Top 10 GROHE-HURUN India Real Estate Rich List 2023

Hurun Report today released the GROHE-HURUN India Real Estate Rich List 2023, a ranking of the most successful real estate entrepreneurs and inheritors in India, ranked by net worth proportionate to their ownership in their respective real estate businesses. Wealth calculations are a snapshot of 31 March 2023. This is the 6th year of the ranking

The GROHE-HURUN India Real Estate Rich List 2023 ranked 100 individuals from 67 companies and 16 cities. 61% of the list saw their wealth increase, of which 25 were new faces. 36% saw their wealth decrease. The average age is 63.

Sixth time in a row, GROHE and the Hurun Report have made a serious attempt to understand the real estate entrepreneurs and to highlight their achievements through the rich list as a medium. The achievement is a testament to their commitment to conceptualizing, designing, and building homes and commercial spaces that exemplify the highest standards of living and complement the contemporary ever-evolving lifestyle with every amenity presented to inhabitants on a single platform. Amidst systemic challenges, developers are working tirelessly towards the country’s infrastructural development and fuelling the growth of the economy.

Despite all the news of a slowdown in the sector, some of the key trends in the list indicate a positive future. For instance, the average wealth in the GROHE-HURUN India Real Estate Rich List 2023 has increased by 4%, to INR 4,723 crore. The combined wealth of the entrepreneurs on the list grew by 4% compared to 2021 and 61 of them increased their wealth, including 25 new additions. Real estate and infrastructure are undoubtedly two of the most significant indicators of an economy. Currently, China has 105 billionaires from the real estate sector alone. We can conservatively estimate that India will have to produce at least 50 billionaires from the real estate sector to hit a GDP of USD 8 trillion. Hurun India and GROHE are immensely proud to track this data at the beginning of this exponential future growth.

Top 10 on the GROHE-HURUN India Real Estate Rich List 2023

With a wealth of INR 59,030 crore, Rajiv Singh, 64 of DLF, continues to remain the wealthiest Indian real estate entrepreneur for the second year in row. Established in 1946 Delhi Land & Finance (DLF Limited) also completed its 75th-year legacy, by delivering 31.25 million sq m. DLF plans to invest INR 3,500 crore in the next 4 years to construct a housing project in Gurugram.

With a wealth of INR 42,270 crore, 67-year-old Mangal Prabhat Lodha and his family of Macrotech Developers secure the second spot on the GROHE-HURUN India Real Estate Rich List 2023. Even though Macrotech Developers succeeded in cutting its net debt by 40% in the fiscal year 2023, it made provisions for losses by reducing 60% in its after-tax profit.

Arjun Menda & family of RMZ Corp debuted the third position on the list, with a wealth of INR 37,000 crore. Arjun Menda embarked on his real estate journey after earning his Master of Technology from IIT Kharagpur in 1980, and his dedication has led to the establishment of the formidable empire that is RMZ Corp today.

With a wealth of INR 26,620 crore, Chandru Raheja & family, of K Raheja Corp, have successfully held onto the fourth position in the GROHE-HURUN India Real Estate Rich List 2023, augmenting his net worth by an additional INR 330 crore this year.

Ranked fifth on the list, Niranjan Hiranandani, 73, boasts a fortune of INR 23,900 crore as the founder of Hiranandani Communities. The company specializes in creating self-sufficient townships that provide an array of amenities such as schools, hospitals, shopping complexes, parks, and entertainment facilities, all situated within close proximity, offering a convenient and enriching lifestyle for residents.

Jitendra Virwani, 57, is ranked sixth on the list with a wealth of INR 23,100 crore as the founder of Embassy Office Parks. The company holds AAA/Stable credit ratings and has ramped up its development efforts, pledging INR 4,000 crores towards the construction of 7.9 million square feet.

Vikas Oberoi,53 and the founder of Oberoi Realty, has descended to the seventh position on the list. However, his wealth has witnessed an impressive surge of 44%, reaching INR 22,970 crore.

Basant Bansal & family of M3M India occupy the eighth spot on the list. The company sealed a pact with PVR in 2022 to set up an eight-screen multiplex within its recently launched premium retail project situated in Gurugram.

Raja Bagmane, 63, of Bagmane Developers, ranks ninth on the list with a wealth of INR 16,100 crore. Established in 1996, Bagmane Group boasts a total campus area of 260 acres and encompasses 17 million square feet of operational development size.

G. Amarender Reddy & family, the founder and chairman of GAR Corporation, made their debut at the tenth position on the list with a wealth of INR 15,000 crore. Currently, GAR Corp owns office parks exceeding 10 million sqft, and these projects have significantly transformed the corporate culture of Hyderabad.