The recently released Hurun India Rich List 2024 highlights a significant shift in the Indian economic landscape, with the real estate sector climbing to fifth place, boasting 91 entrants—42 of whom are new to the list. This remarkable surge underscores the sector’s increasing importance, fuelled by robust demand and substantial capital appreciation. The evolving dynamics of urbanisation, coupled with a burgeoning middle class, continue to drive growth in this segment, reflecting the optimistic trajectory of the Indian economy.
Leading the real estate charge is Rajiv Singh, Chairman of DLF, who stands as the wealthiest developer in India, securing the 14th position overall with a net worth surpassing ₹1.37 lakh crore. Following him is Mangat Prabhat Lodha from Macrotech Developers at 17th, with a wealth of over ₹1.03 lakh crore. Chandru Raheja of the K Raheja Group occupies the third spot among property tycoons, ranking 44th with ₹51,000 crore. The significant climb in wealth for Irfan Razack of Prestige Estate Projects is noteworthy, as he jumped 278 ranks to secure the 51st position, driven by an astonishing 178% increase in wealth over the past year, highlighting the buoyancy of the real estate market.
This year’s rich list showcases not only established magnates but also reflects the changing economic realities, with the real estate industry witnessing a surge from the ninth position in 2023 to fifth in 2024. The growth narrative is reinforced by a forecasted rise in residential sales by 10-12% for FY 2024-25, backed by an anticipated influx of around $4 billion in foreign investments. A Hurun India spokesperson noted that the middle class is expected to swell to 547 million by 2030, further solidifying the sector’s potential for growth.
