Real estate has always been a huge money making sector in almost every country. As Andrew Carnegie says ‘90% of all millionaires become so through owning real estate.’ After agriculture in India, real estate is the second largest sector of employment. India’s wealth growth of $451 billion represents the eighth largest wealth gain globally by a country. And being one of the largest economy around the world, India is home to 245,000 millionaires.
The number of millionaires expected to reach around 372,000 by year 2022. A survey conducted by Hurun Report and GROHE India titled GROHE Hurun India Real Estate Rich List 2018 revealed the list of top 100 tycoons of the industry and their net worth. This asset making industry has given birth to many business tycoons. Let’s know who is in the top of list with how much, in Indian real estate industry.
Kushal Pal Singh (Rs. 23,460 crore)
This 87 year old realty industry tycoon is the owner of Delhi Land and Finance (DLF). DLF is the largest real estate developer of India right now. Kushal Pal Singh tops the list, with a fortune of approximate Rs. 23,460 crore. DLF is the only company with the largest IPO till date. He was also awarded with Padma Bhushan for his immense contribution to the country.
Mangal Prabhat Lodha (Rs. 18,610 crore):
This politician, is the second richest person in the Indian real estate industry with a fortune of Rs. 18,610 crore. He laid the foundation of Lodha Group in 1980. He started off in the industry by developing homes for the mid-segment class in Mumbai.
Jitendra Virwani (Rs. 16,700 crore):
Considered as the largest developer of south India in office spaces, industrial parks and warehousing spaces, this real estate baron holds a fortune of Rs. 16,700 crore. He is the chairman of Embassy Group, a member of the Equestrian Federation of India and a member of the Young Presidents Organization.
Yusuff Ali (Rs 12,180 crore.):
This 61 year old, Middle Eastern property tycoon is the chairman of Lulu group and manages Line Investment and Property (LIP), his real estate flagship company. He oversees realty investment in the hospitality and mall sector and has a net worth of Rs 12,180 crore. He is the first Asian to be elected by the Abu Dhabi Chamber of Commerce and Industry.
Vikas Oberoi (Rs. 11,040 crore):
47 year old Vikas Oberoi, an alumni of Harvard Business School, runs Oberoi Realty and possess a fortune of Rs. 11,040 crore. At the age of 17, he started assisting his father Ranvir Oberoi and later took over the company. Oberoi’s are currently constructing Mumbai’s first Ritz Carlton Hotel and residences.
Chandru Lachmandas Raheja (Rs. 10,440 crore):
Chandru Raheja is the founder of K Raheja Corporation and has a wealth of Rs. 10,440 crore. The company was a pioneer in developing an organized suburban business park called Mindspace in Mumbai’s Malad suburb. Raheja’s are well known for developing hotels, malls, IT parks and the retail store chain of Shoppers Stop.
Atul Ruia (Rs. 5,610 crore)
This alumnus of the Wharton school of Finance is well known for his high risk taking endeavors in large investments and has wealth net worth of Rs. 5,610 crore. He started a chain of malls under the name of Phoenix brand which attracts around 12 million shoppers each year.
Sameer Gehlaut (Rs. 5,050 crore)
44 year old Sameer Gehlaut is the founder of Indiabulls is the country’s one of the top dividend paying firm, second largest mortgage lender, and a AAA rated company. Sameer is an engineer from IIT Delhi and has a fortune of Rs. 5,050 crore
Ajay Piramal (Rs. 3,640 crore):
Ajay Piramal, the current chair of the Piramal Group is one of a real estate philanthropist with a net worth of Rs. 3,640 crore. He is a Harvard Business School alumnus and is also on the Board of Dean’s Advisors. Piramal Realty constructed India’s first mall Crossroads at South Mumbai.
Niranjan Hiranandani (Rs. 3,350 crore):
Niranjan Hiranandani established the Hiranandani Group in 1970 and has a fortune of Rs. 3,350 crore. The Hiranandani Group has developed several residential, commercial and hospitality properties and also invests in energy infrastructure, gas storage and natural gas pipelines.