DLF’s Rajiv Singh and family, ranked at 14, topped the Hurun India Rich List 2024 among real estate developers with a wealth of more than ₹1.37 lakh crore followed by Mangat Prabhat Lodha and family of Macrotech Developers at 17th rank and a wealth of over ₹1.03 lakh crore.
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Chandru Raheja and family of K Raheja Group took the third spot among real estate developers at 44th rank with a wealth of ₹51000 crore followed by Vikas Oberoi of Oberoi Realty at 47th rank with a wealth of ₹46800 crore.
Irfan Razack of Prestige Estate Projects was the biggest gainer at 51st rank with a wealth of ₹43600 crore. He has moved up 278 ranks from last year and has witnessed a wealth change of almost 178%, the Top 100 Hurun India Rich List 2024 showed.
Atul Ruia of Phoenix Mills takes the 86th spot with a wealth of ₹31500 crore and Niranjan Hiranandani of Hiranandani Group is at number 93 with a wealth of ₹30000 crore, the 2024 Hurun India Rich List showed.
According to the Rich List, the real estate sector has climbed to the fifth position, contributing 91 entrants, with 42 new additions in the past year. The industry’s total value has increased by 60%.
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Real estate sector climbs to 5th position in 2024 from 9th place in 2023
“Real estate has climbed to the 5th position in the 2024 Hurun India Rich List, with 42 new entrants, up from 9th place in 2023, highlighting the sector’s strong momentum. This growth is driven by a rapidly expanding middle class, robust economic growth, and rising investments. With the middle class expected to reach 547 million by 2030, residential sales are projected to increase by 10-12% in FY 2024-25, bolstered by approximately $ 4 billion in annual foreign investments,” said Anas Rahman Junaid, founder and chief researcher, Hurun India.
The report also noted that Dubai-based PNC Menon, founder and chairman of Sobha Group and originally from Palakkad, Kerala, has committed to building 50 homes for survivors of the Wayanad landslide. Menon is ranked 117th in the List with a wealth of ₹24,200 crore.
Adar Poonawalla, the chief of Serum Institute of India, known for its Covishield vaccine, has made headlines by purchasing London’s most extravagant home of the year. With a staggering price tag of around ₹1,446 crore, this mansion sets a new record in the city’s luxury property market. He is ranked fourth in the Rich List with a wealth of ₹2.89 lakh crore.
The 2024 Hurun India Rich List has been researched and compiled by the Hurun Research Institute for the 13 years running. The cut-off used was July 31, 2024 when the rate of exchange to the US dollar was ₹83.32. The list relates to individuals born or brought up in India, irrespective of their current residence or passport. Hurun Research only uses publicly available data.
For unlisted companies, Hurun Research’s valuation is based on the most recent investor round and a comparison with their listed equivalents using prevailing industry multiples such as Price to Earnings, Price to Sales, EV to Sales, EV to EBITDA.
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