NEW DELHI: Mangal Prabhat Lodha of Macrotech Developers, earlier known as Lodha Developers, has been named the India’s richest property developer according to the fourth edition of GROHE Hurun India Real Estate Rich List 2020. Lodha’s net worth rose 39% year-on-year to Rs44,270 crore in 2020.
Rajiv Singh of DLF Ltd grabbed the second spot, with a 46% jump in its net worth to Rs36,430 crore, which was led by a 50% rise in the share price of the real estate company.
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With a net worth of Rs26,260, Chandru Raheja of K Raheja moved up two slots to take the third position. In July 2020, Mindspace Business Parks REIT raised Rs4,500 crores through initial public offering, causing the rise in his wealth.
As per the report, the total wealth of top 100 entrants in the list rose 26% year-on-year to Rs3.48 trillion.
The study, which ranks the top 100 Indian real estate developers in terms of their net worth, has been done in partnership with Hurun Report, a London-based publishing and events group, and GROHE, a Düsseldorf-headquartered bathroom solutions and kitchen fittings firm.
The Grohe Hurun Real Estate Rich List is compiled based on the valuation of real estate business owned by entrepreneurs. The personal liabilities or debt of the entrepreneur is not considered for net worth calculation. The data is as on 31 December 2020.
As per the report 65% of the real estate entrepreneurs saw an increase in wealth while 33% saw a decrease. There were 27 new additions to the list while 27 dropped off. The average age of the entrepreneurs on the list was 60, with the youngest being 36 year old Aditya Chandak of Chandak Group with a net worth of Rs280 crore and ranking 92.
Aged 91, Prithvi Raj Singh Oberoi of East India Hotels, is the oldest in the list with a net worth of Rs2,170 crore.
“Covid-19 was the litmus test for Indian real estate sector. We saw top developers in each city consolidating their market share. This could be the reason why the GROHE Hurun Real Estate Rich List registered the biggest churn of 27% since inception. Marred by Covid-19, the year 2020 showcased the resilience of the top developers in the country and not surprisingly the real estate business in India remains highly localised relative to similar/developed economies," said Anas Rahman Junaid, MD and chief researcher, Hurun India.
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