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In the Grohe-Hurun India Real Estate Rich List 2021 released on 6 April 2022, total wealth of the top-100 real estate families jumped to Rs 453,700 crore ($60 bn) – up 30 per cent against 2020
Photo Credit : Ritesh Sharma
In the fifth Grohe-Hurun India Real Estate Rich List 2021 one of the largest real estate company, DLF, has emerged at the top spot. With a wealth of Rs 61,220 crore, up 68 per cent, Rajiv Singh, 62, of DLF, for the first time, becomes the richest real estate entrepreneur in the Grohe-Hurun India Real Estate Rich List 2021.
Despite registering a 20 per cent increase in wealth to cumulate at Rs 52,970 crore, Mangal Prabhat Lodha and family (66) of Macrotech Developers is at the second spot. With a wealth of Rs 26,290 crore, Chandru Raheja and family, of K Raheja has retained the third spot on the list said an official statement.
The total wealth of the top-100 in Grohe-Hurun India Real Estate Rich List 2021 stood at Rs 453,700 crore ($60 bn) – up 30 per cent against 2020.
The western region states of Maharashtra and Gujarat accounted for 46 per cent of the cumulative wealth of real estate billionaires, an increase of 5 per cent over the last five years, it said.
With an increase of 191 per cent or Rs 1,470 crore, M. Arun Kumar of Casagrand (45), Chennai, emerged as the biggest gainer in the list, the report said.
Hyderabad-based G. Amarender Reddy and family of GAR Corporation emerged as the wealthiest new entrant. Overall, he was ranked ninth in the list.
Gurugram-based Basant Bansal and family of M3M India registered a 75 per cent growth in wealth, gained 8 spots and secured 7th rank in the list.
The GROHE-HURUN India Real Estate Rich List 2021 ranked 100 individuals from 71 companies and 14 cities. The report added that 81 per cent of the list saw their wealth increase, of which 13 were new faces. It said 13 per cent saw their wealth decrease, and there were 13 drop-offs. The average age of the realty-business entrepreneurs was 61.
Despite all the news of a slowdown in the sector, some of the key trends in the list indicate a positive future, it said. For instance, the average wealth in the GROHE-HURUN India Real Estate Rich List 2021 has increased by 30 per cent, to INR 4,537 crore. The combined wealth of the entrepreneurs on the list grew by 30 per cent compared to 2020 and 81 of them increased wealth, including 13 new additions. Real estate and infrastructure are undoubtedly two of the most significant indicators of an economy.
Hurun India MD and Chief Researcher Anas Rahman Junaid said, “After lying low for the last few years, Indian real estate sector is all set to become one of the biggest growth engines in India. Extraordinary world events such as Covid-19, Ukraine War coupled with inflation increased the attractiveness for investing in real estate, resulting in overall positive performance of the sector."
For the year under review, the BSE Realty index gained 55 per cent compared to a 22 per cent gain of the benchmark index Sensex. The real estate stocks are primarily driven by a recovery in real estate demand on the back of low-interest rates and government incentives. This could be the reason why the GROHE-HURUN Real Estate Rich List registered the biggest ever cumulative wealth growth of 30 per cent since inception, Junaid said.
Bobby Joseph, Leader, LWT, India & Subcon (GROHE & American Standard) said, “It feels great to be associated with Hurun India for the fifth year in a row to recognize the contribution of realtors in India's growth journey. Interestingly, while the economy reeled under the pressure of the pandemic, the real estate sector has been one of its key energizers. It has secured its spot as a key economic driver while globally shifting the spotlight on India as a hot real estate market.
The sector is shining with a spirit of innovation, modernized concepts and ethical practices and has opened avenues for several asset classes, further having a snowball effect on the wealth creation in the country.
There is an increased propensity among the FIRE (Financially Independent Retire Early) generation to invest in the realtor market cascading unparalleled growth opportunities for the industry. By 2030, India will require more than 25 million new affordable housing units and developers are persevering in their efforts which is reflected in the 30% increase in average wealth according to the GROHE Hurun India Real Estate Rich List 2021.
Considering the accelerated demand, we can potentially create at least 50 billionaires from the real estate sector to hit a GDP of USD 5 trillion in 5 years. The importance of the development and growth of the real estate sector cannot be overstated, and it's heartening to see that we are headed in the right direction."