GROHE HURUN INDIA REAL ESTATE RICH LIST 2020

MANGAL PRABHAT LODHA & FAMILY OF MACROTECH DEVELOPERS RETAINS THE TOP SPOT ON THE GROHE HURUN INDIA REAL ESTATE RICH LIST 2020.

RAJIV SINGH OF DLF SECURED THE SECOND SPOT WITH A WEALTH OF INR 36,430 CRORE.

27 NEW ENTRANTS IN THE GROHE HURUN REAL ESTATE RICH LIST 2020

8 USD BILLIONAIRES IN THE GROHE HURUN REAL ESTATE RICH LIST 2020

WITH 31 ENTRANTS, MUMBAI “CONSTRUCTED” MOST NUMBER OF ENTRANTS IN THE LIST, FOLLOWED BY NEW DELHI AND BENGALURU WITH 22 AND 20 ENTRANTS RESPECTIVELY

WITH A WEALTH OF INR 26,260 CRORE, CHANDRU RAHEJA & FAMILY OF K RAHEJA IS AT THE THIRD SPOT ON THE LIST.

THE TOTAL WEALTH OF THE TOP 100 INDIANS IN REAL ESTATE SECTOR STOOD AT INR 348,660 CRORE (USD 46 BN) – UP 26% AGAINST 2019

BIJAY KUMAR AGARWAL & FAMILY OF SATTVA DEVELOPERS IS THE FASTEST RISER IN THE GROHE HURUN INDIA REAL ESTATE RICH LIST 2020

Other Highlights

·       3 cities – Mumbai, New Delhi, and Bengaluru are home to 73% of the GROHE Hurun India Real Estate Rich List 2020.

·       The average wealth of the GROHE Hurun India Real Estate Rich List 2020 grew 27% to INR 3,487 crore.

·       63% of the List is comprised of first-generation entrepreneurs, compared to 65% on the Hurun India Rich List 2020.

·       65 increased their wealth, of which 27 are new entrants

·       8 from GROHE Hurun India Real Estate List 2020 entered the Hurun Global Rich List 2020

·       39 from GROHE Hurun India Real Estate List 2020 entered the Hurun India Rich List 2020

·       12 from GROHE Hurun India Real Estate List 2020 feature in the Hurun India Philanthropy List 2020.

·       With a net worth of INR 280 crore, the youngest on the List is Aditya Chandak (36) of Chandak Group, with a net worth of INR 2,170 crore, and the oldest on the List is Prithvi Raj Singh Oberoi (91) of East India Hotels.

·       3 individuals under the age of 40, and 4 above the age of 80 made it to the GROHE Hurun India Real Estate Rich List 2020.

(23 March 2021, Mumbai) Hurun Report today released the GROHE Hurun Real Estate Rich List 2020, a ranking of the most successful real estate entrepreneurs, inheritors in India, ranked by net worth proportionate to their ownership in their respective real estate businesses. Wealth calculations are a snapshot of 31 December 2020. This is the 4th year of the ranking.

The List at a glance

The GROHE Hurun India Real Estate Rich List 2020 ranked 100 individuals from 71 companies and 15 cities.

65% of the list saw their wealth increase, of which 27 were new faces. 33% saw their wealth decrease, and there were 27 drop-offs. The average age is 60.

Partly due to the disruption caused by Covid-19, this year has registered the biggest shuffle in the GROHE Hurun India Real Estate Rich List 2020. Almost 27% of the list is replaced by new entrants.

Hurun India MD and Chief Researcher Anas Rahman Junaid said, “Covid-19 was the litmus test for the Indian real estate sector. We could see a common trend that the top developers in each city consolidating their market share. This could be the reason why the GROHE Hurun Real Estate Rich List registered the biggest churn of 27% since inception.”

Bobby Joseph, Leader, LIXIL, India & Subcon (GROHE, American Standard & INAX) said, “The India Real Estate Rich List is more than a list of the wealthy in the space, it is an indicator of the overall sentiment and direction of the industry. At GROHE, we rely on this as an important climate indicator to tune our strategy & marketing efforts.

Also, it is heartening to see that wealth creation in the sector continued to be robust and that there are new entrants into the list, even in a pandemic year. The message coming out is definitely positive and uplifting."

Table 1: Top 10 on the GROHE Hurun India Real Estate Rich List 2020

↑ Rank increase yoy ↓ Rank decrease YoY - No Rank change yoy * New to Top 10

Source: Hurun Research Institute 2020. GROHE Hurun India Real Estate Rich List 2020

With a wealth of INR 44,270 crores, Mangal Prabhat Lodha & family, 65 of Lodha Group is the richest person on the GROHE Hurun India Real Estate Rich List 2020 for the fourth consecutive year. His wealth increased by 39% 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.

With a wealth of INR 36,430 crores, Rajiv Singh, 61 of DLF ranked second on the list and registered an increase of 45% in wealth, backed by 50% 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 INR 3,500 crores.

With a 70% increase in wealth and current wealth of INR 26,260 crores, Chandru Raheja & family, 80, of K Raheja Corp moves up 2 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 INR 4,500 crores through IPO, causing the wealth gain. Mindspace is currently trading at a market cap of INR 18,000 crores.

With a wealth of INR 23,220 crores, Jitendra Virwani, 54 of Embassy Office Parks ranks fourth in the list. Founded in 1993, and headquartered in Bengaluru, Embassy Group is India’s first Real Estate Investment Trust. Embassy has developed over 55 million square feet of commercial, residential, industrial & warehousing, retail and hospitality spaces in India and overseas. In August 2020, Embassy Property Developments bought around 14% stake in Indiabulls Real Estate from its promoter and plans to increase in stake in the company.

The fifth spot is taken by Niranjan Hiranandani, 70, Hiranandani Communities, whose real estate businesses registered a valuation of INR 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.

With a 13% increase in wealth to INR 15,770 crores, Vikas Oberoi, 51 of Oberoi Realty is ranked sixth on the list. Oberoi Realty focused on premium developments in the residential, office space, retail, hospitality, and social infrastructure verticals. In December 2020, Oberoi Realty has bought out Sahana Group’s 50% stake in the 221-key five-star hotel in Mumbai’s Worli area for INR 1,040 crores.

Raja Bagmane, 61 of Bagmane Developers ranks seventh on the list.  With 17 million square feet of total operational size, Bagmane Developers is a leading developer of office spaces. Raja Bagmane, who registered a wealth of INR 15,590 crores increased his wealth by 57%, primarily backed by a 50% increase in after tax profit in FY 20.

With a wealth of INR 11,450 crore and a wealth increase of 61%, Subhash Runwal & family, 77 of Runwal Developers moves up 1 spot to secure the eighth spot in the list. Subhash Runwal founded Runwal Group in 1978 and has delivered over 51 residential projects. In May 2019, Runwal Group has partnered with Warburg Pincus to create shopping malls across tier I, II, and III cities in India. 

With a wealth of INR 6,560 crores, Ajay Piramal & family, 65, of Piramal Realty, moves up one spot to register ninth on the list. Founded in 2010, Piramal Realty develops luxury residential projects in Mumbai. In July 2015, private equity firms Warburg Pincus and Goldman Sachs have invested in Piramal Realty. The company has around 17 million square feet of residential and commercial space under development in and around Mumbai.

With a wealth of INR 6,340 crores, Atul Ruia & family, 49, of Phoenix Mills ranks tenth on the GROHE Hurun Real Estate Rich List 2020. Phoenix Mills, which started as a textile manufacturing company in 1905, now owns and operates some of the most reputed luxury malls and hotels in the country. In December 2020, Phoenix has entered into a non-binding term sheet with an affiliate of Singapore’s GIC for a strategic retail-led mixed-use property development platform.

“Marred by Covid-19, the year 2020 showcased the resilience of the top developers in the country. This year’s GROHE Hurun List registered 27% increasing wealth and 27 dropping out”, said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

Methodology

The GROHE Hurun India Real Estate Rich List 2020 is a snapshot of wealth as of 31 December 2020.  This is a supplementary list to the Hurun India Rich List 2020. While we have tried to limit the valuation to primary ownership in Indian real estate businesses registered with the Ministry of Corporate Affairs. For instance, the Godrej group is a conglomerate with diverse business interests; Adi Godrej has a valuation of INR 32,400 crore on the Hurun India Rich List 2020. However, on the GROHE Hurun India Real Estate Rich List 2020, we have considered the valuation of Godrej Properties for Adi Godrej, which would translate to INR 4,840 crore.

Valuing the wealth of India’s richest is as much an art as it is a science. There may be inadvertent omissions, but we believe the GROHE Hurun India Real Estate Rich List 2020 to be the most comprehensive attempt to identify India’s top real estate entrepreneurs and to measure the value of their holdings. Our team of researchers has cross-checked information with entrepreneurs, industry experts, journalists, bankers, regulators, and government filings, as well as past databases. For non-listed companies, our valuation was based on a comparison with their listed equivalents using prevailing industry multiples such as Price to Earnings, Price to Sales, EV to Sales, EV to EBITDA, Net Asset Value and other methodologies including Discounted Cash Flow. We have used the latest available financial reports as the basis for arriving at the valuation.

We have split wealth among siblings; for companies like Godrej Properties, we have split the net worth across five individuals.

Grohe Hurun Real Estate Rich List has been compiled based on the valuation of real estate business owned by the entrepreneurs; The personal liabilities or debt of the entrepreneur is not considered for the net worth calculation.

About Hurun Report India

“Promoting Entrepreneurship Through Lists and Research”

Hurun India commenced operations in 2012 and has been bringing to light stories of successful and emerging Indian entrepreneurs ever since, felicitating them at a bouquet of Hurun events hosted Pan-India.

Hurun India serves as India’s definitive voice celebrating wealth creation, innovation, and growth. Last year, Hurun further expanded its repertoire by releasing the Hurun Global Rich List 2021, a ranking of the 3,228 US dollar billionaires, so-called ‘Nine-Zero Club’, currently in the world and the ninth India Rich List which ranks the 827 richest individuals in India, allowing for comparisons between some of the most dynamic economies in the world. The purpose of this list is to try and tell the story of modern India through the eyes of an entrepreneur. For the full details, please refer to on www.hurunindia.net.

Hurun India commenced operations in 2012 and has been bringing to light stories of successful and emerging Indian entrepreneurs ever since, felicitating them at a bouquet of Hurun events hosted Pan-India.

The Hurun India Philanthropy List ranks the most generous individuals in India and is now on its 5th anniversary. Indians give much more generously than many have previously understood.

The Hurun Real Estate Rich List ranks the top real estate developers in the country and is now on the 4th anniversary.

In 2018, Hurun Report launched the Hurun India Women Rich List, aimed at celebrating the success stories of some of the most amazing women wealth creators and inheritors.

In 2019, Hurun India Art List was launched, aimed at tracking some of the most successful artists who are alive today by way of cumulative auction prices. This we believe is a watershed moment in the art history of India, where we expect more entrepreneurs to start collecting.

In 2019, Hurun Luxury Consumer Survey was debuted to understand and speak about the spending habits of ultra-high net worth individuals.

In 2020, Hurun India Unicorn Index was debuted to track and speak about the top young wealth creators of the country.

In 2021, Hurun Wealth Report was debuted to understand the macro level wealth distribution of the country.

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