India’s real estate industry has seen remarkable growth over the years, creating a breed of successful entrepreneurs and billionaires. These individuals have built vast fortunes through their visionary leadership, strategic investments, and a keen understanding of the Indian property market.
In the past year, there has been a decline in the wealth of 5 out of the top 10 billionaires in India. Their fortunes have decreased by varying percentages, ranging from 2 to 20 percent. On the other hand, 3 billionaires within the top 10 have experienced an increase in their wealth. However, over a span of five years, the wealth of 7 out of the top 10 billionaires has seen a significant surge, multiplying by an impressive range of 56 to 448 percent. Only one billionaire witnessed a marginal dip in their wealth during this period.
As of March 2023, the combined wealth of the top 10 real estate billionaires in India amounts to Rs. 2.82 lakh crore. Over the past year, their cumulative wealth has experienced a decline of Rs. 10,880 crore. However, their fortunes have witnessed a remarkable increase of Rs. 1.21 lakh crore over the course of the last five years.
In this article, we will introduce you to the top 10 real estate billionaires in India, highlighting their achievements and contributions to the industry.
Top 10 Real Estate Billionaires In India
1. Rajiv Singh
Rajiv Singh, DLF’s chairman, is India’s leading real estate mogul with a net worth of INR 59,030 crore. DLF has diversified into insurance, retail, and hospitality, and recently ventured into cricket sponsorship through the Indian Premier League (IPL). Rajiv’s father, KP Singh, chairs DLF and is a renowned real estate tycoon. KP Singh has received the prestigious Padma Bhushan civilian award.
2. Mangal Prabhat Lodha and family
Mangal Prabhat Lodha, a leading real estate tycoon in India, has a net worth of around INR 42,270 crore. He founded the Lodha Group, now known as the Mangal Prabhat Lodha family, with substantial family support. Lodha successfully launched the company’s highly anticipated IPO in 2021 and is spearheading the construction of a grand 75-story luxury tower in Mumbai.
3. Arjun Menda and his family
With a fortune of Rs 37,000 crore, Arjun Menda and his family from RMZ Corp made a notable debut in third place on the list. Taking charge of the RMZ Group’s daily operations are his sons, Raj Menda and Manoj Menda.
4. Chandru Raheja and family
Chandru Raheja, Chairman of K Raheja Corp, is an 81-year-old real estate tycoon with a wealth of 26,620 crores. K Raheja Corp has an extensive portfolio of over 20 million square feet of leased office space in Mumbai, Navi Mumbai, Pune, and Hyderabad. Under the leadership of his sons Neil and Ravi, the company listed a portion of its commercial investments through the Mindspace Business Parks REIT, in collaboration with Blackstone.
5. Niranjan Hiranandani
Hiranandani Group, founded by Niranjan and Surendra Hiranandani, is a prominent real estate conglomerate with diverse interests. Niranjan Hiranandani has gained recognition as one of India’s wealthiest real estate tycoons, with a net worth of INR 23,900 crore. The group’s notable accomplishments include the prestigious Hiranandani Gardens in Powai and Hiranandani Meadows and Estate in Thane.
6. Jitendra Virwani
Jitendra Virwani, a prominent South Indian business tycoon, leads the Embassy Group and drives the development of warehouses and industrial parks nationwide. With a net worth of INR 23,100 crore, he is among India’s wealthiest real estate developers. He is also the owner of the renowned Hill International Hotel, a prominent private academy in the country.
7. Vikas Oberoi
Vikas Oberoi, a prominent real estate tycoon in India, has established himself as one of the industry’s wealthiest individuals. Having inherited Oberoi Realty from his father, he has accumulated a fortune of INR 22,970 crore. With ownership of the renowned Westin Hotel and active participation in the development of Mumbai’s inaugural Ritz Carlton hotel and residential project, Vikas Oberoi remains a key player in shaping the real estate sector.
8. Basant Bansal and family
Basant Bansal, Founder and Chairman of the M3M Group, and his family are India’s wealthiest real estate developers with a fortune of 16,100 crores. The M3M Group is highly influential in Gurgaon and the capital city, making a strong presence in northern India. Renowned for their top-notch residential and commercial projects, the firm holds the ninth position in the prestigious ‘Veterans & Young Companies’ category.
9. Raja Bagmane
Raja Bagmane, the Managing Director of Bagmane Developers in Bangalore, is a prominent real estate tycoon in India, with a net worth of INR 16,730 crore. Since 1998, the company has been a leading force in creating modern office spaces, boasting an impressive portfolio of 15 million square feet of commercial space. Bagmane Developers is known for its continued expansion and innovation in the industry.
10. G Amarender Reddy & family
G Amarender Reddy, the richest real estate developer in Telangana, is among India’s wealthiest individuals with a fortune exceeding INR 15,000 crore. His company, the GAR Group, holds control over approximately 10 million square feet of office space in Hyderabad. Established in 1982 as a family-run firm, it is now led by the next generation, Abhinav Ram Reddy, a Harvard alumnus.
India has witnessed a steady increase in the number of millionaires, reaching around 7.96 lakhs annually. The real estate industry holds significant sway on this list, with projections indicating a doubling by 2026. While the pandemic impacted the sector, it is gradually recovering and showing resilience.