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Mumbai dominates GROHE Hurun India Real Estate Rich List 2018 followed by New Delhi and Bengaluru

Mumbai, 2018: Hurun Report and GROHE India today unveiled the second edition of ‘GROHE Hurun India Real Estate Rich List 2018’ – featuring the richest real estate entrepreneurs in India. The 2018 edition of the GROHE Hurun India Real Estate Rich List is topped by Mangal Prabhat Lodha of Lodha Group followed by Jitendra Virwani of Embassy Group at #2 and Rajiv Singh of DLF at #3. Mumbai is the most preferred city of residence for real estate tycoons in India with 35 names hailing from the city, followed by Delhi (22) and Bengaluru (21). The total wealth of top 100 real estate barons featured in the list accounted for INR 236,610 crore (USD 32.7 bn) in 2018 – up 27% against 2017 edition’s cumulative wealth of INR 186,700 crore (USD 28.6 bn). The List was compiled on the basis of net worth of living Indians as on 30th September, 2018 when the rate of exchange to the US Dollar stood at INR 72.46. The list relates to Indians only, defined as born or brought up in India.

59% of the names featured in 2018 edition of GROHE Hurun India Real Estate Rich List are first generation entrepreneurs. The average age of the participants is 59 years – with the youngest being 24 years (Kunal Menda of RMZ) and the eldest being of 89 years (Prithvi Raj Singh Oberoi of East India Hotels). Only four names aged below 40 years were featured in the list – indicating that the experienced and long standing names build wealth in the long run from this sector in India. 9 women too feature on the list – with Renuka Talwar of DLF being the richest woman ranked #19. Among the 10 debutants in the list, Rameshwar Rao Jupally of My Home Constructions ranked the highest at #14 among the top 100.

Commenting on the launch of the GROHE Hurun India Real Estate Rich List 2018, Anas Rahman Junaid, MD and Chief Researcher, Hurun Report India,said “Real Estate sector in India has always been among the key wealth creators in the country. The combined wealth of top 100 names listed by us in 2018 stands at USD 32.3 billion – or in other words a billion dollar more than the GDP of Cyprus. It is also an industry that demands patience and persistence – with average age of the participants on the list hovering around 59 years and accounting for 59% of the first generation entrepreneurs. India perhaps accounts for the largest population of homeless people in the world and aptly, the government is embarking on its most ambitious housing program. At the same time, the Indian economy is back on track and is expected to uplift millions of people to better economic condition – thereby further improving the demand for the real estate – across premium, residential, office and commercial segments. In the coming years, value creation in the wake of greater transparency and institutionalisation in the sector is expected to take the sector to a new orbit.’’

Speaking at the launch, Audrey Yeo, Vice President, Marketing, GROHE Asia, said; “The Indian real estate is maturing owing to multiple factors. One, the new breed of home buyers is more informed and quality conscious – thereby demanding premium – better living spaces. Two, with RERA, the transparency and quality assurance of the projects has moved to the developers. And three, India continues to reap its demographic dividend with millions of young, ambitious people with high purchasing power fuelling the consumption across industries.”

“The GROHE Hurun India Real Estate Rich List 2018 celebrates the champions who are altering the course of a promising industry by not only creating wealth for themselves, but most successfully serving the consumer aspirations in India best. GROHE, a leader in premium sanitary fittings is committed to bringing well designed products and world class technology to consumers, and these developers are the powerful movers and shakers of the industry who appreciate and acknowledge the best world has to offer. Being a partner to most the names on the list, it gives me great joy to say at GROHE India, we are extremely proud to be in good company”, added Audrey.

Top 10 in GROHE HURUN INDIA REAL ESTATE RICH LIST 2018

RankNameNet Worth  INR croreMain CompanyCity of Residence
1Mangal Prabhat Lodha27,150LodhaMumbai
2Jitendra Virwani23,160EmbassyBengaluru
3Rajiv Singh17,690DLFNew Delhi
4Chandru Raheja14,420K RahejaMumbai
5Vikas Oberoi10,980Oberoi RealtyMumbai
6Niranjan Hiranandani7,880HiranandaniMumbai
6Surendra Hiranandani7,880HiranandaniSingapore
8Ajay Piramal & family6,380Piramal RealtyMumbai
9Manoj Menda5,900RMZBengaluru
9Raj Menda5,900RMZBengaluru

Source: Hurun Research Institute 2018. GROHE Hurun India Real Estate Rich List 2018 

GROHE Hurun India Real Estate Rich List 2018 by City

RankCityNo. of individualsRichest  IndividualNet Worth  INR Crore
1Mumbai35Mangal Prabhat Lodha27,150
2New Delhi22Rajiv Singh17,690
3Bengaluru21Jitendra Virwani23,160
4Pune5Atul Chordia1,810
5Hyderabad4Rameshwar Rao Jupally3,370
6Noida2RK Arora510
6Chennai2M Arun Kumar, K R Anerudan680
6Gurugram2Roop Kumar Bansal1,990
6Cochin2KV Abdul Azeez & family650
10Kolkata1Harshvardhan Neotia & family1,880
10Thane1Shailesh Puranik & family370
10Ahmedabad1Gautam Adani & family2720

Source: Hurun Research Institute 2018. GROHE Hurun India Real Estate Rich List 2018 

Debut in GROHE HURUN INDIA REAL ESTATE RICH LIST 2018 (self-made entrepreneurs)

RankNameNet Worth INR CroreCompany
1Rameshwar Rao Jupally3,370My Home Constructions
2Raja Bagmane2,940Bagmane Developers
3Gautam Adani & family2,720Adani Realty
4Roop Kumar Bansal1,990M3M India
5Basant Bansal1,980M3M India
6Patanjali Govind Keswani & family1,870Lemon Tree
7Atul Chordia1,810Panchshil Realty & Developers
8Anil Bhalla990Vatika
9Suresh L Raheja & family880Raheja Universal
10Vijay Vasudev Wadhwa860Wadhwagroup Holdings

Source: Hurun Research Institute 2018.GROHE Hurun India Real Estate Rich List 2018 

GROHE HURUN INDIA REAL ESTATE RICH LIST 2018 – The Biggest Gainers

NoNameWealth (INR crore)% ChangeCompanyPrimary Segment
1Manoj Menda5,900122%RMZCommercial
2Raj Menda5,900122%RMZCommercial
3Ajay Piramal & family6,38075%Piramal RealtyResidential
4Harshavardhan Neotia & family1,88066%Ambuja NeotiaResidential
5Jude Romell & Dominic Romell72061%Romell Real EstateCommercial
6Sunil Mittal & family1,23054%Bharti RealtyCommercial
7Boman Rustom Irani1,15052%Keystone RealtorsResidential

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