The 2024 Grohe-Hurun India Real Estate Rich List has unveiled the nation’s foremost real estate moguls, with Rajiv Singh of DLF topping the rankings with a staggering wealth of Rs 1,24,420 crore. Following Singh is Mangal Prabhat Lodha from Macrotech Developers, boasting a wealth of Rs 91,700 crore, and Gautam Adani & family from Adani Realty, holding Rs 56,500 crore. This year’s list notably features five entrepreneurs from Bengaluru and four from Mumbai, highlighting the regional concentration of wealth within India’s burgeoning real estate sector.
Vikas Oberoi, 54, of Oberoi Realty, has made impressive strides, claiming the fourth position with a wealth of Rs 44,820 crore—a remarkable 96% increase attributed to the company’s strategic expansion into the National Capital Region (NCR). Notably, Oberoi Realty’s recent acquisition of 14.81 acres in Gurugram for Rs 597 crore has significantly bolstered its market position. In fifth place, Chandru Raheja and family of K Raheja Group experienced a 65% increase in wealth, despite falling in rank. The group is currently focusing on redeveloping SOBO Central Mall, India’s first mall, into a luxurious residential project, showcasing a shift towards high-end real estate.
Raja Bagmane, 64, of Bagmane Developers, ranks seventh with a wealth of Rs 19,650 crore, reflecting a 5% increase. The Bengaluru-based company recently secured a lease for 2.23 lakh sq. ft of office space to Texas Instruments for Rs 1.4 crore monthly, signalling strong demand for commercial real estate. Jitendra Virwani, 58, of Embassy Group, occupies the eighth position with a wealth of Rs 18,000 crore, despite experiencing a 53% decrease from the previous year. Embassy Group continues to be a key player in the commercial real estate market, particularly in office spaces. In ninth place are Irfan, Rezwan, and Noaman Razack of Prestige Estates Projects, each with a wealth of Rs 13,970 crore, reflecting an astonishing 230% increase.
The group currently manages 1,849 hospitality assets across India and plans to double its portfolio over the next three to four years, backed by an investment of Rs 1,700 crore. The 2024 Grohe-Hurun India Real Estate 100 features companies from ten states, predominantly from Maharashtra, Delhi, and Karnataka. Mumbai leads with 33 companies, followed by Bengaluru with 15, New Delhi with 14, and Gurugram with 10. Among the significant gainers in valuation growth are Unitech from New Delhi, alongside Tata Realty and Puravankara. The standout performers in terms of absolute value growth year-on-year include DLF, Macrotech Developers, and Prestige Estates Projects, reflecting a robust and competitive real estate landscape in India.
