India’s Top 5 Billionaire Property Tycoons
<span style="font-weight: 400;">With a wealth of Rs 44,270 crores, Mangal Prabhat Lodha (65) and family of Lodha Group is the richest real estate developer on the GROHE Hurun India Real Estate Rich List 2020 for the fourth consecutive year. His wealth increased by 39 percent in the current year. Fou
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Mar 26, 2021 4:48 AM
With a wealth of Rs 44,270 crores, Mangal Prabhat Lodha (65) and family of Lodha Group is the richest real estate developer on the GROHE Hurun India Real Estate Rich List 2020 for the fourth consecutive year. His wealth increased by 39 percent in the current year. Founded in 1980 and headquartered in Mumbai, Lodha is India’s largest real estate developer by sales value for financial years 2014-20 and the second-largest by area delivered. Lodha Group had the highest revenue from operations among all the real estate developers in India during the pandemic hit year 2020, the List said. With a wealth of Rs 36,430 crores, Rajiv Singh, 61 of DLF ranked second on the list and registered an increase of 45 percent in wealth, backed by 50 percent rise in DLF’s share price. Established in 1946, Delhi Land & Finance (DLF Limited) is the largest publicly listed real estate company in India with properties in 15 states and 24 cities. DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF and Singapore's sovereign wealth fund GIC has 34 million square feet of office and retail properties generating an annual rental income of Rs 3,500 crores. With a 70 percent increase in wealth and current wealth of Rs 26,260 crore, Chandru Raheja & family, 80, of K Raheja Corp moves up two spots and storms into the third spot in the GROHE Hurun India Real Estate Rich List 2020. K Raheja Corp has over 20 million square feet of office space, making it the second-largest commercial developer in the country. In July 2020, Mindspace Business Parks REIT raised Rs 4,500 crores through IPO, causing the wealth gain. Mindspace is currently trading at a market cap of Rs 18,000 crores. With a wealth of Rs 23,220 crores, Jitendra Virwani, 54 of Embassy Group ranks fourth in the list. Founded in 1993 and headquartered in Bengaluru, Embassy Group is the sponsor for India’s first Real Estate Investment Trust. The Embassy Group has developed over 55 million square feet of commercial, residential, industrial and warehousing, retail and hospitality spaces in India and overseas. In August 2020, Embassy Property Developments bought around 14 percent stake in Indiabulls Real Estate from its promoter and plans to increase its stake in the company. The fifth spot is taken by Niranjan Hiranandani, 70, Hiranandani Communities, whose real estate businesses registered a valuation of Rs 20,600 crores. In July 2020, the group launched the world's second-largest data center, Yotta NM1 in its Integrated Yotta Data Center Park, under the subsidiary Yotta Infrastructure, in Navi Mumbai. In 2019, the global private equity firm, Blackstone tied up with Hiranandani Group to enter the warehousing business in India.
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