Kushal Pal Singh of DLF tops the list of Grohe Hurun India Real Estate Rich List 2017

He is followed by Mumbai-based Mangal Prabhat Lodha from Lodha Group with wealth Rs 18,610 crore and Bengaluru-based Jitendra Virwani from Embassy Property Developments with a wealth of Rs 16,700 crore.

Smitha V Crishna (66) of Godrej Properties is the richest woman with a fortune of Rs 2,210 crore.

Hurun Report recently released the GROHE Hurun India Real Estate Rich List 2017, which is the list of richest real estate entrepreneurs in India.

Six billionaires figure among the Grohe Hurun India Real Estate Rich List 2017. Average wealth of Grohe Hurun India Real Estate Rich List 2017 is Rs 1,969 crore.

“With a growing middle class population, it is imperative that India produces respectable brands in real estate in the next few years," said Anas Rahman Junaid, MD and Chief Researcher, Hurun Report India.

"GROHE, a leader in premium sanitary fitting is committed to bringing world class technology and design to
consumers, and these key developers are the powerful movers and shakers of the  industry who appreciate and acknowledge the best world has to offer. We are delighted to be in association with them as this allows GROHE to create a platform for bringing world class solutions to the Indian consumers via the developer community," said Anas Rahman Junaid.

Hurun Report India is part of Hurun Report, a luxury publishing and events group established in London in
1999.  Hurun Report India commenced its operations in 2012 and focuses on stories of successful and emerging Indian entrepreneurs.

According to the report, Mumbai, New Delhi and Bengaluru are home to 74 per cent of the Grohe Hurun India Real Estate Rich List.

These three cities also feature among the top cities under the Hurun India Rich List, which also contains names of 35 individuals from the List.

“The top 5 cities accounts for 86 per cent of top 100 real estate rich-listers in India. Majority of real estate developers are discreet, so for every entrepreneur who we have found, we may have missed two. Real estate holdings are rather scattered in India and there is a good chance that we may have missed associated companies/ subsidiaries in certain cases,” said Anas Rahman Junaid.

“The cut off of Rs 300 crore is surprisingly low for a big country like India,"  said Rupert Hoogewerf, Chairman and Chief Researcher, Hurun Report Global.

According to the List, the Menda family, owns and runs the most valuable commercial space developer in South India, RMZ Corp valued at Rs 19,230 crore.

Kunal Menda (23 years) with a networth of Rs 660 crore is the youngest member on the List while Prithvi Raj Singh Oberoi (88) of East India Hotels with a networth of Rs 3,120 crore is the oldest. Average age of the people on the List is 56 while average of the top 10 on the List is 60 years,

Among those who have made it to the List, 62 per cent are residential developers, while the rest are commercial, hospitality and retail real estate developers.

Shubhajit Sen, Country Head, GROHE India, said, “The growth in India’s middle class is driving strong demand for quality houses, which real estate brands have an opportunity to fulfill. I am delighted to partner with the Hurun Report India, India’s leading research house, to connect with consumers through their platform promoting respected real estate brands and entrepreneurs in India."

According to the Hurun Report India (Report), RBI Housing price index indicates that demonetization has a positive impact on housing prices.

Housing price index rose 10 per cent for the nine months ended on September 2017 compared to marginal growth rate of 3 per cent in FY 16, the Report said.

All major cities have recorded a price increase after demonetization except Jaipur where the prices are 3 per cent below the pre demonetization level.

Lucknow, Chennai and Ahmedabad recorded post demonetization housing price rise of 30 per cent, 20 per cent and 17 per cent, respectively.

“Based on a survey with the real estate agents in and around India, one could expect the house price to go up in the short term and a possible correction in five years especially in small cities. This is supported by inventory overhang and possible long term effects of the current GDP slow down,” said Anas Rahman Junaid.

Talking about the credit worthiness of companies in GROHE Hurun India Real Estate Rich List 2017, the Report mentioned that only 76 per cent of companies are credit rated - ICRA (18 per cent), CRISIL (17 per cent) and Brickwork (16 per cent).

Ninety-nine per cent of rated companies in GROHE Hurun India Real Estate Rich List 2017 have a stable credit, rating reaffirms the quality of business listed, according to the Report. However, for three companies in the list, ratings have been withdrawn by the respective agencies.

The Report is available on www.hurunindia.net.

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