New Delhi: DLF Chairman K P Singh is the richest real estate tycoon in the country with a fortune of Rs. 23,460 crore, followed by Lodha Group Chairman M P Lodha, according to a report. Hurun Report today released its ‘GROHE Hurun India Real Estate Rich List 2017’.
“Kushal Pal Singh, 87, the wealthiest real estate baron in India, tops the list with a fortune of Rs. 23,460 crore,” Hurun Report said in a statement. As per the list, Lodha, who is also a BJP MLA from Maharashtra, is at the second position with wealth of Rs. 18,610 crore.
Jitendra Virwani of Embassy Group ranks third with wealth of Rs. 16,700 crore, followed by Abu Dhabi-based Yusuffali MA of Line investment and Property (Rs. 12,180 crore) and Vikas Oberoi of Oberoi Realty (Rs. 11,040 crore). K Raheja Corp’s Chandru Lachmandas Raheja is at sixth position at Rs. 10,440 crore, followed by Atul Ruia of Phoenix Mills (Rs. 5,160 crore), Sameer Gehlaut and family of Indiabulls Real Estate (Rs. 5,050 crore) and Ajay Piramal of Piramal Realty (Rs. 3,640 crore).
Surendra Hiranandani and Niranjan Hiranandani of Hiranandani Group were jointly at the tenth position with a fortune of Rs. 3,350 crore each. By state, Maharashtra tops the list with 38 real estate entrepreneurs, followed by Delhi (19) and Karnataka (17).
“The top 5 cities account for 86 per cent 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, MD and Chief Researcher, Hurun Report India.