The 2024 Grohe-Hurun India Real Estate Rich List has identified the country’s top real estate entrepreneurs, with Rajiv Singh from DLF leading the pack with a staggering wealth of Rs 1,24,420 crore. Singh is followed by Mangal Prabhat Lodha of Macrotech Developers, with a wealth of Rs 91,700 crore, and Gautam Adani & family from Adani Realty, holding Rs 56,500 crore.
The list notably includes five entrepreneurs from Bengaluru and four from Mumbai, showcasing the geographical concentration of wealth in India’s real estate sector.
Vikas Oberoi, 54, of Oberoi Realty, has climbed to the fourth position on the list, witnessing a 96% increase in wealth to Rs 44,820 crore. This growth is attributed to Oberoi Realty’s strategic expansion into the National Capital Region (NCR) with the acquisition of 14.81 acres in Gurugram, Haryana, for Rs 597 crore.
Chandru Raheja and family of K Raheja Group have moved down to the fifth position despite a 65% increase in wealth over the past year. The group is currently focused on redeveloping SOBO Central Mall, India’s pioneering mall, into a luxurious high-end residential project.
Raja Bagmane, 64, of Bagmane Developers, holds the seventh position with a wealth of Rs 19,650 crore, marking a 5% increase. The Bengaluru-based company recently leased 2.23 lakh sq. ft of office space to Texas Instruments for a monthly rent of Rs 1.4 crore.
Jitendra Virwani, 58, of Embassy Group, secures the eighth position with a wealth of Rs 18,000 crore, despite a significant 53% decrease from the previous year. Embassy Group remains a leading real estate developer, known for its commercial properties and office spaces.
Irfan Razack, 70, Rezwan Razack, 69, and Noaman Razack, 66, of Prestige Estates Projects hold the ninth spot, each with a wealth of Rs 13,970 crore, reflecting a remarkable 230% increase. Prestige Estates Projects currently manages 1,849 keys of hospitality assets across India and plans to double its hospitality portfolio over the next three to four years with an investment of Rs 1,700 crore.
The 2024 Grohe-Hurun India Real Estate 100 comprises companies from ten states, led by Maharashtra, Delhi, Karnataka, and followed by Haryana. Mumbai tops the list with 33 companies, followed by Bengaluru with 15, New Delhi with 14, and Gurugram with 10. Among the most significant gainers in valuation growth are New Delhi-based Unitech, followed by Tata Realty and Puravankara. In terms of year-on-year growth in absolute value, the biggest gainers are DLF, Macrotech Developers, and Prestige Estates Projects.
