Realty major DLF's Chairman Rajiv Singh has become the richest real estate entrepreneur with a wealth of Rs 61,220 crore, followed by Macrotech Developers' M P Lodha and family who slipped to the second position with a wealth of Rs 52,970 crore, according to a report.
Hurun and GROHE India on Wednesday released its fifth edition of 'GROHE Hurun India Real Estate Rich List' - featuring the richest real estate entrepreneurs in India. The list was based on net worth proportionate to their ownership in their respective real estate businesses. Wealth calculations are a snapshot of December 31, 2021. As per the report, DLF's Rajiv Singh has been ranked first with 68 per cent increase in his wealth in the last one year.
Although the wealth of M P Lodha and family grew by 20 per cent in the last one year to Rs 52,970 crore, the ranking slipped to second. With a wealth of Rs 26,290 crore, Chandru Raheja and Family of K Raheja retains the third spot on the list. Jitendra Virwani of Embassy group is at the fourth position with a wealth of Rs 23,620 crore, followed by Vikas Oberoi of Oberoi Realty (Rs 22,780 crore), Niranjan Hiranandani of Hiranandan Communities (Rs 22,250 crore), Basant Bansal & Family of M3M India (Rs 17,250 crore), Raja Bagmane of Bagmane Developers (Rs 16,730 crore), G Amarender Reddy & Family of GAR Corporation (Rs 15,000 crore).
With a wealth of Rs 11,400 crore, Subhash Runwal & family of Runwal Developers, moved down two spots to the tenth rank. The GROHE-Hurun India Real Estate Rich List 2021, ranked 100 individuals from 71 companies and 14 cities. As much as 81 per cent of the list saw their wealth increase, of which 13 were new faces. Around 13 per cent saw their wealth decrease, and there were 13 drop-offs. The average age was 61.
The average wealth in the list has increased by 30 per cent to Rs 4,537 crore. The combined wealth of the entrepreneurs on the list grew by 30 per cent at Rs 4,53,700 crore (USD 60 billion). Hurun India MD and Chief Researcher Anas Rahman Junaid said, "After lying low for the last few years, the Indian real estate sector is all set to become one of the biggest growth engines in India.
Extraordinary world events such as COVID-19, Ukraine War coupled with inflation increased the attractiveness for investing in real estate, resulting in overall positive performance of the sector." For the year under review, the BSE Realty index gained 55 per cent compared to a 22 per cent gain of the benchmark index Sensex. The real estate stocks are primarily driven by a recovery in real estate demand on the back of low-interest rates and government incentives.