DLF's Rajiv Singh is the wealthiest Indian real estate entrepreneur, as per the GROHE-HURUN India Real Estate Rich List 2023, with a fortune of Rs 59,030 crore. The Lodha Group's Mangal Prabhat Lodha and family trail him with Rs 42,270 crore. The report highlights the wealth growth of 61% of featured individuals, with 25 debutants. Interestingly, the entry point to the top 10 soared from Rs 3,350 crore in 2017 to Rs 15,000 crore, reflecting the burgeoning wealth in the Indian real estate sector.
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The recently published GROHE-HURUN India Real Estate Rich List 2023 demonstrates the wealth amassed by 100 entrepreneurs, hailing from 67 enterprises across 16 different cities. The report reveals that DLF Chairman Rajiv Singh stands atop the wealth hierarchy in Indian real estate, boasting an impressive wealth accumulation of Rs 59,030 crore.
The Lodha Group's patriarch, Mangal Prabhat Lodha, and his family follow Singh, holding the second position with a fortune of Rs 42,270 crore. This list displays a shifting landscape in Indian real estate, with 61% of individuals witnessing an increase in their net worth, marking the debut of 25 newcomers, despite 36 experiencing a downturn in their financial status.
Debutants on the list, Arjun Menda and family from Bengaluru's RMZ Corp, have made an impressive entry at the third place with a fortune amounting to Rs 37,000 crore. K Raheja Corp's Chandru Raheja & family maintained their fourth position with Rs 26,620 crore, and Niranjan Hiranandani, the founder of Hiranandani Communities, secured the fifth position with a wealth accumulation of Rs 23,900 crore.
Embassy Office Parks' founder, Jitendra Virwani, ranked sixth, with a fortune of Rs 23,100 crore. Vikas Oberoi, founder of Oberoi Realty, saw a drop in his ranking, slipping to the seventh position with a fortune of Rs 22,970 crore. The eighth position is occupied by Basant Bansal & family from M3M India with Rs 16,110 crore, followed closely by Raja Bagmane of Bagmane Developers with Rs 16,100 crore. G Amarender Reddy & family of GAR Corporation mark their debut in the top ten with a fortune of Rs 15,000 crore.
In conclusion, this year's GROHE-HURUN Rich List marks the growth and dynamism of India's real estate sector, underscored by the ascendance of new faces and increasing wealth thresholds. As the sector continues to evolve, it promises more opportunities and a reshaping of the wealth landscape in the years to come.
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