MP Lodha is richest property tycoon, says Hurun India
According to the report, India’s top 100 realty developers’ wealth rose by 26% year-on-year to ₹3,48,660 croreThe list is based on the valuation of real estate businesses owned by the entrepreneurs as on 31 December 2020
The net worth of Singh was up by 45% to ₹36,430 crore. The 50% rise in DLF’s share price supported the growth in Singh’s wealth, the report said.
Raheja climbed two slots to rank third with a net worth of ₹26,260. His wealth increased by 70%, aided by the ₹4,500 -crore initial public offering of Mindspace Business Parks REIT in July 2020.
According to the report, India’s top 100 realty developers’ wealth rose by 26% year-on-year to ₹3,48,660 crore.
The survey was conducted by the London-based the rich-list compiler, in partnership with Düsseldorf-headquartered bathroom solutions and kitchen fittings firm GROHE.
The list is based on the valuation of real estate businesses owned by the entrepreneurs as on 31 December 2020. Their personal liabilities, or debt, were, however, not considered for calculating the net worth.
According to the report, 65% of real estate entrepreneurs’ wealth increased, while 33% saw a fall in their net worth. While 27 new entrants made it to the list, a similar number of developers who featured in earlier editions dropped-off.
“Covid-19 was a litmus test for the Indian real estate sector. We saw top developers in each city consolidating their market share. This could be the reason why the GROHE Hurun Real Estate Rich List registered the biggest churn of 27% since inception. Marred by covid-19, 2020 showcased the resilience of top developers and not surprisingly the real estate business in India remains highly localized relative to similar, developed economies," said Anas Rahman Junaid, managing director and chief researcher, Hurun India.
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