Five of India's ten richest realty tycoons saw wealth erosion in 2023

Five of India's ten richest realty tycoons saw wealth erosion in 2023


In the latest release of the Grohe-Hurun India Real Estate Rich List for 2024, significant shifts in the fortunes of India's top real estate entrepreneurs have been unveiled. Notably, five out of the top 10 magnates experienced a decline in their wealth over the past year, according to the findings disclosed on Tuesday. The most substantial wealth erosion, at 20%, was witnessed by Mangal Prabhat Lodha and the family of Macrotech Developers. Additionally, a new entrant has appeared in the coveted top 10 rankings.

Within this cohort, prominent figures such as Rajiv Singh of DLF Ltd, Mangal Prabhat Lodha, and family, Jitendra Virwani of Embassy Office Parks, Basant Bansal and family of M3M India, and Raja Bagmane of Bagmane Developers observed a reduction in their total wealth. Despite retaining the top position for the second consecutive year, Singh encountered a 4% year-on-year decrease, settling at Rs 59,030 crore. Lodha and family secured the second spot with a total wealth of Rs 42,270 crore, while Menda and family debuted at the third position with a substantial wealth of Rs 37,000 crore. In contrast, Gavya Amarender Reddy of GAR Corporation, occupying the tenth position, maintained a consistent wealth of Rs 15,000 crore.

Interestingly, only three Indian real estate tycoons from the top 10 witnessed an increase in their wealth during this period. Chandru Raheja and family experienced a modest 1% growth, Niranjan Hiranandani of Hiranandani Communities saw a noteworthy 7% rise, and Vikas Oberoi of Oberoi Realty enjoyed a 1% uptick. The report also highlighted the absence of any new Indian real estate billionaires emerging in 2023, bringing the current count to 13, significantly lower than China's 105 and the USA's 32.

The report further underscored the gender disparity in India's real estate billionaire landscape, with no women on the list, in stark contrast to China's 21 and the USA's six. Notably, while the BSE Realty index witnessed a 17.7% decline during the year, the benchmark index Sensex experienced a marginal 0.5% reduction.

Geographically, Mumbai maintains its dominance with 29 individuals on the list, followed by New Delhi with 23 and Bengaluru with 18. Over 70% of the wealthiest real estate entrepreneurs hail from these three cities. In the 2024 edition of the list, Vinod Goenka of DB Realty experienced the most significant rise in wealth, with a remarkable 188% surge to Rs 980 crore.