Mumbai dominates GROHE Hurun India Real Estate Rich List 2018 followed by New Delhi and Bengaluru
Hurun Report and GROHE India unveiled the second edition of ‘GROHE Hurun India Real Estate Rich List 2018’ – featuring the richest real estate entrepreneurs in India. The 2018 edition of the GROHE Hurun India Real Estate Rich List is topped by Mangal Prabhat Lodha of Lodha Group followed by Jitendra Virwani of Embassy Group at #2 and Rajiv Singh of DLF at #3. Mumbai is the most preferred city of residence for real estate tycoons in India with 35 names hailing from the city, followed by Delhi (22) and Bengaluru (21). The total wealth of top 100 real estate barons featured in the list accounted for INR 236,610 crore (USD 32.7 bn) in 2018 – up 27% against 2017 edition’s cumulative wealth of INR 186,700 crore (USD 28.6 bn). The List was compiled on the basis of net worth of living Indians as on 30th September, 2018 when the rate of exchange to the US Dollar stood at INR 72.46. The list relates to Indians only, defined as born or brought up in India.
59% of the names featured in 2018 edition of GROHE Hurun India Real Estate Rich List are first generation entrepreneurs. The average age of the participants is 59 years – with the youngest being 24 years (Kunal Menda of RMZ) and the eldest being of 89 years (Prithvi Raj Singh Oberoi of East India Hotels). Only four names aged below 40 years were featured in the list – indicating that the experienced and long standing names build wealth in the long run from this sector in India. 9 women too feature on the list – with Renuka Talwar of DLF being the richest woman ranked #19. Among the 10 debutants in the list, Rameshwar Rao Jupally of My Home Constructions ranked the highest at #14 among the top 100.
Commenting on the launch of the GROHE Hurun India Real Estate Rich List 2018, Anas Rahman Junaid, MD and Chief Researcher, Hurun Report India, said “Real Estate sector in India has always been among the key wealth creators in the country. The combined wealth of top 100 names listed by us in 2018 stands at USD 32.3 billion – or in other words a billion dollar more than the GDP of Cyprus. It is also an industry that demands patience and persistence – with average age of the participants on the list hovering around 59 years and accounting for 59% of the first generation entrepreneurs. India perhaps accounts for the largest population of homeless people in the world and aptly, the government is embarking on its most ambitious housing program. At the same time, the Indian economy is back on track and is expected to uplift millions of people to better economic condition – thereby further improving the demand for the real estate – across premium, residential, office and commercial segments. In the coming years, value creation in the wake of greater transparency and institutionalisation in the sector is expected to take the sector to a new orbit.’’
Speaking at the launch, Audrey Yeo, Vice President, Marketing, GROHE Asia, said; “The Indian real estate is maturing owing to multiple factors. One, the new breed of home buyers is more informed and quality conscious – thereby demanding premium – better living spaces. Two, with RERA, the transparency and quality assurance of the projects has moved to the developers. And three, India continues to reap its demographic dividend with millions of young, ambitious people with high purchasing power fuelling the consumption across industries.”
“The GROHE Hurun India Real Estate Rich List 2018 celebrates the champions who are altering the course of a promising industry by not only creating wealth for themselves, but most successfully serving the consumer aspirations in India best. GROHE, a leader in premium sanitary fittings is committed to bringing well designed products and world class technology to consumers, and these developers are the powerful movers and shakers of the industry who appreciate and acknowledge the best world has to offer. Being a partner to most the names on the list, it gives me great joy to say at GROHE India, we are extremely proud to be in good company”, added Audrey.