LODHA Developers' MP Lodha and family has been named India's richest real estate entrepreneur with a wealth of Rs 319.60 billion or £3.42bn, a report showed on Monday (9).
He is followed by DLF's Rajiv Singh and Embassy group founder Jitendra Virwani in the second and third position respectively, according to the data released.
Hurun Report and GROHE India released the third edition of 'GROHE Hurun India Real Estate Rich List 2019'- featuring the richest real estate entrepreneurs in India.
"With a wealth of Rs 31,960 crore (Rs 319.60bn), 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.
Lodha family's wealth increased by 18 per cent during 2019 and was 12 per cent of the cumulative wealth of the remaining 99 Indians featured on the list.
"At number two is Rajiv Singh of DLF (up one rank) with a wealth of Rs 250.80bn up 42 per cent as compared to 2018," the report said adding that Jitendra Virwani of Embassy Property Developments bagged the third spot with a wealth of Rs 247.50bn.
The list was based on a snapshot of wealth as on September 30, 2019.
In the rich list, Hiranandani Communities group's Niranjan Hiranandani is at the fourth position with Rs 170.30bn of wealth, followed by K Raheja's Chandru Raheja & family (Rs 154.80bn), Oberoi Realty's Vikas Oberoi, and Bagmane Developers' Raja Bagmane.
Surendra Hiranandani, House of Hiranandani Singapore, was ranked 8th, while Subhash Runwal & family of Mumbai-based Runwal Developers was at 9th place followed by Piramal Realty's Ajay Piramal & family in the 10th position.
As per the report, Mumbai accounted for six of the top 10 and 37 of the 100 names being its residents.
Delhi and Bengaluru accounted for 19 residents each featured on the List.
Interestingly, 3/4th of the richest Indians from the real estate sector are based in these three cities.
Taylor Jones, Vinit Thakkar and Kyran Jones join forces to launch THG Indiagetty images
Taylor Jones and Vinit Thakkar come together to launch THG India getty images