Maharashtra home to highest number of rich real estate entrepreneurshttps://indianexpress.com/article/cities/mumbai/state-home-to-highest-number-of-rich-real-estate-entrepreneurs-5462087/

Maharashtra home to highest number of rich real estate entrepreneurs

In Maharashtra, there are 41 such entrepreneurs spread across three districts — Mumbai, Thane and Pune. Maharashtra was followed by followed by Delhi with 22 individuals and Karnataka with 21 individuals.

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Five of the top 10 real estate entrepreneurs in the rich list stay in Mumbai. (Representational photo)

Maharashtra is home to the largest number of the richest real estate entrepreneurs in India, according to the GROHE Hurun India Real Estate Rich List 2018. The real estate rich list is based on valuation to primary ownership in Indian real estate businesses registered in the Ministry of Corporate Affairs.

In Maharashtra, there are 41 such entrepreneurs spread across three districts — Mumbai, Thane and Pune. Five of the top 10 real estate entrepreneurs in the rich list stay in Mumbai, including India’s richest real estate entrepreneur —Mangal Prabhat Lodha (62), founder of Mumbai-based real estate firm Lodha Group with total wealth of Rs 27,150 crore. Other Mumbai-based entrepreneurs that have been named in the top 10 include Chandru L Raheja, chairman of the K Raheja Corp with a net worth of Rs 14,420 crore, Vikas Oberoi of Oberoi Realty with wealth of Rs 10,980 crore, Niranjan Hiranandani of Hiranandani Group with wealth of Rs 7,880 crore and Anand Piramal, founder of Piramal Realty with wealth of Rs 6,380 crore.

“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),” said the report.

Maharashtra was followed by followed by Delhi with 22 individuals and Karnataka with 21 individuals. According to the report, both Delhi and Karnataka added four more real estate entrepreneurs to the 2018 rich list.

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According to the GROHE Hurun report, the total wealth of top 100 Indians in real estate sector in 2018 stood at Rs 2,36,610 crore, up 27 per cent from Rs 1,86,700 crore in 2017. The real estate rich list relates to those born and brought up in India and was compiled on the basis of net worth of living Indians as on September 30, 2018, when the rate of exchange to the US dollar stood at Rs 72.46. Nearly 59 per cent of the names featured in the report are first generation entrepreneurs, said the report.

“Realty sector in India has always been among the key wealth creators in the country. 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 per cent of the first generation entrepreneurs,” said Anas Rahman Junaid, MD and chief researcher, Hurun Report India.