by Suman Gupta
- Total wealth of top 100 Indians in Real Estate sector stood at INR 236,610 crore (USD 32.7 bn) – up 27% against 2017
- Mangal Prabhat Lodha (62) of Lodha Group ranked at top spot with total wealth of INR 27,150 crore
- Jitendra Virwani (52), of Embassy secures #2 spot with total wealth of INR 23,160 crore followed by Rajiv Singh (59) of DLF at #3 with total wealth of INR 17,690 crore
- Renuka Talwar of DLF featured as the richest woman in GROHE Hurun India Real Estate Rich List 2018 – 8 more women feature in the list
- 3 cities – Mumbai, New Delhi and Bengaluru are home to 78% of the top 100 rich listers
- 59% of the names featured on the list are first-generation entrepreneurs
- Average age of the individuals in the list is 59 while average wealth is INR 2,366 crore
- Kunal Menda (24) of RMZ is the youngest to feature on the list while, Prithvi
Raj Singh Oberoi (89) of East India Hotels is the eldest
- Piramal Realty, founded by Anand Piramal, storms into top 10
Mumbai, 21st November 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
| Rank | Name | Net Worth INR crore | Main Company | City of
Residence |
| 1 | Mangal Prabhat Lodha | 27,150 | Lodha | Mumbai |
| 2 | Jitendra Virwani | 23,160 | Embassy | Bengaluru |
| 3 | Rajiv Singh | 17,690 | DLF | New Delhi |
| 4 | Chandru Raheja | 14,420 | K Raheja | Mumbai |
| 5 | Vikas Oberoi | 10,980 | Oberoi Realty | Mumbai |
| 6 | Niranjan Hiranandani | 7,880 | Hiranandani | Mumbai |
| 6 | Surendra Hiranandani | 7,880 | Hiranandani | Singapore |
| 8 | Ajay Piramal & family | 6,380 | Piramal Realty | Mumbai |
| 9 | Manoj Menda | 5,900 | RMZ | Bengaluru |
| 9 | Raj Menda | 5,900 | RMZ | Bengaluru |
Source: Hurun Research Institute 2018. GROHE Hurun India Real Estate Rich List 2018
GROHE Hurun India Real Estate Rich List 2018 by City
| Rank | City | No. of individuals | Richest Individual | Net Worth INR Crore |
| 1 | Mumbai | 35 | Mangal Prabhat Lodha | 27,150 |
| 2 | New Delhi | 22 | Rajiv Singh | 17,690 |
| 3 | Bengaluru | 21 | Jitendra Virwani | 23,160 |
| 4 | Pune | 5 | Atul Chordia | 1,810 |
| 5 | Hyderabad | 4 | Rameshwar Rao Jupally | 3,370 |
| 6 | Noida | 2 | RK Arora | 510 |
| 6 | Chennai | 2 | M Arun Kumar, K R Anerudan | 680 |
| 6 | Gurugram | 2 | Roop Kumar Bansal | 1,990 |
| 6 | Cochin | 2 | KV Abdul Azeez & family | 650 |
| 10 | Kolkata | 1 | Harshvardhan Neotia & family | 1,880 |
| 10 | Thane | 1 | Shailesh Puranik & family | 370 |
| 10 | Ahmedabad | 1 | Gautam Adani & family | 2,720 |
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)
| Rank | Name | Net Worth INR Crore | Company |
| 1 | Rameshwar Rao Jupally | 3,370 | My Home Constructions |
| 2 | Raja Bagmane | 2,940 | Bagmane Developers |
| 3 | Gautam Adani & family | 2,720 | Adani Realty |
| 4 | Roop Kumar Bansal | 1,990 | M3M India |
| 5 | Basant Bansal | 1,980 | M3M India |
| 6 | Patanjali Govind Keswani & family | 1,870 | Lemon Tree |
| 7 | Atul Chordia | 1,810 | Panchshil Realty & Developers |
| 8 | Anil Bhalla | 990 | Vatika |
| 9 | Suresh L Raheja & family | 880 | Raheja Universal |
| 10 | Vijay Vasudev Wadhwa | 860 | Wadhwagroup 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
| No | Name | Wealth (INR crore) | % Change | Company | Primary Segment |
| 1 | Manoj Menda | 5,900 | 122% | RMZ | Commercial |
| 2 | Raj Menda | 5,900 | 122% | RMZ | Commercial |
| 3 | Ajay Piramal & family | 6,380 | 75% | Piramal Realty | Residential |
| 4 | Harshavardhan Neotia & family | 1,880 | 66% | Ambuja Neotia | Residential |
| 5 | Jude Romell & Dominic Romell | 720 | 61% | Romell Real Estate | Commercial |
| 6 | Sunil Mittal & family | 1,230 | 54% | Bharti Realty | Commercial |
| 7 | Boman Rustom Irani | 1,150 | 52% | Keystone Realtors | Residential |
| 8 | Percy Sorabji Chowdhry | 580 | 52% | Keystone Realtors | Residential |
| 9 | Chandresh Dinesh Mehta | 580 | 52% | Keystone Realtors | Residential |
| 10 | Jitendra Virwani | 23,160 | 39% | Embassy | Commercial |
Source: Hurun Research Institute 2018. GROHE Hurun India Real Estate Rich List 2018
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About Hurun Report
Hurun Report is a leading luxury publishing and events group established in London in 1998 with a strong presence in China and India. It is widely recognized world-over for its comprehensive evaluation of the wealthiest individuals across the globe. Hurun Report is the largest compiler of the rich list globally. Hurun Report Inc. has four divisions: Hurun Report Media, a stable of digital media and four magazines; Hurun Research Institute; Hurun Conferences, an active events division targeting entrepreneurs and high net worth individuals; and Hurun Investments, a US$20m early stage venture capital fund with investments into tech, media, retail and education.
About Hurun Report India
“Passionate About Indian Entrepreneurship”
Hurun Report India commenced operations in 2012 and has been bringing to light stories of successful and emerging Indian entrepreneurs ever since, felicitating them at a bouquet of Hurun events hosted pan-India.
Hurun Report India serves as India’s definitive voice celebrating wealth creation, innovation and growth. Last year, Hurun further expanded its repertoire by releasing the Hurun Global Rich List 2017, a ranking of the 2,694 US dollar billionaires, so-called ‘Nine-Zero Club’, currently in the world and the seventh India Rich List which ranks the 831 richest individuals in India, allowing for comparisons between some of the most dynamic economies in the world. The purpose of this list is to try and tell the story of modern India through the eyes of an entrepreneur. For the full details, please refer to on www.hurunindia.net
