Here’s a look at the 10 richest real estate developers in the country.
The report has taken market capitalisation to determine the wealth for listed companies, while for the unlisted companies, latest financial statement of company has been taken into account.
Mangal Prabhat Lodha of Macrotech Developers
Whether transforming the skyline of Mumbai with one of India’s most iconic landmarks, crafting some of the most desirable residences in London, creating a world-class destination in the heart of Mumbai, or delivering India’s no. 1 City, One name, Macrotech Developers (Lodha Group) is transforming the way we live with landmark of global standard.
Mangal Prabhat Lodha and family of Lodha Group (Now Macrotech Developers) with a wealth of Rs 31,960 crore retained the top spot in India Real Estate Rich List 2019 for the second consecutive year. Notably, M P Lodha is currently chief of BJP’s Mumbai unit.
Rajiv Singh of DLF
Rajiv Singh is the only son of Kushal Pal Singh. He is DFL group’s Vice Chairman. He is married to Kavita Singh, who works as an advisor for the DLF Commercial developers Ltd. She also works as DLF Universal Ltd’s advisor.
Rajiv Singh and family of DLF with a wealth of Rs 25,080 crore, are at number two position, up 42% compared with 2018, mainly on account of Rs 11,250 crore capital infusion process initiated in 2017.
Jitendra Virwani of Embassy Property
In 2002, Virwani got serious about the commercial real estate market. Until then, Bangalore had largely seen standalone buildings. But multinational clients were expanding furiously and were on the lookout for integrated office parks where they could seat thousands of workers. Call centres needed millions of square feet of space along with food plazas, parking and power back-up. They needed to lease. Virwani was among the few who noticed this trend and started a division to address the demand. In 2002, ANZ Infotech approached the Embassy Group for office space. Soon after, IBM came along. With two potential tenants, Embassy began to construct Manyata Business Park, which started as a 5-acre development and now spans 62 acres.
Jitendra Virwani of Bengaluru-based Embassy Property Developments has on the third spot with a wealth of Rs 24,750 crore. Virwani has been called South India’s largest office space landlord. Recently, in April 2019, Embassy Office Parks REIT became India’s first publicly listed REIT.
Niranjan Hiranandani of Hiranandani Communities
Niranjan Hiranandani is an Indian billionaire entrepreneur, co-founder and managing director of Hiranandani Group, engaged in real estate business. He is ranked by Forbes among the 100 richest Indians in 2017.
Mumbai-based Niranjan Hiranandani, who controls the privately owned Nidar Group, was ranked 4th in the list with a wealth of Rs 17,030 crore. Hiranandani has invested in residential townships and commercial real estate mainly in Maharashtra.
Chandru Raheja and family of K Raheja Corp
Chandru Raheja established his own real estate firm in the year 1996 when the business was divided into three groups between Gopal Raheja who is the chairman for K Raheja Constructions, Suresh Raheja, the chairman of K Raheja Universal and Chandru Raheja, the chairman of K Raheja Corp, and shoppers stop Ltd. K Raheja Corp has built several residences, offices, malls, hotels and IT parks such as Mindspace, Shoppers Stop, and Orbit Malls.
Chandru Raheja, Chairman of K Raheja group, has been ranked 5th with a net worth of Rs 15,480 crore. The family-run C L Raheja group has diversified into hotels, commercial properties, shopping malls, IT parks and residential properties.
Vikas Oberoi of Oberoi Realty
Vikas Oberoi, CMD Oberoi Realty, is a real estate developer based in Mumbai, Maharashtra. Its main interest is in Residential, Office Space, Retail, Hospitality and Social Infrastructure properties in Mumbai. It was incorporated in early 1980 as Oberoi Constructions which later changed to Oberoi Realty Limited.
Mumbai-based Vikas Oberoi runs Oberoi Realty and is placed 6th on the list with a net worth of Rs 13,910 crore. Oberoi Realty has completed 42 projects across Mumbai with 27.43 million square feet under construction as on March 2019.
Raja Bagmane of Bagmane Developers
Since the company’s inception in 1998 by Mr. Raja Bagmane has lead the way in creating office spaces which exemplify class and style. Over time company developed around 13.5 million sft of integrated ‘Grade A’ commercial space with structures that are truly world-class.
Bengaluru-based Raja Bagmane, CMD of Bagmane Group, is 7th on the list with a net worth of Rs 9,960 crore. Bagmane Developers currently has an exclusive office space portfolio, with a leasable area of 12.3 million square feet.
Surendra Hiranandani of House of Hiranandani
Surendra served as a Founder and Managing Director of House of Hiranandani Group of Companies. Hiranandani served as a Non-Executive Independent Director of Provogue (India) Ltd from 7 March 2005 to 10 November 2012. Surendra along with his brother Niranjan bought 250 acres land in Powai Mumbai in 1985 and started real estate business under the name Hiranandani Gardens. Surendra Hiranandani a Mumbai-based developer the owner of House of Hiranandani, is learnt to have bought 250 acres in Bangalore, Chennai and Hyderabad for Rs 800 crore. The three land parcels comprise 120 acres in Bangalore, 110 acres in Chennai and 20 acres in Hyderabad.
With a fortune of Rs 9,720 crore, House of Hiranandani’sSurendra Hiranandani is ranked 8th on the list, a little behind his elder brother Niranjan Hiranandani.
Subhash Runwal and family of Runwal Developers
Subhash Runwal founded his real estate business Runwal Group in 1978 and purchased a 22 acres plot in central suburb of Mumbai. Subhash serves as president of Jain International Trade Organisation, president of Bharat Jain Mahamandal and treasurer of World Jain. He is trustee of the Mahavir Foundation and Subhash Runwal Education Foundation.
Subhash Runwal, founder and chairman of the Runwal Group, has been ranked 9th with a net worth of Rs 7,100 crore. Runwal developersoperates four malls in the country with over 2 million square feet of gross leasable area.
Subhash Runwal and family of Runwal Group
Subhash Runwal founded his real estate business Runwal Group in 1978 and purchased a 22 acres plot in central suburb of Mumbai. Subhash serves as president of Jain International Trade Organisation, president of Bharat Jain Mahamandal and treasurer of World Jain. He is trustee of the Mahavir Foundation and Subhash Runwal Education Foundation.
Subhash Runwal, founder and chairman of the Runwal Group, has been ranked 9th with a net worth of Rs 7,100 crore. Runwal Group has developed four largest malls in the country with over 2 million square feet of gross leasable area.
Ajay Piramal and family of Piramal Realty
Ajay Piramal is an Indian billionaire industrialist, and the chairman of the Piramal Group, a conglomerate with interests in pharmaceutical, financial services, real estate, healthcare analytics and glass packaging. Apart from India, the Piramal Group has presence in over 30 countries, including the US, the UK, the European Union, Japan, Asia-Pacific and South Asia, with its products being sold in over 100 markets.
Piramal realty’s Ajay Piramal ranks 10th on the GROHE Hurun India Real Estate List 2019 with a net worth of Rs 6,560 crore. Piramal Realty has 15 million square feet of land under development across commercial and residential segments.
