BJP MLA Mangal Prabhat Lodha & family named India’s richest property developer
The Lodha family (net worth of Rs 32,000 crore) were followed by Rajiv Singh of Delhi-based DLF Ltd (Rs 25,080 crore) and Jitendra Virwani of Embassy Property Developments (Rs 24,750 crore) (Main Image Courtesy: constructionnarchitecture.com)
With a wealth of Rs 31,960 crore, BJP MLA Mangal Prabhat Lodha & family of Macrotech Developers (formerly Lodha Group) have been named as the richest property developers in the country.
The family topped the GROHE Hurun India Real Estate Rich List 2019, which features the country’s richest real estate entrepreneurs. It was released by Hurun Report and GROHE India on Monday.
“With a wealth of Rs 31,960 crore, Mangal Prabhat Lodha & family of Macrotech Developers (earlier named Lodha Developers) retained the top spot in GROHE Hurun India Real Estate Rich List 2019 for the second consecutive year,” the report said.
The Lodha family’s wealth grew by 18 percent during 2019. They were followed by Rajiv Singh of Delhi-based DLF Ltd and Jitendra Virwani of Embassy Property Developments.
“At number two is Rajiv Singh of DLF (up to one rank) with a wealth of Rs 25,080 crore – up 42 percent as compared to 2018,” the report said adding that Jitendra Virwani of Embassy Property Developments bagged the third spot with a wealth of 24,750 crores.
Next on the rich list were Niranjan Hiranandani of Hiranandani Group (4th position with Rs 17,030 crore), K Raheja’s Chandru Raheja & family (5th position with Rs 15,480 crore) and Vikas Oberoi of Oberoi Realty (6th position with Rs 13,910 crore).
Other top builders on the list included Raja Bagmane of Bagmane Developers (7th), Surendra Hiranandani of House of Hiranandani Singapore (8th), Subhash Runwal & family of Runwal Developers (9th) and Ajay Piramal & family of Piramal Realty (10th).
Mumbai, the country’s richest real-estate market, was home to 6 of the top 10 richest developers and 37 out of the top 100. Delhi and Bengaluru, meanwhile, accounted for just one and two, respectively, in the top 10 and 19 each in the list of top 100.
“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 percent,” the report said.
