GROHE Hurun India Real Estate Rich List 2018


by Shrutee K/DNS

Mumbai, 21st November 2018: Hurun Report and GROHE India unveiled the second edition of ‘GROHE Hurun India Real Estate Rich List 2018’ – featuring the richest real estate entrepreneurs in India. The 2018 edition of the GROHE Hurun India Real Estate Rich List is topped by Mangal Prabhat Lodha of Lodha Group followed by Jitendra Virwani of Embassy Group at #2 and Rajiv Singh of DLF at #3. 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). The total wealth of top 100 real estate barons featured in the list accounted for INR 236,610 crore (USD 32.7 bn) in 2018 – up 27% against 2017 edition’s cumulative wealth of INR 186,700 crore (USD 28.6 bn). The List was compiled on the basis of net worth of living Indians as on 30th September, 2018 when the rate of exchange to the US Dollar stood at INR 72.46. The list relates to Indians only, defined as born or brought up in India.

59% of the names featured in 2018 edition of GROHE Hurun India Real Estate Rich List are first generation entrepreneurs. The average age of the participants is 59 years – with the youngest being 24 years (Kunal Menda of RMZ) and the eldest being of 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. 9 women too feature on the list – with Renuka Talwar of DLF being the richest woman ranked #19. Among the 10 debutants in the list, Rameshwar Rao Jupally of My Home Constructions ranked the highest at #14 among the top 100.

Total wealth of top 100 Indians in Real Estate sector stood at INR 236,610 crore (USD 32.7 bn) – up 27% against 2017

Mangal Prabhat Lodha (62) of Lodha Group ranked at top spot with total wealth of INR 27,150 cr
  
Jitendra Virwani (52), of Embassy secures #2 spot with total wealth of INR 23,160 crore followed by Rajiv Singh (59) of DLF at #3 with total wealth of INR 17,690 crore 

Renuka Talwar of DLF featured as the richest woman in GROHE Hurun India Real Estate Rich List 2018 – 8 more women feature in the list

3 cities - Mumbai, New Delhi and Bengaluru are home to 78% of the top 100 rich listers 

59% of the names featured on the list are first-generation entrepreneurs

Average age of the individuals in the list is 59 while average wealth is INR 2,366 crore

Kunal Menda (24) of RMZ is the youngest to feature on the list while, PrithviRaj Singh Oberoi (89) of East India Hotels is the eldest

Piramal Realty, founded by Anand Piramal, storms into top 10

Commenting on the launch of the GROHE Hurun India Real Estate Rich List 2018, Anas Rahman Junaid, MD and Chief Researcher, Hurun Report India, said “Real Estate sector in India has always been among the key wealth creators in the country. The combined wealth of top 100 names listed by us in 2018 stands at USD 32.3 billion – or in other words a billion dollar more than the GDP of Cyprus. It is also an industry that demands patience and persistence – with average age of the participants on the list hovering around 59 years and accounting for 59% of the first generation entrepreneurs. India perhaps accounts for the largest population of homeless people in the world and aptly, the government is embarking on its most ambitious housing program. At the same time, the Indian economy is back on track and is expected to uplift millions of people to better economic condition – thereby further improving the demand for the real estate – across premium, residential, office and commercial segments. In the coming years, value creation in the wake of greater transparency and institutionalisation in the sector is expected to take the sector to a new orbit.’’

Speaking at the launch, Audrey Yeo, Vice President, Marketing, GROHE Asia, said; “The Indian real estate is maturing owing to multiple factors. One, the new breed of home buyers is more informed and quality conscious – thereby demanding premium - better living spaces. Two, with RERA, the transparency and quality assurance of the projects has moved to the developers. And three, India continues to reap its demographic dividend with millions of young, ambitious people with high purchasing power fuelling the consumption across industries.”

“The GROHE Hurun India Real Estate Rich List 2018 celebrates the champions who are altering the course of a promising industry by not only creating wealth for themselves, but most successfully serving the consumer aspirations in India best. GROHE, a leader in premium sanitary fittings is committed to bringing well designed products and world class technology to consumers, and these developers are the powerful movers and shakers of the industry who appreciate and acknowledge the best world has to offer. Being a partner to most the names on the list, it gives me great joy to say at GROHE India, we are extremely proud to be in good company”, added Audrey.

Top 10 in GROHE HURUN INDIA REAL ESTATE RICH LIST 2018

Rank
Name
Net Worth  INR crore
Main Company
City of
Residence
1
Mangal Prabhat Lodha
27,150
Lodha
Mumbai
2
Jitendra Virwani
23,160
Embassy 
Bengaluru
3
Rajiv Singh
17,690
DLF
New Delhi
4
Chandru Raheja 
14,420
K Raheja
Mumbai
5
Vikas Oberoi
10,980
Oberoi Realty 
Mumbai
6
Niranjan Hiranandani
7,880
Hiranandani
Mumbai
6
Surendra Hiranandani
7,880
Hiranandani
Singapore
8
Ajay Piramal & family
6,380
Piramal Realty
Mumbai
9
Manoj Menda
5,900
RMZ 
Bengaluru
9
Raj Menda 
5,900
RMZ 
Bengaluru
Source: Hurun Research Institute 2018. GROHE Hurun India Real Estate Rich List 2018

GROHE Hurun India Real Estate Rich List 2018 by City

Rank
City
No. of individuals
Richest  Individual
Net Worth  INR Crore
1
Mumbai
35
Mangal Prabhat Lodha
27,150
2
New Delhi
22
Rajiv Singh
17,690
3
Bengaluru
21
Jitendra Virwani 
23,160
4
Pune
5
Atul Chordia
1,810
5
Hyderabad
4
Rameshwar Rao Jupally
3,370
6
Noida
2
RK Arora
510
6
Chennai
2
M Arun Kumar, K R Anerudan
680
6
Gurugram
2
Roop Kumar Bansal
1,990
6
Cochin
2
KV Abdul Azeez & family
650
10
Kolkata
1
Harshvardhan Neotia & family
1,880
10
Thane
1
Shailesh Puranik & family
370
10
Ahmedabad
1
Gautam Adani & family
2,720
Source: Hurun Research Institute 2018. GROHE Hurun India Real Estate Rich List 2018

Debut in GROHE HURUN INDIA REAL ESTATE RICH LIST 2018 (self-made entrepreneurs)

Rank
Name
Net Worth INR Crore
Company
1
Rameshwar Rao Jupally
3,370
My Home Constructions
2
Raja Bagmane
2,940
Bagmane Developers
3
Gautam Adani & family
2,720
Adani Realty
4
Roop Kumar Bansal
1,990
M3M India
5
Basant Bansal
1,980
M3M India
6
Patanjali Govind Keswani & family
1,870
Lemon Tree 
7
Atul Chordia
1,810
Panchshil Realty & Developers
8
Anil Bhalla
990
Vatika 
9
Suresh L Raheja & family
880
Raheja Universal
10
Vijay Vasudev Wadhwa
860
Wadhwagroup Holdings
Source: Hurun Research Institute 2018.GROHE Hurun India Real Estate Rich List 2018

GROHE HURUN INDIA REAL ESTATE RICH LIST 2018 – The Biggest Gainers

No
Name
Wealth (INR crore)
% Change
Company
Primary Segment
1
Manoj Menda
5,900
122%
RMZ 
Commercial
2
Raj Menda
5,900
122%
RMZ
Commercial
3
Ajay Piramal & family
6,380
75%
Piramal Realty
Residential
4
Harshavardhan Neotia & family
1,880
66%
Ambuja Neotia
Residential
5
Jude Romell & Dominic Romell
720
61%
Romell Real Estate
Commercial
6
Sunil Mittal & family
1,230
54%
Bharti Realty
Commercial
7
Boman Rustom Irani
1,150
52%
Keystone Realtors
Residential
8
Percy Sorabji Chowdhry
580
52%
Keystone Realtors
Residential
9
Chandresh Dinesh Mehta
580
52%
Keystone Realtors
Residential
10
Jitendra Virwani
23,160
39%
Embassy
Commercial
Source: Hurun Research Institute 2018. GROHE Hurun India Real Estate Rich List 2018

About Hurun Report: Hurun Report is a leading luxury publishing and events group established in London in 1998 with a strong presence in China and India. It is widely recognized world-over for its comprehensive evaluation of the wealthiest individuals across the globe. Hurun Report is the largest compiler of the rich list globally. Hurun Report Inc. has four divisions: Hurun Report Media, a stable of digital media and four magazines; Hurun Research Institute; Hurun Conferences, an active events division targeting entrepreneurs and high net worth individuals; and Hurun Investments, a US$20m early stage venture capital fund with investments into tech, media, retail and education.

About Hurun Report India
“Passionate About Indian Entrepreneurship”
Hurun Report India commenced operations in 2012 and has been bringing to light stories of successful and emerging Indian entrepreneurs ever since, felicitating them at a bouquet of Hurun events hosted pan-India. Hurun Report India serves as India’s definitive voice celebrating wealth creation, innovation and growth. Last year, Hurun further expanded its repertoire by releasing the Hurun Global Rich List 2017, a ranking of the 2,694 US dollar billionaires, so-called ‘Nine-Zero Club’, currently in the world and the seventh India Rich List which ranks the 831 richest individuals in India, allowing for comparisons between some of the most dynamic economies in the world. The purpose of this list is to try and tell the story of modern India through the eyes of an entrepreneur.  For the full details, please refer to on www.hurunindia.net  

About GROHEGROHE is a leading global brand for complete bathroom solutions and kitchen fittings and has a total of over 6,000 employees, 2,400 of which are based in Germany. GROHE has been part of the LIXIL Group Corporation since 2014. As an international brand, GROHE pursues the brand values of technology, quality, design and sustainability, seeking to offer the “Pure joy of water”. GROHE has been developing new product categories since its inception. This includes the GROHE Blue and Red water systems and the recently-introduced GROHE Sense water security system, which is an innovative component in the growth market of smart home technology. Innovation, design and development are closely aligned with one another and are enshrined in the German site as an integrated process. As a result, GROHE products carry the seal of quality “Made in Germany”. In the past ten years alone, more than 300 design and innovation awards as well as several top rankings at the German Sustainability Award have confirmed GROHE's success. GROHE was the first in its industry to win the German government’s CSR prize and was also featured in the renowned Fortune® magazine’s ranking of Top 50 that are “Changing the World”.

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