Despite a fall in the wealth of DLF’s Rajiv Singh by 4%, he remained at the top of the India real estate rich list with Rs 59,030 crore worth of wealth. Mangal Prabhat Lodha of Macrotech Developer, who also is Minister of state for Tourism in Maharashtra, ranks second with Rs 42,270 crore wealth. Lodha’s wealth declined by 20%.
On Tuesday, Grohe-Hurun India Real Estate Rich List 2023 was released that ranks 100 individuals from 67 companies and 16 cities.
Wealth of 61% developers increased
As many as 61% of those in the list saw an increase in their wealth; out of them, 25 were new faces while 36 witnessed a decline in their wealth. The rich list has taken a note of the wealth as of March 2023.
Arjun Menda and family of Bengaluru-based RMZ Corp made an entry at the third position on the rich list, with a wealth of Rs 37,000 crore. He was followed by Chandru Raheja and family with Rs 26,620 crore worth of wealth that increased by one percent.
Hiranandani's wealth grows to ₹23,900 crore
Niranjan Hiranandani of Hiranandani Communities' wealth grew by 7% to Rs 23,900 crore to become fifth richest developer in India. In the last five years, his wealth increased by 182%. The sixth spot was shared by Jitendra Virwani of Embassy Office Parks and Vikas Oberoi of Oberoi Realty with a wealth of Rs 23,100 crore and Rs 22,970 crore respectively.
As per the list, Atul Ruia and family of Phoenix Mills is ranked 11th with a wealth of Rs 12,160 crore, followed by Subhash Runwal and family of Runwal Developers with Rs 10,260 crore.
D B Realty owners ranked 81st
Interestingly, Shahid U. Balwa and family of D B Realty made a re-entry into the rich list ranking 81st richest with Rs 610 crore in wealth. D B Realty’s Vinod K. Goenka, having a wealth of Rs 980 crore, is the biggest gainer on the list with 188% gain in wealth and ranking 64th. In 2018, both of them were acquitted in the 2G spectrum scam case.
Mumbai based Arkade Group’s Amit Jain has made a debut on the list at 82nd position with a wealth of Rs 530 crore. The company is planning to raise Rs 600 crore through an Initial Public Offer.
Most real estate entrepreneurs residing in Maharashtra
With 37 individuals, Maharashtra is the preferred state of residence for real estate entrepreneurs on the list, followed by Delhi with 23 and Karnataka with 18. Among the cities, Mumbai leads the rich list with 29 individuals, followed by New Delhi with 23 and Bengaluru with 18.
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