More than half of India’s top 50 wealthiest Indian real estate entrepreneurs saw their wealth erode over the last year. This is according to the Grohe-Hurun India Real Estate Rich List 2023, released earlier this year. The data note the change in their wealth between December 2021 and March 2023.
Even though research reports suggest that the real estate sector performed well in 2022, wealth of tycoons could have varied depending on the performance of their individual companies.
Fifty-two Indians hold ranks between one and 49 in the 2023 Hurun Real Estate Rich List. It may be noted that some ranks are shared by multiple people. Among them, twenty-eight noted a decline in their wealth. One of them, Gavva Amarender Reddy, the founder and chairman of GAR Corporation had no growth or spike in his wealth.
Toppers
For the second time in a row, the richest real-estate tycoon in the country is DLF’s Chairman Rajiv Singh. He has a wealth of ₹59,030 crore. This is, however, four per cent lesser than how much he owned a year back.
Singh is followed by Macrotech Developers’ Mangal Prabhat Lodha & family, with a wealth of ₹42,270 crore. Lodha lost 20 per cent of his wealth, compared to last year. As of December 2022, Lodha lost his first position in the list to Singh, settling for the second position. Until 2021, Lodha’s wealth has been growing continuously.
Bengaluru-based Arjun Menda is the third on the list. He has made it to the list of India’s richest 100 real-estate entrepreneurs for the first time this year. Menda has a wealth of ₹37,000 crore.
Apart from Singh and Lodha, other rich tycoons who lost their wealth include Embassy Office Parks’ Jitendra Virwani whose wealth came down by two per cent and M3M India’s Basant Bansal, whose wealth dropped by seven per cent. Bagmane Developers’ Raja Bagmane, who holds the ninth position in the list also lost four per cent of his wealth.
The ones in the list who increased their wealth include Chandru Raheja and Niranjan Hiranandani.