Mangal Prabhat Lodha retains top-spot in Indian property market with Rs 31,960 crore wealth

NEW DELHI: Hurun Report and GROHE India today unveiled the third edition of ‘GROHE Hurun India Real Estate Rich List 2019’ – featuring the richest real estate entrepreneurs in India. With a wealth of Rs 31,960 Crore, Mangal Prabhat Lodha & family of Macrotech Developers retained the top spot in GROHE Hurun India Real Estate Rich List 2019 for the second consecutive year.

Backed by strong sales of the flagship company Macrotech Developers, Lodha family’s wealth increased by 18% during 2019 and accounted for the cumulative wealth of 12% of the remaining 99 Indians featured on the List. At number two is Rajiv Singh of DLF (up one rank) with a wealth of Rs 25,080 crore – up 42% as compared to 2018. Jitendra Virwani of Embassy Property Developments bagged the third spot with a wealth of 24,750 Crore. The GROHE Hurun India Real Estate Rich List 2019 is a snapshot of wealth as on 30th September 2019.

Top 10 on GROHE HURUN INDIA REAL ESTATE RICH LIST 2019

Source: Hurun Research Institute 2019. GROHE Hurun India Real Estate Rich List 2019

Mumbai, the city of dreams continued to triumph realty – accounting for 6 of the top 10 and 37 of the 100 names being its residents. Delhi and Bengaluru accounted for 19 residents each featured on the List. Interestingly, 3/4th of the richest Indians from the real estate are based in these three cities. In an 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% to Rs 2,743 crore. At the same time, the sector added 2 more US Dollar billionaires – taking the total to 9 this year.

Around 59% of the individuals mentioned on GROHE Hurun India Real Estate Rich List 2019 are first-generation entrepreneurs compared to 47% in IIFL Wealth Hurun India Rich List 2019. Interestingly, eight women make it to the List in 2019. The average age of the individuals in the list is 59. Six individuals under the age of 40 and three above the age of 80 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. While with a net worth of INR 3,670 crore, Prithvi Raj Singh Oberoi (90) of East India Hotels the eldest.

Commenting on the launch of the GROHE Hurun India Real Estate Rich List 2019, Anas Rahman Junaid, MD and Chief Researcher, Hurun Report India, said “The third edition of the real estate rich list highlights two major transformations defining the sector. One, more weightage is being given by the buyers and lenders to players who value accountability, transparency and institutional approach. The indication: 60% of individuals featured in this year’s list are from stable or positively rated companies. Two, the names on the rich list are not on it, merely because they created wealth for themselves – but for the stakeholders they cater to through their companies. The indication: the combined revenue of companies in the list increased by 17% and the listed real estate companies registered wealth growth of 24% this year. 16 new players have been added to this year’s list with two names debuting at #9 and #20. Stories of these entrepreneurs tell the stories of the evolution of India’s real estate segment”

Speaking at the launch, Rupert Hoogewerf, Founder, Hurun Report, said “Indian real estate is set to a transformation owing to multiple factors. At the forefront of the change will be the leaders with proven expertise, credible brand and deep pockets to innovate and inspire. The 3rd edition of GROHE Hurun Real Estate Rich List 2019 celebrates exactly the same kinds of Indian leaders who are creating wealth by offering value in a challenging, competitive and regulated market as India.”

Commenting on the association, Bobby Joseph, General Manager, LIXIL Water Technology (LWT), India & Subcontinent said, “It is an honour for us to felicitate the leaders in the Indian real estate industry through the GROHE HURUN India Real Estate Rich List 2019.This is the third year of our partnership with HURUN and we are pleased to witness how these awards have become a true reflection of the evolution of the Real Estate industry at large. Over the past few years, Indian realty has gone through a multitude of changes – from demonetization to RERA and GST – and has emerged as a truly transformational space that is thinking and functioning in a way that’s primarily consumer first. A greater demand for institutionalization, reform and a clearly defined digital identity has given rise to a more informed consumer, whose penchant for quality and on-time delivery has caused a clear sectoral shift.”

“The rise in demand from urban areas for premiumisation and products that marry functionality and great design perfectly, is only increasing. Along with HURUN, we are pleased to recognize the developers that have been focused on consistently delivering world leading technology to push the industry to greater heights. They have had to remain agile and constantly evolving in this high-potential market and the feat has not been easy. On behalf of LIXIL and GROHE, I extend my heartiest congratulations to the partners who have been listed and to the fraternity at large.”; he added.

GROHE Hurun India Real Estate Rich List 2019 by City

Source: Hurun Research Institute 2019. GROHE Hurun India Real Estate Rich List 2019

Source: Hurun Research Institute 2019.GROHE Hurun India Real Estate Rich List 2019

GROHE Hurun India Real Estate Rich List 2019 – The Biggest Gainers

Source: Hurun Research Institute 2019. GROHE Hurun India Real Estate Rich List 2019