The Hurun India Rich List 2024 has seen the real estate sector ascend to the fifth position, contributing a notable 91 entrants, with 42 new names added this year. This surge in representation underscores the sector’s growing prominence in India’s economic landscape, fuelled by rising demand and significant capital appreciation.
Rajiv Singh, the Chairman of DLF, has emerged as the wealthiest real estate developer in the country, securing the 14th position in the overall list with a net worth exceeding ₹1.37 lakh crore. Following closely, Mangat Prabhat Lodha and his family from Macrotech Developers hold the 17th spot, with a wealth accumulation of over ₹1.03 lakh crore. The third position among property magnates is held by Chandru Raheja and family of K Raheja Group, who rank 44th on the list, boasting a fortune of ₹51,000 crore. Meanwhile, Vikas Oberoi of Oberoi Realty is positioned at 47th with a net worth of ₹46,800 crore.
Significantly, Irfan Razack of Prestige Estate Projects marked the largest gain in wealth within the sector, climbing 278 ranks to secure the 51st position with a net worth of ₹43,600 crore. Razack’s wealth saw a remarkable increase of approximately 178% over the past year, reflecting robust growth in the market. Other notable names in the list include Atul Ruia of Phoenix Mills, ranked 86th with a wealth of ₹31,500 crore, and Niranjan Hiranandani of the Hiranandani Group at 93rd, with a net worth of ₹30,000 crore.
Overall, the real estate industry’s representation in the Hurun India Rich List has surged, climbing from the ninth position in 2023 to the fifth in 2024, indicating strong momentum. This growth is driven by a burgeoning middle class, robust economic expansion, and increasing investment flows. A Hurun India spokesperson noted, “With the middle class expected to grow to 547 million by 2030, residential sales are projected to rise by 10-12% in FY 2024-25, underpinned by around $4 billion in annual foreign investments.” Additionally, the report highlighted the philanthropic commitment of PNC Menon, founder and chairman of Dubai-based Sobha Group. Ranked 117th with a wealth of ₹24,200 crore, Menon, originally from Palakkad, Kerala, has pledged to build 50 homes for survivors of the Wayanad landslide.
The list also mentions a notable purchase by a representative of the Serum Institute of India, who recently acquired London’s most expensive home of the year for approximately ₹1,446 crore, setting a new record in the city’s luxury property market. The individual is ranked fourth on the Rich List with a wealth of ₹2.89 lakh crore. Compiled by the Hurun Research Institute for the 13th consecutive year, the Hurun India Rich List 2024 utilised publicly available data up to 31st July 2024, with the exchange rate at ₹83.32 to the US dollar. For unlisted entities, valuations were derived from the latest funding rounds and industry comparisons.
