Despite the COVID-19-led slowdown in the real estate sector, the total wealth of the 100 richest builders in India jumped a full 26 per cent year-on-year to Rs 3,48,660 crore, according to the GROHE Hurun India Real Estate Rich List 2020.
According to the report, Mangal Prabhat Lodha of Macrotech Developers (Lodha Group), having a wealth of Rs 44,270 crore, topped the list for the fourth year in a row. His wealth increased by 39 per cent in the year 2020. 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.
He was followed by Rajiv Singh of DLF, who stood second in the GROHE Hurun India Real Estate Rich List with a wealth of Rs 36,430 crore. Singh registered an increase of 45 per cent in wealth, backed by a 50 per cent 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 per cent increase in wealth to Rs 26,260 crore, Chandru Raheja and his family of K Raheja Corp moved up two spots to the third spot. It has over 20 million square feet office space, making it the second-largest commercial developer.