Rajiv Singh of the DLF group continues to occupy the number one spot among the real estate developers in the country with an estimated wealth of over Rs 59,000 crore followed in the Mangal Prabhat Lodha and family with an estimated wealth at over Rs 42,000 crore.
The Grohe-Harun India “Real Estate Rich List 2023”, says that cumulative wealth of the top 100 in the list of 2023 stood at ₹472,330 crore ($57 bn), which was four per cent higher than that in 2022.
The list points out that the wealth of Rajiv Singh was down by four percent but he still remains at the top of the list which has 23 new entrants and two re-entrants who have replaced 25 others. Similarly Lodha family owned Macrotech Developers has seen a decline in wealth by 20%, the Grohe-Harun India Real Estate Rich List 2023 says, but it retains the second spot.
With a wealth of over ₹37000 crore, Arjun Menda and Family of the Bangalore-based RMZ group has stormed to the third spot in the list in which the top 10 real estate billionaires accounted for the 60% of the cumulative wealth.
The list says that four individuals more than doubled their wealth over the past year. The biggest gainer has been Vinod K. Goenka of DB Realty, who has seen an increase in his wealth by 188% or ₹980 crore, the report says.
Pia Singh and enuka Talwar of the DLF Group are the richest women in the list which has Prithvi Raj Singh Oberoi of East India Hotels as the oldest real estate rich at the age of 94 years. The youngest in the list is 45-years-old KV Satish of DS Properties.
The Grohe-Harun India Real Estate Rich List 2023 is a ranking of the most successful real estate entrepreneurs, inheritors in India, ranked by wealth proportionate to their ownership in their respective real estate businesses. Wealth calculations are a snapshot of March 31, 2023. This is the 6th year of the ranking.
The list ranked 100 individuals from 67 companies and 16 cities. 61% of the list saw their wealth increase, of which 25 were new faces. 36% saw their wealth decrease. The average age is 63 years and 66% of the list are self-made real estate rich.
The report says that real estate and infrastructure are two of the most significant indicators of an economy. Currently, China has 105 billionaires from the real estate sector alone. “We can conservatively estimate that India will have to produce at least 50 billionaires from the real estate sector to hit a GDP of $8 trillion,” the report says.
Three cities – Mumbai, New Delhi, and Bengaluru are home to 70% the Real Estate Rich List 2023. With 29 entrants, Mumbai is home to the most number of entrants, followed by Nedw Delhi and Bengaluru with 23 and 18 entrants respectively.
The Western region states of Maharashtra and Gujarat account for 40% of the cumulative list, an increase of 83% over the last five years. Six individuals under the age of 50 and eight above the age of 80 made it to the list.
The writer is a Delhi-based freelance journalist, who has reported and written on a wide range of subjects in an extensive career.