Realty tycoons prefer to reside in Mumbai

MUMBAI/DELHI: BJP MLA from Malabar Hill, Mangal Prabhat Lodha (62) has been ranked the richest builder in India with a wealth of Rs 27,150 crore, according to the GROHE Hurun India Real Estate Rich List 2018 released on Wednesday. In 2017, he was second with a wealth of Rs 18,610 crore. Jitendra Virwani (52) of Embassy Property Developments, secured the second spot with a wealth of Rs 23,160 crore. In 2017, he was at No. 3 with a wealth of Rs 16,700 crore.

NCR-based DLF’s promoter Rajiv Singh featured at No. 3 place with a wealth of Rs 17,690 crore. In 2017, DLF’s promoter and Rajiv Singh’s father K P Singh was at the top position with a wealth of Rs 23,460 crore. But due to the slowdown in the real estate, in NCR particularly, the fortunes of realtors in the region has taken a hit.

With a fortune of Rs 2,780 crore, Renuka Talwar (62), daughter of DLF chairman K P Singh, is the richest woman in the real estate rich list.

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According to the report, Mumbai is the most preferred city of residence for real estate tycoons in India with 35 names hailing from the city, followed by Delhi (22) and Bengaluru (21). Total wealth of the top 100 real estate barons featured in the list accounted for Rs 2,36,610 crore ($32.7 billion) in 2018 — up 27% from 2017 edition’s cumulative wealth of Rs 1,86,700 crore ($28.6 billion).

The list was compiled on the basis of net worth of living Indians as on September 30, 2018, when the rate of exchange to the US dollar stood at Rs 72.46. The list relates to Indians only, defined as born or brought up in India.

The report further revealed that 59% of the names featured are first-generation entrepreneurs. Average age of the participants is 59 years, with the youngest being 24 years (Kunal Menda of RMZ) and the eldest at 89 years (Prithvi Raj Singh Oberoi of East India Hotels). “Only four names aged below 40 years were featured in the list — indicating that the experienced and long-standing names build wealth in the long run from this sector in India,’’ said the report.

Nine women featured on the list — with Talwar of DLF being the richest woman ranked at 19. Among the 10 debutants in the list, Rameshwar Rao Jupally of My Home Constructions ranked the highest at 14 among the top 100.

Hurun Report India MD chief researcher Anas Rahman Junaid said, “The combined wealth of top 100 names listed by us in 2018 stands at $32.3 billion, or in other words, a billion dollars more than the GDP of Cyprus.”

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