Mumbai. The Grohe Hurun India Real Estate Rich List 2019 shows that six of the ten wealthiest realtors are from India’s financial capital. Heading the list for the third consecutive year is BJP MLA from south Mumbai’s Malabar Hill constituency, Mangal Prabhat Lodha & family of Macrotech Developers (Lodha Group) with a net worth of Rs.31,960 crore.
The second wealthiest builder is Rajiv Singh of Delhi-based DLF Ltd with Rs.25,080 crore. Niranjan Hiranandani (4), C L Raheja & family (5), Vikas Oberoi (6), Subhash Runwal & family (9) and Ajay Piramal & family (10) are among the Mumbai-based builders in the top ten list. Smita V Crishna of Godrej Properties is listed as the richest woman on the list that includes eight women, with a fortune of Rs.3,560 crore.
Three cities—Mumbai, New Delhi and Bengaluru-—are home to 75% of the rich list. Delhi and Bengaluru accounted for 19 residents, each featured on the list of top 100 and in the top 10 wealthiest persons, Delhi-NCR contributed only one name while Bengaluru offered two.
The report said, “In a year when the Indian real estate by and large faced multiple challenges—from slowdown to funds crunch to spotty demand—the average wealth of top 100 richest Indians from the sector increased by 16%.’’ In 2019, the number of billionaires increased to 9 from 7 in 2018. The report said that total wealth of Lodha family increased by 18% during 2019. Rajiv Singh’s wealth in 2019 increased by 42% to Rs.25,080 crore as compared to 2018 and thereby improved his ranking by one point to number two.
Speaking at the launch, Rupert Hoogewerf, Founder, Hurun Report, said if India has to achieve $5 trillion economy, it needs to have many more realtor billionaires. He said Indian real estate is set to a transformation owing to multiple factors including having leaders with proven expertise, credible brand and deep pockets to innovate and inspire.
The average age of the individuals in the list is 59, revealed the report. Six individuals under the age of 40 and three above the age of 80 also made to the list. With a net worth of Rs.740 crore, the youngest on the list is Jupally Ramu Rao and Jupally Shyam Rao (33) of My Home Constructions.