First Generation Entrepreneurs Dominate The List Of The Richest People In Realty Sector In India
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Mangat Prabhat Lodha of the Macrotech Developers is the richest real estate magnate in India with the wealth of INR 31,960 crore, according to the report. DLF’s Vice Chairman Rajiv Singh with INR 25,080 crore came second and Embassy group founder Jitendra Virwani with INR 24,750 crore secured the third spot.
According to the report, the average wealth of Indian realtors has increased by 16 per cent.
“In a year, when the Indian real estate by and large faced multiple challenges – from slowdown to funds crunch to spotty demand – the average wealth of top 100 richest Indians from the sector increased by 16 per cent to INR 2,743 crore,” reads the report.
Mumbai, Delhi and Bangalore lead the list
The report states that 75 per cent or 3/4th of the richest Indians from the real estate sector are from Mumbai, Delhi and Bangalore. Mumbai has 37 names in the list followed by Delhi and Bangalore, each having 19 names respectively. Mumbai also brags of having six of the top 10 richest realtors from its city.
The report has a mere eight women on the list, depicting the dismal state of representation of women in the reality sector. Smita V Crishna of Godrej Properties with a wealth of INR 3,560 crore secured the 14th position and is the richest woman in the list.
The youngest people to make it to the list are Jupally Ramu Rao and Jupally Shyam Rao (33) of My Home Constructions with INR 740 crore wealth. Prithvi Raj Singh Oberoi (90) of East India Hotels with the wealth of INR 3,670 crore is the eldest. The average age of people on the list is 59.
Commercial retail outperforms private realty
According to the report, private equity investments into residential space registered a decline of 25 per cent whereas investment into commercial and retail segments registered a growth of almost 20 per cent.
DLF is leading the commercial segment of the real estate market in India, followed by Embassy which has an exclusive presence in this sector.
GROHE Hurun India Real Estate Rich List 2019 report is based on a snapshot of wealth till September 30. The report has taken market value to determine the wealth for listed companies while for unlisted companies, the latest financial statement was taken into account.