According to GROHE Hurun India Real Estate Rich List 2020, Mangal Prabhat Lodha of Macrotech Developers (Lodha Group), with a net worth of Rs 44,270 crore, emerged as the top real estate tycoon in India for the fourth time in a row.
MP Lodha's wealth increased 39% in the year 2020. Lodha Group had the highest revenue from operations among all the real estate developers in India during the pandemic hit year.
Despite the Covid-19-driven slowdown in the real estate sector, the total wealth of the 100 richest builders in India jumped a full 26% year-on-year to Rs 348,660 crore, according to the Hurun rich list.
Lodha was followed by Rajiv Singh of DLF, who stood second in the GROHE Hurun India Real Estate Rich List with a wealth of Rs 36,430 crore. Singh registered an increase of 45% in wealth, backed by a 50% rise in DLF's share price.
Delhi Land and Finance (DLF Limited) is the largest publicly listed real estate company in India, with properties in 15 states and 24 cities. DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF and Singapore's sovereign wealth fund GIC, has 34 million sq ft of office and retail properties, generating an annual rental income of Rs 3,500 crore.
With a 70% increase in wealth to Rs 26,260 crore, Chandru Raheja and his family of K Raheja Corp moved up two spots to the third spot. It has over 20 million sq ft of office space, making it the second-largest commercial developer.
Top 10 richest real estate tycoons in India:
Source: Hurun Research Institute 2020. GROHE Hurun India Real Estate Rich List 2020
The GROHE Hurun India Real Estate Rich List 2020 ranked 100 individuals from 71 companies and 15 cities. This is the 4th year of the ranking and wealth calculations are as of 31 December 2020. It also said that the top nine listed companies in the list have almost recovered the losses they have registered since the lockdown.
Also read: Top 9 builders of India
Also read: Real estate biggies recovering much faster: ICRA
