India is witnessing a burgeoning population of millionaires, which is expected to double by 2026. One sector that has significantly contributed to this wealth surge is real estate. Despite facing challenges due to the pandemic, India's real estate industry is on the path to recovery. According to the latest Grohe-Hurun India Real Estate Rich List for 2021, India is now home to 11 real estate billionaires. Let's delve into the lives of these titans of Indian real estate, exploring their fortunes, their businesses, and their opulent lifestyles.
Net Worth: INR 61,220 crore
Leading the pack as India's richest real estate tycoon is Rajiv Singh, the entrepreneur and chairman of DLF. With a net worth of INR 61,220 crore, Rajiv Singh has diversified into various businesses, including insurance, retail, and hospitality. DLF has even ventured into the world of cricket by securing sponsorship rights for the Indian Premier League (IPL). His father, KP Singh, who remains the chairman of DLF, has also been honored with the Padma Bhushan, one of India's highest civilian awards.
Net Worth: INR 41,399 crore
Mangal Prabhat Lodha is one of India's wealthiest real estate tycoons, with a net worth exceeding INR 52,000 crore. Ranking second on the GROHE Hurun India Real Estate Rich List for 2021, Lodha laid the foundation of the Lodha Group, supported by his family. In 2021, he successfully completed his company's long-pending IPO. Notably, Lodha is responsible for the construction of a luxurious 75-story skyscraper in the heart of Mumbai.
Net Worth: INR 33,104 crore
Chandru Raheja, the 81-year-old Chairman of K Raheja Corp, is among India's wealthiest real estate moguls. The company boasts a diverse portfolio, with approximately 20 million square feet of office spaces leased across Mumbai, Navi Mumbai, Pune, and Hyderabad. K Raheja Corp is now under the leadership of Chandru Raheja's sons, Neil and Ravi. Recently, the company listed a portion of its commercial properties under the Mindspace Business Parks REIT, in collaboration with private equity firm Blackstone.
“In the realm of Indian real estate, these titans have not only built remarkable fortunes but have also laid the foundation for a thriving future, shaping the landscape of luxury and opulence.”
Net Worth: INR 16,122 crore
Jitendra Virwani, a prominent business tycoon in South India, owns the Embassy Group and is known for pioneering the development of warehouses and industrial parks across India. With a total wealth of INR 23,260 crore, Jitendra Virwani ranks among India's richest real estate developers. He is also the owner of Hill International Hotel, one of India's largest private academies.
Net Worth: INR 26,482 crore
Vikas Oberoi is a renowned property magnate and one of the most popular real estate tycoons in India. With an overall wealth of INR 22,780 crore, he has worked diligently to build Oberoi Realty, a company he inherited from his father, Ranvir Oberoi. Vikas Oberoi owns the Westin hotel in suburban Mumbai and is involved in the construction of the city's first Ritz-Carlton hotel and residences.