A survey report suggests that despite the present crisis in the real estate space in India, the networth of its top 100 realtors has jumped by 27 percent to Rs 2.37 lakh crore in 2018. Another significant observation from the Hurun rich list is that KP Singh, the founder of the country's largest real estate developer-DLF group is not among the top 10 developers in India this year, despite being the richest real entrepreneur in 2017.
The latest GROHE Hurun India Real Estate Rich List 2018, released by GROHE and Hurun Report names top 100 Indians in the real estate business based on networth. Here are the top 10:
9. Raj Menda and Manoj Menda
The ninth position is shared by Raj Menda and Manoj Menda, both co-owners and co-founders of Bengaluru based RMZ Corp. They serve as the corporate chairmen of the empire that is mainly into the construction of multi-storied office buildings for large companies. Their networth is Rs 5,900 crore each.
8. Ajay Piramal
Chairman of the Mumbai-based Piramal Reality's networth is Rs 6,380 crore. The Piramal Group is a conglomerate which is into pharmaceutical, financial services, real estate, healthcare analytics, and glass packaging businesses.
6. Surendra Hiranandani and Niranjan Hiranandani
Both co-founders and managing directors of the Hiranandani Group are tied at the sixth position among the top 10 richest realtors with a networth of Rs 7,880 crore each. Hiranandani Group has a significant presence in Mumbai and Navi Mumbai. In 2018, Surendra Hiranandani left his Indian citizenship and became a citizen of Cyprus.
5. Vikas Oberoi
The Chairman and MD of the Mumbai-based Oberoi Realty has a networth of Rs 10,980 crore. The real estate business is known for its high-end suburban condos in Mumbai and is not related to the Oberoi hotel chain.
4. Chandru Raheja
With a networth of Rs 14,420 crore, Chandru Raheja is the CEO of the Mumbai-based K Raheja Corp. He is a property developer of mainly IT parks, malls, hotels, and the multi-brand store chain Shoppers Stop.
3. Rajiv Singh
Vice Chairman of the New Delhi based DLF Limited has a networth of Rs 17,690 crore. DLF Limited is the largest commercial real estate developer in India that is mainly into developing residential colonies in Delhi.
Rajiv Singh is the son of KP Singh, who topped the list last year. After moving out of daily operations of DLF, KP Singh transferred his shares to his son and daughter.
2. Jitendra Virwani
The Bengaluru-based Embassy Group's chairman Jitendra Virwani's networth is Rs 23,160 crore. The Embassy Property Development is Bengaluru's biggest developer of office parks.
1. Mangal Prabhat Lodha
Founder of the Mumbai-based Lodha Group topped the list with a networth of Rs 27,150 crore. Lodha Group is into housing and commercial projects in Mumbai, Thane, Hyderabad, Pune among other cities.
Notably, 62-year Lodha is a senior BJP leader who a Member of the Legislative Assembly (MLA) representing the Malabar Hill constituency of South Mumbai.