Hurun Report, a major luxury publishing and events group, today unveiled the list of richest real estate entrepreneurs in India.
The report named Delhi based tycoon Kushal Pal Singh (86) of DLF as the real estate king of India. Kushal Pal Singh tops the list with a wealth of INR 23, 460 crore, followed by Mumbai based Mangal Prabhat Lodha from Lodha group with wealth INR 18,610 crore and Bengaluru based Jithendra Virwani from Embassy Property Developments with a wealth of 16,700 crore. The Menda family, owns and runs RMZ Corp the most valuable commercial space developer in South India, valued at INR 19,230 crore. The report found that Smitha V Crishna (66), of Godrej properties is the richest woman with a fortune of INR 2,210 crore.
According to report, Mumbai, New Delhi and Bengaluru are home to 74% of this list. 62% in the list are residential developers, the rest are commercial, hospitality and retail real estate developers. With 38 individuals, Mumbai is the preferred city followed by New Delhi and Bengaluru with 19 and 17 individuals respectively.
Philanthropists like Ajay Piramal and Yusuff Ali MA also featured in Hurun India philanthropy list 2017 by donating INR 111 crore and INR 19 crore respectively.
“The top 5 cities accounts for 86% of top 100 real estate rich list entrants in India. A majority of estate developers are discreet, so for every entrepreneur who we have found, we may have missed 2. Real estate holdings are rather scattered in India and there is a good chance that we may have missed associated companies/ subsidiaries in certain cases” said Anas Rahman Junaid, Hurun Report India, Managing Director and Chief Researcher.
