India houses 245,000 millionaires, as per a recent report, this figure exhibits a likelihood of reaching 372,000 in 2022. Furthermore, India’s rise in assets of $451 billion is an indication of the eighth largest wealth procurement in the world by a country.
History vouches for the realty market as one of the biggest wealth making assets and as confirmed by a fresh report titled, GROHE Hurun India Real Estate Rich List 2017 presents a listing of the names of 10 richest people in the segment.
- Kushal Pal Singh: Rs 23,460 crore
Kushal Pal Singh, 87, the riches realty tycoon in India, leads the list with an inventory of Rs 23,460 crore. He owns Delhi Land and Finance (DLF) and is from the league of the biggest real estate developers, who is the innovator of the evolution of Gurugram as the leading Financial and Industrial nucleus in India. DLF is the sole realty firm that acquired the largest IPO and developed 27 million square feet so far. He was awarded the Padma Bhushan, one of the most honored civilian award in the country.
- Mangal Prabhat Lodha: Rs 18,610 crore
61-year old Mangal Prabhat Lodha has a net worth of Rs 18,610 crore which makes him the second richest person in GROHE Hurun India Real Estate Rich List. He is founder of the Lodha Group, which is presently constructing One Grosvenor Square; is an exclusive property and home to the former Canadian embassy. MP Lodha serves as the Member of Legislative Assembly.
- Jitendra Virwani: Rs 16,700 crore
Jitendra Virwani, 51, is regarded as South India’s largest office space owner having a wealth amounting to Rs 16,700 crore. Presently, he chairs the Embassy group and has been a forerunner in constructing industrial parks and storage spaces. The Stone Hill International School, one of India’s largest private owned institutes belongs to him. He is also has the membership of the equestrian federation of India.
- Yusuffali MA: Rs 12,180 crore
Yusuffali MA, 61, is owner cum manager of real estate investments in mall and hospitality domains via Line Investment and Property (LIP), his real estate capital ship firm and is net worthy of Rs 12,180 crore. LIP at present runs in excess of 8.6 million square feet of retail space through GCC and India that is poised to cover 12 million square feet with the imminent new projects by close of 2018. He is the first person from Asia to reach the Abu Dhabi chamber of Commerce and Industry. He has lately bought a site of the original Scotland Yard police station in London for erecting a five star hotel.
- Vikas Oberoi: Rs 11,040 crore
Vikas Oberoi, 47, a Harvard graduate, owner and manager of Oberoi Realty, has a fortune of Rs 11,040 crore. He took over the management of the company that was set up by his father Ranvir Oberoi. His corporate approach and multifarious plans have reaped a massive nine times growth for Oberoi Realty with a net profit of 40 percent. Pioneered by him, the company has 22 million square feet under way and brands such as Ritz Carlton.
- Chandru Lachmandas Raheja: Rs 10,440 crore
Chandru Lachmandas Raheja, 77, is the chief of a privately held commercial developer in Mumbai with assets of Rs 10,440 crore. K Raheja Corp’s portfolio holds entirely leased 20 million sq ft office spaces all over Mumbai, Navi Mumbai, Hyderabad and Pune. K Raheja Corp built the first orderly suburban business park, Mindspace, in Malad, Mumbai.
- Atul Ruia: Rs 5,160 crore
Atul Ruia, 46, the fabric mogul who initiated the series of malls branded as Phoenix, which records 12 million shoppers every year, owns assets of Rs 5,160 crore. An alumnus of the Wharton school of finance, he is a risk-taker in the market for big investments. He effected establishment of the High Street Phoenix in Mumbai by rebuilding over the family mill.
- Sameer Gehlaut: Rs 5,050 crore
Sameer Gehlaut, 43, architect of Indiabulls Group has been educated from IIT Delhi. He has wealth of Rs 5,050 crore. Indiabulls belongs to the league of the highest dividend paying companies with an AAA rating. Indiabulls Group is the third biggest realty company and holds a record of 4.7 million square feet under Mr. Gehlaut’s leadership.
- Ajay Piramal: Rs 3,640 crore
Ajay Piramal, 62, a Harvard graduate who heads the Piramal Group, has a fortune-worth of Rs 3,640 crore. He advanced the textile business to blend with heterogeneous business interests. His corporate strategy and plan to diverse have pushed Piramal Realty to new heights. Headed by him, the firm has more than 10 million square feet developed. The Piramal Realty came up with India’s first mall, Crossroads, at South Mumbai.
- Niranjan Hiranandani & Surendra Hiranandani: Rs 3,350 crore each
Niranjan Hiranandani, together with his brother Surendra Hiranandani, set up the Hiranandani group in the latter part of 1970s. The Mumbai-based developer has ventured into commercial, residential, hospitality and education sectors. The group is one of the first among developer’s to take on township development projects, like Hiranandani Gardens in Powai and Hiranandani Meadows and Hiranandani Estate in Thane.