Real estate is often touted as the best investment of them all. And in a country like India, that has an ever-growing population, real estate is one such sector that will always be in business considering everybody wants to secure a roof over their heads. And with so much demand, it comes as no surprise that real estate moguls are among the richest people in India.
According to the IIFL Wealth Hurun India Rich List 2020, seven real estate developers made it to this year’s list of the 100 richest people in India. However, due to the COVID-19 crisis, their performance was dragged down so much that the richest real estate mogul was only able to take the 26th rank. Moreover, the pandemic also resulted in a BSE realty decline by 15% and all the moguls experienced an average wealth decline of 10%.
This year, the first spot was taken by the man behind DLF, Rajiv Singh, who amassed a wealth of ₹32,800 crore. Half the buildings in Delhi are owned by this giant empire and according to the report, there was a 30% change in his wealth. Earlier this year, Business Standard reported that Rajiv took over the post of the Chairman from his father, Kushal Pal Singh, who retired at the age of 90.
The second real estate mogul who made it to the IIFL Wealth Hurun India Rich List 2020 is Niranjan Hiranandani, the brains behind the Hiranandani properties in Mumbai. He ranked 36rd on the list, with a wealth of ₹31,000 crore. He slipped four spots since last year.
In fact, Mangal Prabhat Lodha and family of Macrotech Developers (who previously held the first place in India on last year’s HURUN Global Real Estate list) ranks third among all real estate moguls in 2020. He took the 42nd spot, with a wealth of ₹25,200 crore. Despite this, the organisation's fortune reportedly grew 17%.
Jitendra Virwani the owner of the Bengaluru-based Embassy Office Parks’ bagged the next spot (43rd rank) with a wealth of ₹24,300 crore. The fifth richest Indian real estate developer in 2020 is Chandru Raheja and the family behind the K Raheja Corp. They ranked 63rd on the IIFL Wealth Hurun India Rich List 2020, with a wealth of ₹17,200 crore.
Bengaluru’s PNC Menon and family, who run PNC Investments are this year’s sixth richest real estate moguls. They ranked 71st on the list with a wealth of ₹15,600 crore. Sadly, 7% of their wealth was lost this year.
The last real estate developer to make it to the Hurun list is Raja Bagmane. He is the CMD of Bagmane Developers, which is based out of Bengaluru. His total wealth is ₹13,800 crore and he took the 82nd rank. The list also claims that Bagmane’s organisation had its wealth grow by 100%.
Considering this list was released last month, it is possible that there may be some variations in their wealth and net worths. However, it should be noted that not only is Mumbai the most expensive state for real estate, it also is the capital of India’s wealth creators. In 2020, 217 individuals, which made up 25% of the Hurun list, hailed from Maximum City. The other cities to trail behind were New Delhi and Bengaluru.