Mangal Prabhat Lodha, who helms real estate company Lodha Group, has topped the Grohe Hurun India Real Estate Rich list 2018 with a total wealth of ₹27,150 crore.
Mr. Lodha, 62, a real estate tycoon-turned-politician, is the BJP MLA from Mumbai’s Malabar Hill. His firm is building the Trump Tower in Mumbai in partnership with U.S. President Donald Trump’s company Trump Organization.
Thirty-five real estate czars from Mumbai are among the top 100 in the list.
Jitendra Virwani (52) of Embassy from Bengaluru has secured the number two slot with a total wealth of ₹23,160 crore, followed by Rajiv Singh (59) of DLF with a total wealth of ₹17,690 crore.
In this year’s report, the total wealth of top 100 Indians in the real estate sector stood at ₹2,36,610 crore ($32.7 billion), an increase of 27% from 2017. The top 100 have a total debt of ₹1.25 lakh crore.
Renuka Talwar of DLF is featured as the richest among eight more women in this list. As per the list, 78% of the top-100 rich real estate magnates are from Mumbai, New Delhi and Bengaluru. 59% of the names featured on the list are first-generation entrepreneurs.
Chandru Raheja of K Reheja Corp from Mumbai is No. 4 with networth of ₹14,690 crore and Vivek Oberoi of Oberoi Realty also from Mumbai is No. 5 with netowrth of ₹10,980 crore.
The Hiranandani brothers Niranjan and Surendra feature in the 6th slot with each having net worth of ₹7,880 crore. 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.
Another highlight is that Piramal Realty founded by Anand Piramal, the son of Ajay Piramal has got into the top 10 list. Ajay Piramal and family’s real estate wealth is estimated at ₹6,380 crore.
The second edition of Hurun India Real Estate Rich List 2018 was on Wednesday unveiled by Hurun Report and Grohe India.
The list was compiled on the basis of net worth of living Indians as on September 30, 2018 when the rate of exchange to the dollar stood at ₹72.46. The list relates to Indians only, defined as born or brought up in India.
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 top 100 names listed by us in 2018 stands at $32.3 billion – or in other words a billion dollar more than the GDP of Cyprus.”
