With a wealth of Rs 61,220 crore, Rajiv Singh of DLF overtook Mangal Prabhat Lodha & family of Macrotech Developers (wealth of Rs 52,970 crore) to become the wealthiest Indian real estate entrepreneur, according to the latest Grohe-Hurun India Real Estate Rich List 2021. Singh added Rs 25,000 crore to this wealth in 2021.
Chandru Raheja & family (K Raheja Corp), Jitendra Virwani (Embassy Office Parks) and Vikas Oberoi (Oberoi Realty) are at the third, fourth and the fifth spots respectively, the Grohe-Hurun India Real Estate Rich List 2021 suggests. The average wealth of the GROHE-HURUN India Real Estate Rich List 2021 grew 31 per cent to Rs 4,558 crore, the report said. CLICK HERE FOR THE FULL LIST
India, the report said, was home to 12 real estate billionaires in 2021 – up from 5 compared to five years ago. Surprisingly, India has seen their number more than double in the last five years, whereas those in China and the US have seen a fall – from 121 five years ago in China to 58 in 2021, and from 28 real estate billionaires in the US to a count of 20 in 2021, the findings suggest.
M Arun Kumar of Chennai-based Casagrand, is the biggest gainer on the list, followed by Ashok Sarin of Anant Raj and Keystone Realtors co-founders Boman Rustom Irani, Percy Sorabji Chowdhry and Chandresh Dinesh Mehta.
A large part of the rise in the fortunes of these realty barons is attributed to a rally in the real estate stocks at the bourses. For the year under review, the BSE Realty index gained 55 per cent compared to a 22 per cent gain in the S&P BSE 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. This could be the reason why the list registered the biggest ever cumulative wealth growth of 30 per cent since inception,” said Anas Rahman Junaid, managing director and chief researcher at Hurun India.
With a wealth of Rs 340 crore, the youngest on the List is Aditya Chandak of the Chandak Group. The oldest on the List is Prithvi Raj Singh Oberoi (93), of East India Hotels, who registered a wealth of Rs 2,810 crore. Mumbai, New Delhi, and Bengaluru are home to 73 per cent of the GROHE-HURUN India Real Estate Rich List 2021.
Western region states Maharashtra and Gujarat account for 46 per cent of the cumulative wealth of the list, followed by the southern region states consisting of Karnataka, Telangana, Tamil Nadu and Kerala with 29 per cent. Northern region states Delhi, Haryana and Punjab are the closest third with a 25 per cent share.