Mumbai, October 2017: Hurun Report a leading luxury publishing and events group which is globally recognised for its comprehensive evaluation of the world’s wealthiest individuals today unveils the list of richest real estate entrepreneurs in India. This is the first time a serious attempt has been made to understand about the real estate entrepreneurs and to highlight their achievement through a rich list as a medium.
“With a growing middle-class population, it is imperative that India produces respectable brands in real estate in the next few years. GROHE, a leader in premium sanitary fitting is committed to bringing world-class technology and design to consumers, and these key developers are the powerful movers and shakers of the industry who appreciate and acknowledge the best world has to offer. We are delighted to be in association with them as this allows GROHE to create a platform for bringing world-class solutions to the Indian consumers via the developer community’, says Anas Rahman Junaid MD and Chief Researcher, Hurun Report India.
“The growth in India’s middle class is driving strong demand for quality houses, which real estate brands have an opportunity to fulfil. I am delighted to partner with the Hurun Report India, India’s leading research house, to connect with consumers through their platform promoting respected real estate brands and entrepreneurs in India”, says Shubhajit Sen, Country Head, GROHE India.
- Delhi based Tycoon Kushal Pal Singh (86) of DLF is the real estate king of India
- Kushal Pal Singh tops the list with a wealth of INR 23, 460 crore, followed by Mumbai based Mangal Prabhat Lodha from Lodha group with wealth INR 18,610 crore and Bengaluru based Jithendra Virwani from Embassy Property Developments with a wealth of 16,700 crore
- Smitha V Crishna (66), of Godrej properties is the richest woman with a fortune of INR 2,210crore
- 3 cities, Mumbai, New Delhi and Bengaluru are home to 74% of this list
- Mumbai, Delhi and Bengaluru are the top cities in this real estate rich list and Hurun India rich list
- 35 individuals in real estate list also featured in Hurun India rich list.
- 6 billionaires in GROHE Hurun India real estate rich list 2017
- The Menda family, owns and runs RMZ Corp the most valuable commercial space developer in South India, valued at INR 19,230 crore
- Average wealth of GROHE Hurun India real estate rich list 2017 is INR 1,969 crore
- 60% of the list is first generation entrepreneurs
- 62% in the list are residential developers, the rest are commercial, hospitality and retail real estate developers
- Average age 56. The top 10’s average age is 60. The youngest is Kunal Menda (23) with a net worth of INR 660 crore and the oldest is Prithvi Raj Singh Oberoi (88) of East India hotels with a net worth of INR 3,120 crore
- 7 under 40 and 4 individuals above 80
- Mumbai, the most preferred city for headquarters
- Philanthropists: Ajay Piramal and Yusuff Ali MA also featured in Hurun India philanthropy list 2017 by donating INR 111 crore and INR 19 crore respectively
- With 38 individuals, Mumbai is the preferred city followed by New Delhi and Bengaluru with 19 and 17 individuals respectively.
“The top 5 cities accounts for 86% of top 100 real estate rich list entrants in India. A majority of estate developers are discreet, so for every entrepreneur who we have found, we may have missed 2. Real estate holdings are rather scattered in India and there is a good chance that we may have missed associated companies/ subsidiaries in certain cases” says Anas Rahman Junaid, Hurun Report India, Managing Director and Chief Researcher.
“The cut off of INR 300 crores is surprisingly low for a big country like India.” says Rupert Hoogewerf, Chairman and Chief Researcher, Hurun Report Global.