Macrotech Developers’ Mangal Prabhat Lodha tops real estate rich list

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The wealth of the top 100 Indians in the real estate sector has risen 26 per cent from 2019 to Rs 3.49-lakh crore; Bijay Kumar Agarwal of Sattva Developers was the fastest riser, reporting 290 per cent growth

With a networth of ₹44,270 crore, Mangal Prabhat Lodha of Macrotech Developers is the richest real estate baron in the country, followed by Rajiv Singh of DLF with a wealth of ₹36,430 crore. There were 27 new additions to the real estate rich list of 2020, while Mumbai, New Delhi and Bengaluru were home to 73 per cent of the real estate entrepreneurs.

This is the fourth consecutive year MP Lodha, the founder and promoter of Lodha Group, has emerged as the richest real estate baron, with his wealth rising 39 per cent during the year. Lodha Group (formerly Lodha Developers) had the highest revenue from operations among all the real estate developers in India during the pandemic hit 2020, according to GROHE Hurun India Real Estate Rich List 2020.

The average wealth in the GROHE Hurun India Real Estate Rich List 2020 rose by 27 per cent or ₹3,487 crore, while the combined wealth of entrepreneurs on the list grew by 27 per cent compared to 2019 and 65 of them increased their wealth, including the 27 new additions.

India’s largest real estate developer, DLF Ltd chairman Rajiv Singh, recorded a 45 per cent rise in wealth, backed by a 50 per cent increase in the company’s share price.

With a net worth of ₹280 crore, Aditya Chandak (36) of Chandak Group is the youngest, while Prithvi Raj Singh Oberoi (91) of East India Hotels with a net worth of ₹2,170 crore is the oldest.

Among the States, Maharashtra topped the list with 38, followed by Delhi and Karnataka with 22 and 20 individuals, respectively. City-wise, Mumbai with 31 topped the charts, followed by New Delhi (22), Bengaluru (20), Hyderabad (5) and Pune (5).

The top 9 listed companies in the list have almost recovered the losses they registered since the lockdown, it added.

India, with a growing population, currently has one of the top five most-pronounced housing shortages in the world and will need to build 25 million additional affordable housing units by 2030.