Mumbai: The promoter of India’s largest real estate firm by home sales, Mangal Prabhat Lodha, is the richest Indian property developer, according to the second edition of GROHE Hurun India Real Estate Rich List 2018. DLF Ltd’s KP Singh topped the chart last year.
While Singh did not feature in the list this year, his son Rajiv Singh, with a net worth of ₹ 17,690 crore, occupied the third spot. Embassy Group’s chairman and managing director Jitendra Virwani, with a net worth of ₹ 23,160 crore, was ranked second, moving up from third spot last year.
The study, which ranks the top 100 Indian real estate developers in terms of their net worth, has been done in partnership with Hurun Report, a London-based publishing and events group and GROHE, a Düsseldorf-headquartered bathroom solutions and kitchen fittings firm.
According to the report, the total wealth of top 100 builders featured in the list accounted for $32.7 billion (Rs 236,610 crore) in 2018, a 27% increase from $28.6 billion (Rs186,700 crore) last year.
Ranked 19th, DLF’s Renuka Talwar, daughter of KP Singh, is among the nine women on the list. Her net worth stood at ₹ 2,780 crore. Besides, 59% of those featured in this year’s list are first-generation entrepreneurs, according to the report.
The average age of builders featured in the list is 59 years, with the youngest being 24-year-old Kunal Menda of Benguluru-based RMZ Corp with net worth of ₹ 530 crore. He is ranked 70th.
Prithvi Raj Singh Oberoi, 89, executive chairman of EIH Ltd, which owns the Oberoi chain of hotels, is the eldest in the list.
“Real estate is an industry that demands patience and persistence. India perhaps accounts for the largest population of homeless people in the world and aptly, the government is embarking on its most ambitious housing programme," according to Anas Rahman Junaid, managing director and chief researcher, Hurun Report India.