‘With ₹32,000-crore, MP Lodha is India’s richest developer’

Mumbai, Delhi and Bengaluru account for three-fourths of the country’s richest players in real estate sector

Lodha Developers’ MP Lodha and family has been named India’s richest real estate entrepreneur with a wealth of ₹31,960 crore followed by DLF’s Rajiv Singh and Embassy group founder Jitendra Virwani, according to a report.

Hurun Report and GROHE India on Monday released the third edition of ‘GROHE Hurun India Real Estate Rich List 2019’ — featuring the richest real estate entrepreneurs in India.

“With a wealth of ₹31,960 crore, Mangal Prabhat Lodha and family of Macrotech Developers (earlier named Lodha Developers) retained the top spot for the second consecutive year,” the report said.

Lodha family’s wealth increased by 18 per cent during 2019 and was 12 per cent of the cumulative wealth of the remaining 99 Indians featured on the list.

“At number two is Rajiv Singh of DLF (up one rank) with a wealth of ₹25,080 crore — up 42 per cent as compared to 2018,” the report said adding that Jitendra Virwani of Embassy Property Developments bagged the third spot with a wealth of ₹24,750 crore.

The list was based on a snapshot of wealth as on September 30, 2019.

In the rich list, Hiranandani Communities group’s Niranjan Hiranandani is at the fourth position with ₹17,030 crore; followed by K Raheja’s Chandru Raheja and family (5th, ₹15,480 crore); Oberoi Realty’s Vikas Oberoi (₹13,910 crore); and Bagmane Developers’ Raja Bagmane (7th, ₹9,960 crore).

Surendra Hiranandani, House of Hiranandani Singapore, was ranked 8th with ₹9,720 crore wealth; Subhash Runwal and family of Mumbai-based Runwal Developers was at 9th place with a wealth of ₹7,100 crore; and Piramal Realty’s Ajay Piramal and family (10th, ₹6,560 crore).

As per the report, Mumbai accounted for six 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 sector are based in these three cities.