RealtyNews: The global pandemic outbreak left a debilitating effect on the real estate sector in India. However, despite this slowdown in the realty sector, the Real Estate developers‘ total worth in India jumped a full 26 percent year-on-year (YoY) to Rs 3,48,660 crore, revealing the GROHE Hurun India Real Estate Rich List 2020.
The GROHE Hurun report of India Real Estate Rich List recently revealed its list of Top 100 Richest Real Estate Developers. Mangal Prabhat Lodha of Macrotech Developers, Lodha Group, topped the list four times in a row.
Here’s a list of the Top-10 Richest Real Estate Developers in India
|RANK||NAME||NET WORTH||COMPANY’S NAME||CITY OF RESIDENCE|
|1||Mangal Prabhat Lodha & Family||44,270||Macrotech developers||Mumbai|
|2||Rajiv Singh||36,430||DLF||New Delhi|
|3||Chandru Raheja & Family||26,260||DLF||New Delhi|
|4||Jitendra Virwani||23,220||Embassy Office Parks||Bangalore|
|5||Niranjan Hiranandani||20,600||Hiranandani Communities||Mumbai|
|6||Vikas Oberoi||15,770||Oberoi Realty||Mumbai|
|7||Raja Bagmane||15, 590||Bagmane Developers||Bangalore|
|8||Subhash Runwal & Family||11,450||Runwal developers||Mumbai|
|9||Ajay Piramal & Group||6,560||Piramal Realty||Mumbai|
|10||Atul Ruia & Family||6,340||Phoenix Mills||Mumbai|
According to the report, Mangal Prabhat‘s wealth increased by 39 percent in the last year, and now he has a net worth of Rs 44,270 crore. As per the list, the Lodha group has the highest revenue among all the renowned real estate developers in India in the year 2020, when the pandemic hit the industry really hard.
Rajiv Singh of the DLF group occupied second place in the GROHE Hurun India Real Estate Rich List with a total net worth of Rs 36,430 crore. As per the reports, he witnessed an increase of 45 percent in his wealth, which is backed by a 50 percent rise in the DLF group’s share.
Established in the year 1946 by Chaudhary Raghvendra Singh, the DLF group started with creating about 22 urban colonies in Delhi. The DLF group is one of the largest publicly listed real estate companies in India and deals in all real estate segments like residential, commercial, and various others. The DLF Cyber City Developers Ltd (DCCDL) is a joint venture of DLF and GIC. They have 34 million square feet of office and other retail properties, which generate an annual rental income of approximately Rs 3,500 crores.
Third in the row is Chandru Raheja, with a 70 percent increase in its net worth of Rs 26 260 crores. He and his family K Raheja Group moved up two spots from the list released last year. The company has a 20 million sq. ft office space, which is also the second-largest commercial developer. During the pandemic when the real estate sector was hoping for a revival, many real estate developers and new entrants were expanding their wealth. They now made it to the list of the Top 100 wealthiest developers in India.
The top nine companies listed in the GROHE Hurun India Real Estate Rich List 2020 have almost recovered their business from the losses they had to face during the lockdown phase. In the list, 37 developers in the list are from Maharashtra state, followed by Delhi with 22 and Karnataka with 20 developers. According to the GROHE report, Mumbai is the top millionaire builders’ homeland and consequently has the largest real estate companies in the country. Among the 100 wealthiest developers, Aditya Chandak (36), who presents the Chandak Group, is the youngest on the list with a net worth of Rs 2,170 crore. Apart from this, three new entrants under 40 and four above 80 also made it to the Hurun India Real Estate Rich List of 2020.