Chennai: The total wealth of the top 100 Indians in the real estate sector stood at Rs 2,36,610 crore, up by 27 per cent compared to last year, a report has said.
The latest edition of the annual GROHE Hurun India Real Estate Rich List stated that BJP MLA Mangal Prabhat Lodha is India’s richest property tycoon, valuating him at Rs 27,150 crore.
Lodha, who was at the second spot last year with a wealth of Rs 18, 610 crore, shot up the list, while DLF’s Kushal Pal Singh who topped the list in 2017 with a wealth of Rs 23,460 crore, did not even feature in this years’ list.
Lodha is followed by Jitendra Virwani of Embassy Group with total wealth of Rs 23,160 crore at the second position and Rajiv Singh of DLF at third with wealth of Rs 17,690 crore. Furthermore, both the Hiranandani brothers secured sixth position in the Hurun list with wealth of Rs 7,880 crore.
Similarly, billionaire brothers Manoj Menda and Raj Menda ranked nine with a wealth of Rs 5,900 crore.
“While low level developers in the real estate are affected by the slowdown, the top developers including Lodha’s company are resilient because of they are organised and have strong execution,” associate vice-president at Hurun Report India, Vineeth Chandrababu has said.
|The top 5|
|* Mangal Prabhat Lodha, founder, Lodha Group – Net worth: Rs 27,150 crore
* Jitendra Virwani, chairman, Embassy Group – Net worth: Rs 23,160 crore
* Rajiv Singh, vice chairman, DLF Limited – Net worth: Rs 17,690 crore
* Chandru Raheja, CEO, K Raheja Corp – Net worth: Rs 14,420 crore
* Vikas Oberoi, chairman and MD, Oberoi Realty – Net worth: Rs 10,980 crore