Five out of India's top 10 richest real estate entrepreneurs saw wealth depletion last year, findings in the Grohe-Hurun India Real Estate Rich List 2023 released on Tuesday suggest. Among the top 10, Mangal Prabhat Lodha and the family of Macrotech Developers saw the steepest wealth erosion of 20 per cent during the year. There was one new entrant to the top 10 rankings.
Among those who saw their total wealth fall last year were Rajiv Singh of DLF Ltd, Mangal Prabhat Lodha and family, Jitendra Virwani of Embassy Office Parks, Basant Bansal and family of M3M India and Raja Bagmane of Bagmane Developers.
Singh retained the top position on the list for the second time but saw a 4 per cent year-on-year (YoY) fall in his total wealth to Rs 59,030 crore. Lodha and family secured the second spot with a total wealth of Rs 42,270 crore.
Menda and family debuted on the list and stood at the third spot with a total wealth of Rs 37,000 crore. The wealth of Gavya Amarender Reddy of GAR Corporation, who stood at the tenth spot, remained stagnant at Rs 15,000 crore.
Of the top 10, only three Indian realty barons saw their wealth rise during the period. This includes Chandru Raheja and family (1 per cent), Niranjan Hiranandani of Hiranandani Communities (7 per cent) and Vikas Oberoi of Oberoi Realty (1 per cent).
The report's findings also suggest that no new Indian real estate billionaire emerged last year. Currently, India has 13 real estate billionaires. This is much lower than 105 in China and 32 in the USA.
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Seven of these 13 are also included in the top 10 richest real estate billionaires globally.
Moreover, there are no women on the list of Indian realty billionaires compared to 21 in China and six in the USA.
Interestingly, during the year, the BSE Realty index fell 17.7 per cent compared to a 0.5 per cent reduction of the benchmark index Sensex.
The report also highlighted that at 29, Mumbai has the highest number of individuals on the list. New Delhi follows it with 23 and Bengaluru with 18. Over 70 per cent of the richest real estate entrepreneurs come from these three cities.
In the current edition of the list, Vinod Goenka of DB Realty saw the steepest rise in his wealth. Last year, his total net worth rose 188 per cent to Rs 980 crore.
With a wealth of Rs 380 crore, KV Satish, 45, of DS Max, is the youngest on the list. On the other hand, the oldest on the list is Prithvi Raj Singh Oberoi, 94, of East India Hotels, with a total wealth of Rs 4,010 crore.