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GROHE HURUN INDIA REAL ESTATE RICH LIST 2018 21 NOVEMBER 2018

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Introduction

Real estate sector in India is expected to reach a market size of US$ 1 trillion by 2030 and

contribute 13 % of the country's GDP by 2025. Retail, hospitality and commercial real estate

are also growing significantly, providing the much-needed infrastructure for India's growing

needs. Sectors such as IT and ITeS, retail, consulting and e-commerce have registered high

demand for office space in recent times. Commercial office stock in India is expected to cross

600 msqft by end of 2018.

Hurun Report today released the GROHE Hurun India Real Estate Rich List 2018, the list of

richest real estate entrepreneurs in India. This is the second time in the row, GROHE and

Hurun Report have made a serious attempt to understand about the real estate entrepreneurs

and to highlight their achievement through the rich list as a medium.

The very rich real estate tycoons in India have grown wealthier in the past year. Their wealth

increased to 27% compared to 2017, according to the latest GROHE Hurun India Real Estate

Rich List 2018. 36 new faces in the list and almost 60% of the list are first generation

entrepreneurs, further demonstrating the fact that the sector is still very “young” in India!

Happy Reading.

21 November 2018

Mumbai

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HIGHLIGHTS

Mangal Prabhat Lodha (62) of Lodha Developers rises to the number 1 spot in GROHE Hurun India Real Estate Rich List 2018. With a wealth of INR 27,150 Crore MP Lodha’s flagship, Lodha Group is actively run under the leadership of Abhishek Lodha.

Jitendra Virwani (52), of Embassy Property Developments secures the second spot with a wealth of INR 23,160 Crore

With a wealth of 17,690 Crore, Rajiv Singh (59) of DLF is on the third spot

With a fortune of INR 2,780 Crore, Renuka Talwar (62), daughter of DLF Chairman KP Singh, is the richest woman in GROHE Hurun India Real Estate Rich List 2018

3 cities- Mumbai, New Delhi and Bengaluru are home to 78% of GROHE Hurun India Real Estate Rich List 2018

9 women in the GROHE Hurun India Real Estate Rich List 2018

7 dollar billionaires in GROHE Hurun India Real Estate List 2018

Average wealth of GROHE Hurun India Real Estate Rich List 2018 is INR 2,366 Crore

60% of the list are the first generation entrepreneurs

Average age of the individuals in the list is 59

With a net worth of INR 530 Crore, the youngest in the list is Kunal Menda (24) of RMZ with a net worth of INR 3,290 Crore the eldest is Prithvi Raj Singh Oberoi (89) of East India Hotels

4 individuals under the age of 40 and 4 above the age of 80 made to GROHE Hurun India Real Estate Rich List 2018

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Table 1: Top 10 in GROHE HURUN INDIA REAL ESTATE RICH LIST 2018

Rank Name Net Worth INR

Crore Main Company

City of Residence

1 Mangal Prabhat Lodha 27,150 Lodha Mumbai

2 Jitendra Virwani 23,160 Embassy Bengaluru

3 Rajiv Singh 17,690 DLF New Delhi

4 Chandru Raheja 14,420 K Raheja Mumbai

5 Vikas Oberoi 10,980 Oberoi Realty Mumbai

6 Niranjan Hiranandani 7,880 Hiranandani Mumbai

6 Surendra Hiranandani 7,880 Hiranandani Singapore

8 Ajay Piramal & family 6,380 Piramal Realty Mumbai

9 Manoj Menda 5,900 RMZ Bengaluru

9 Raj Menda 5,900 RMZ Bengaluru

Source: Hurun Research Institute 2018. GROHE Hurun India Real Estate Rich List 2018 With a net worth of INR 27,150 Crore, Mangal Prabhat Lodha, 62, is the richest person in

GROHE Hurun India Real Estate Rich List 2018. He laid the foundation of the Lodha Group. MP

Lodha is currently serving as the Member of Legislative Assembly. The Group is developing an

estimated 31.8 msqft of prime real estate with large land reserves in the Mumbai

Metropolitan Region (MMR). Lodha currently has 30 projects under construction covering 35

msqft, including a 117-story luxury high-rise in central Mumbai called "World One," with some

apartments being designed by world-renowned designer Giorgio Armani.

With a fortune of INR 23,160 Crore, Jitendra Virwani, 52, is considered South India's largest

office space landlord. He is currently the chairman of the Embassy group and has been a

pioneer in building industrial parks and warehousing spaces. He owns the Stone Hill

International School, one of India's largest private owned academies. He is also a member of

the equestrian federation of India.

Rajiv Singh, 59, Vice Chairman of DLF Limited has a wealth of INR 17,690 Crore. He directs the

strategy and oversees the operations of DLFs residential, commercial, retail, infrastructure,

hotels and SEZ business lines. He has over 30 years of professional experience. Mr. Singh has

been a Whole-Time Director of DLF Limited since November 16, 1988. In December 2005, he

was awarded the Udyog Ratna Award for Valuable Contributions to Economic Development of

Haryana. Mr. Singh is a graduate of Massachusetts Institute of Technology (MIT), USA and

holds a degree in mechanical engineering.

Chandru Lachmandas Raheja, 78, is the Chairman of the K. Raheja Corp with the net worth of

INR 14,420 Crore. He established the brand Mindspace which was a venture of offices, malls

and IT parks. He built Shoppers Stop, Hypercity and Orbit Malls which were known highlights

of K. Raheja group. Now the K. Raheja Corp is known as a reputed and diversified construction

company. He acquired four hotels in Mumbai in which three are handled by Marriott.

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Vikas Oberoi, 49, a Harvard Alumnus who runs the Oberoi Realty, has a wealth of INR 10,980

Crore. He took over the reins of the company started by his father Ranvir Oberoi. His

corporate strategy and diversification plan has seen a massive growth for Oberoi Realty in nine

folds with a net profit margin of 40 %. Under his guidance, the firm has 22 msqft in progress

and brands such as Ritz Carlton.

Surendra Hiranandani(63) with his brother Niranjan Hiranandani(68) bought 250 acres land in

Powai, Mumbai in 1985 and started a real estate business under the name Hiranandani

Gardens. The brothers have net worth of INR 7,880 Crore each. Surendra has also plans for

business expansion, he has brought land about 80 acres at Bangalore, 35 acres at Chennai and

20 acres at Hyderabad for the project in south India with a separate title House of

Hiranandani.

Through Piramal Realty Ajay Piramal & family has a net-worth of INR 6,380 Crore. Anand

Piramal is the Executive Director of Piramal Group and founder of Piramal Realty. Anand

Piramal was honoured with the ‘Real Estate Unicorn of the Year 2017’ by GROHE and Hurun

India. Within 6 years Piramal realty has grown to become to one of the most respected real

estate brands in India.

Raj Menda, 56, the Co-Owner and serves as Corporate Chairman at RMZ Corp. Holdings

Private Limited has a wealth of INR 5,900 Crore. Since Mr. Menda's tenure, he has

transformed RMZ into a progressive, competitive and customer-driven organization. He has

also served as Hon. Secretary of the Real Estate Developers Association - Confederation of

Real Estate Developers’ Associations of India (CREDAI) and have had been on the Panel of the

Jury of ULI Asia Pacific Awards for Excellence Program 2007.

With a net worth of INR 5,900 Crore, Manoj Menda, 50, serves as Corporate Chairman at RMZ

Corp. Holdings Private Limited. Mr. Menda, in his various capacities, has also served as the

President, Chairman and Area Director of Young Entrepreneurs Organization, Bangalore

Chapter, India and the Middle East. With a degree of MBA and Civil Engineering, Mr. Menda

also serves as Corporate Vice Chairman at RMZ Corp.

Kamal Shrigopal Khetan, 50, founder of Sunteck Realty, currently the Chairman & Managing

Director of the company, has a fortune of INR 4,330 Crore. He has an undergraduate degree

from Mangalore University. Targeting multinational firms, he opened a business centre at the

Bandra-Kurla Complex (BKC) in suburban Mumbai, which has now become city's new financial

epicentre. Biggest break was when his Sunteck won tender in 2006 for a residential project at

BKC where land prices have since rocketed.

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Where they live.

By state, Maharashtra tops the list with 41 real estate entrepreneurs in the list, followed by

Delhi with 22 individuals and Karnataka with 21 individuals. This year Delhi and Karnataka

added 4 more to GROHE Hurun India Real Estate Rich List 2018.

Table 2: GROHE Hurun India Real Estate Rich List 2018 by State

Rank State No of Individuals Richest Individual Net Worth INR Crore

1 Maharashtra 41 Mangal Prabhat Lodha 27,150

2 Delhi 22 Rajiv Singh 17,690

3 Karnataka 21 Jitendra Virwani 23,160

4 Telangana 4 Rameshwar Rao Jupally 3,370

5 Tamil Nadu 2 M Arun Kumar, K R Anerudan 680

5 Haryana 2 Roop Kumar Bansal 1,990

5 Kerala 2 KV Abdul Azeez & family 650

5 Uttar Pradesh 2 RK Arora 510

Source: Hurun Research Institute 2018. GROHE Hurun India Real Estate Rich List 2018 By city, Mumbai leads with 35 individuals, followed by New Delhi with 22.

Table 3: GROHE Hurun India Real Estate Rich List 2018 by City

Rank City No. of Individuals Richest Individual Net Worth INR Crore

1 Mumbai 35 Mangal Prabhat Lodha 27,150

2 New Delhi 22 Rajiv Singh 17,690

3 Bengaluru 21 Jitendra Virwani 23,160

4 Pune 5 Atul Chordia 1,810

5 Hyderabad 4 Rameshwar Rao Jupally 3,370

6 Noida 2 RK Arora 510

6 Chennai 2 M Arun Kumar, K R Anerudan 680

6 Gurugram 2 Roop Kumar Bansal 1,990

6 Cochin 2 KV Abdul Azeez & family 650

10 Kolkata 1 Harshavardhan Neotia & family 1,880

10 Thane 1 Shailesh Puranik & family 370

10 Ahmedabad 1 Gautam Adani& family 2720

Source: Hurun Research Institute 2018. GROHE Hurun India Real Estate Rich List 2018

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HOUSING PRICE INDEX The All-India House Price Index (HPI) grew by 6.7% year on year (YoY). This resulted in an annual inflation of 7.5% in 2017-18 (FY2018), lowest in over six years. The 7.5% inflation is way below the annual average inflation during 2011-17 (12.8%). Seven out of the ten major cities recorded a slowdown in average house price inflation in FY18

compared to the year-ago. The house price inflation in Mumbai slowed down to a 5-year low

of 5.5% YoY during FY18, while Ahmedabad (7%), Kolkata (5.1%) and Kanpur (16.4%) have over

a year low inflation in the housing segment.

The real estate sector in India was impacted by the subsequent implementation of GST and

Real Estate (Regulation and Development) Act (RERA) post demonetization resulting in the

continued moderation in the housing inflation in the last two years. In terms of average annual

progress, the annual inflation in housing has fallen from close to 24% in FY2012 to around

7.5% in FY2018.

The rising NPAs in the housing finance might have also affected the finance mobilization in the

housing segment. As per RBI's Financial Stability report of June 2018, the gross non-performing

advances ratio for housing finance assets increased to 1.5% in Mar'18 from 1.28% in Mar'17.

Chart 4: Growth of Indian Housing Price Index

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Table 5: Top Property Developers by City

City Name Main Company Main Company Value (In INR

Crore)

New Delhi

Rajiv Singh, Pia Singh & Renuka Talwar

DLF 28,982

Rohtas Goel & family Omaxe 3,975

Bikramjit Ahluwalia & family Ahluwalia Contracts 1,876

Mumbai

Mangal Prabhat Lodha Lodha 27,150

Vikas Oberoi Oberoi Realty 14,747

Chandru Lachmandas Raheja K Raheja 14,420

Bengaluru

Raj Menda, Manoj Menda RMZ 25,821

Jitendra Virwani Embassy 23,160

Irfaz Razack, Noaman Razack & Rezwan Razack

Prestige Estate Projects 7,860

Pune

Atul Chordia Panchshil Realty & Developers

2,540

Shashank Paranjape & Shrikant Paranjape

Paranjape Schemes 1,770

Rajesh Anirudha Patil & family & Milind Kolte & family

Kolte-Patil Developers 1,650

Hyderabad

Rameshwar Rao Jupally My Home Constructions 3,300

GVK Reddy & family TAJ-GVK Hotels 1,080

C Venkateswara Reddy & S Subramanyam Reddy

Aparna Constructions & Estates

980

Cochin KV Abdul Azeez & family Skyline 590

Sunil Kumar Asset Homes 450

Chennai K R Anerudan & M Arun Kumar Casa Grand 1,240

Gurugram Roop Kumar Bansal & Basant Bansal

M3M India 3,690

Ahmedabad Gautam Adani & family Adani Realty 2,720

Noida RK Arora & Sangita Arora Supertech 860


The real estate players have broadly categorised the market into Premium, Aspirational and

Affordable segments.

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Table 6: GROHE Hurun India Real Estate Rich List 2018, top property developers with focus

on Premium housing

Rank Name Company Net Worth (INR Crore)

1 Mangal Prabhat Lodha Lodha 27,150

2 Vikas Oberoi Oberoi Realty 10,980

3 Surendra Hiranandani Hiranandani 7,880

3 Niranjan Hiranandani Hiranandani 7,880

5 Ajay Piramal Piramal Realty 6,380

6 Kamal Khetan & family Sunteck Realty 4,330


Table 7: GROHE Hurun India Real Estate Rich List 2018, Top Property Developers that focus

on Aspirational customers


City

1 Gautam Adani & family Adani Realty 2,720 Ahmedabad

2 PNC Menon & Sobha Menon Sobha 2,320 Bengaluru

3 Sameer Gehlaut & family Indiabulls Real Estate 1,690 Mumbai

4 Ravi Puravankara Puravankara 1,240 Bengaluru

5 Boman Rustom Irani Keystone Realtors 1,150 Mumbai


Table 8: GROHE Hurun India Real Estate Rich List 2018, Some of the top Property Developers

that also has a focus on Affordable Customer Segment


City

1 Rameshwar Rao Jupally My Home Constructions 3,370 Hyderabad

2 Rohtas Goel & family Omaxe 2,090 New Delhi

3 Harshavardhan Neotia Ambuja Neotia 1,880 Kolkata

4 Vijay Vasudev Wadhwa Wadhwagroup Holdings 860 Mumbai

4 Shrikant Paranjape & Shashank Paranjape

Paranjape Schemes 860 Pune


The top five in the affordable category caters to the middle class and above segment. My

Home Construction tops in the affordable category followed by the New Delhi based Omaxe.

The affordable apartment segment will be the star of the real estate market in the coming

years as the demand for this type of apartment is growing high.

The residential segment contributes nearly 80% to the overall real estate development in the

country. Lifestyle or premium housing remains sluggish while affordable housing, as a

segment, is increasingly gaining traction.

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Table 9: GROHE Hurun India Real Estate Rich List 2018, Top Property Developers in the

residential category


City of residence

1 Mangal Prabhat Lodha Lodha 27,150 Mumbai

2 Vikas Oberoi Oberoi Realty 10,980 Mumbai

3 Surendra Hiranandani Hiranandani 7,880 Singapore

3 Niranjan Hiranandani Hiranandani 7,880 Mumbai

5 Ajay Piramal & family Piramal Realty 6,380 Mumbai


Table 10: GROHE Hurun India Real Estate Rich List 2018, Top Property Developers in

Hospitality Segment


City

1 Prithvi Raj Singh Oberoi East India Hotels 3,290 New Delhi

2 MA Yusuff Ali Lulu 3,200 Abu Dhabi

3 Patanjali Govind Keswani & family Lemon Tree Hotels 1,870 New Delhi

4 GVK Reddy & family Taj GVK Hotels & Resorts 590 Hyderabad

5 Dinesh K Nair & Vivek K Nair Hotel Leela Venture 490 Mumbai

6 Paul John The Paul Resorts & Hotels 350 Bengaluru

Source: Hurun Research Institute 2018. GROHE Hurun India Real Estate Rich List 2018 Table 11: GROHE Hurun India Real Estate Rich List 2018, Top Property Developers in

Commercial segment


City

1 Jitendra Virwani Embassy 23,160 Bengaluru

2 Rajiv Singh DLF 17,690 New Delhi

3 Chandru Raheja K Raheja 14,420 Mumbai

4 Manoj Menda RMZ 5,900 Bengaluru

4 Raj Menda RMZ 5,900 Bengaluru


Bengaluru-based real estate developer Embassy Group has been recognized as the leader in

the commercial segment of Real Estate market in India. Second in the list is DLF which has

made its presence in the commercial sector also. K Raheja Corp has become one of the

pioneers in the commercial segment with its unique sustainable method and unique designs.

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Meanwhile, the demand for shared working space in India is rapidly growing in the metro

cities. Co-working in India is a new business model and is being recognized as the ‘future of

work'. The prime real estate has traditionally been unavailable for majority start-ups and small

and medium-sized enterprises (SMEs) due to high associated costs. Co-working spaces are thus

increasingly becoming popular and are in demand among boutique firms and start-ups,

considering the benefits such as flexibility, cost-savings and on-demand accessibility being

offered. By the end of June 2018, the industry witnessed around 200 co-working players

offering around 400 shared workspaces across different parts of India, compared to 30 centers

recorded in 2010-12.

WeWork, the US-based shared workspace provider, which entered India in November last

year with Karan Virwani, the scion of Embassy, the Bengaluru-based commercial real estate

developer. Sidharth Menda, who owned CoWrks is also a scion of a real estate group, the

RMZ, a Bengaluru-based realty developer.

Self-Made entrepreneurs in GROHE Hurun India Real Estate Rich List 2018

Mangal Prabhat Lodha of Lodha Developers top the list with INR 27,150 Crore, followed by

Jitendra Virwani and Chandru Raheja with wealth INR 23,160 Crore and INR 14,420 Crore

respectively.

Table 12: GROHE Hurun India Real Estate Rich List 2018, Top 10 Self-made individuals


1 Mangal Prabhat Lodha Lodha 27,150

2 Jitendra Virwani Embassy 23,160

3 Chandru Raheja K Raheja 14,420

4 Surendra Hiranandani Hiranandani 7,880

4 Niranjan Hiranandani Hiranandani 7,880

6 Kamal Khetan & family Sunteck Realty 4,330

7 Rameshwar Rao Jupally My Home Construction 3,370

8 MA Yusuff Ali Lulu 3,200

9 Raja Bagmane Bagmane Developers 2,940

10 Gautam Adani & family Adani Realty 2,720


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Debut in GROHE HURUN INDIA REAL ESTATE RICH LIST

This year 25 self-made entrepreneurs debuted GROHE Hurun India Real Estate Rich List 2018.

Table 13: Top 10 Debut in GROHE HURUN INDIA REAL ESTATE RICH LIST 2018 (self-made entrepreneurs)

Rank Name Net Worth (INR Crore)

Company

1 Rameshwar Rao Jupally 3,370 My Home Constructions

2 Raja Bagmane 2,940 Bagmane Developers

3 Gautam Adani & family 2,720 Adani Realty

4 Roop Kumar Bansal 1,990 M3M India

5 Basant Bansal 1,980 M3M India

6 Patanjali Govind Keswani & family 1,870 Lemon Tree

7 Atul Chordia 1,810 Panchshil Realty & Developers

8 Anil Bhalla 990 Vatika

9 Suresh L Raheja & family 880 Raheja Universal

10 Vijay Vasudev Wadhwa 860 Wadhwagroup Holdings

10 Shashank Paranjape 860 Paranjape Schemes

10 Shrikant Paranjape 860 Paranjape Schemes

Source: Hurun Research Institute 2018.GROHE Hurun India Real Estate Rich List 2018 Under 40 Real Estate entrepreneurs

Kunal Menda of RMZ is the youngest entrepreneur under 40. Menda Family is possibly one of

the biggest commercial spaces developers in India. Sidharth Menda, 29 follows Kunal Menda.

One of the under 40 are self-made, 2 are inherited and active in the business.

Table 14: GROHE Hurun India Real Estate Rich List 2018, Under 40 Real Estate entrepreneurs

Rank Name Age Company Net Worth (INR Crore)

City Source of Wealth

1 K R Anerudan 38 Casa Grand 680 Chennai Self –made

2 Kunal Menda 24 RMZ 530 Bengaluru Inherited

2 Sidharth Menda 29 RMZ 530 Bengaluru Inherited

2 Gaurav Bhalla 38 Vatika 530 New Delhi Inherited

Source: Hurun Research Institute 2018.GROHE Hurun India Real Estate Rich List 2018 Some of the entrants in the list such as Ajmera Realty is celebrating its golden jubilee this year.

Equally important to notice are the relatively young companies that are fast growing.

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Table 15: GROHE Hurun India Real Estate Rich List 2018, Veterans and Young companies in

the list

Developer Years of Existence

Developer Years of Existence

DLF 72 Piramal Realty 6

Parinee Realty 55 Adani Realty 7

Puranik Builders 50 Wave Infratech 10

Ajmera Realty & Infra India 50 Asset Homes 11

Anant Raj 49 Emaar MGF Land 13

Kalpataru 49 Casa Grand 14

Marathon Nextgen Realty 49 Omkar Realtors 15

Second generation entrepreneurs have played a very vital role in developing the companies to

its summits. For instance, Abhishek Lodha, son of MP Lodha, is brain behind Lodha’s evolution

to become the most valuable private brand in India. Lodha, which is all set for IPO, was

awarded the GROHE Hurun Most Respected Real Estate Brand in India 2017.

Table 16: GROHE Hurun India Real Estate Rich List 2018, Second generation taking the

steering wheels

Company Name Second generation Designation

DLF Rajiv Singh Vice Chairman

Lodha Abhishek Lodha MD & CEO

K Raheja Ravi C Raheja Group President

Piramal Realty Anand Piramal Founder

Kalpataru C Parag M Munot MD

Affordable Housing in India

According to the McKinsey Report (2010), India will have 40% of its population living in urban

areas with 68 cities with one million plus population (from 42 cities currently) by 2030. It

estimates that the demand for affordable housing will increase to 38 million housing units in

2030 from 19 million in 2012.

The Pradhan Mantri Awas Yojana (PMAY) launched in 2015 provides additional impetus; the

PMAY-Urban (PMAY-U) subsumes all the previous urban housing schemes and aims at

‘Housing for All’ to be achieved by the year 2022. The total housing shortage envisaged to be

addressed through the PMAY-U is 20 million.

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Table 17: Segment-wise New Unit Launches in the Residential Sector

Segment 2015-16 (units) 2016-17 (units) Growth (%)

Affordable 29,325 32,300 10%

Mid-ranged 72,800 64,250 -12%

High-end 14,600 10,700 -27%

Luxury 925 950 3%

Total 117,650 108,200 -8%

Source: Cushman & Wakefield, 2017

Some branded developers, catering to the ultra-luxury segment, expanded their focus on

compact, efficient, boutique homes for high and mid-level income category of buyers, a trend

that is expected to gain further momentum. For instance, Lodha, Sunteck, Piramal, Prestige,

Embassy and so on have changed their focus from luxury to affordable housing segment.

Sales Comparison

The chart below depicts the % of companies in various sales bracket. 6 companies in list registered a sale of more than INR 2,000 Crore and around 20 companies registered a sale of more than INR 1,000 Crore. Chart 18: GROHE Hurun India Real Estate Rich List 2018, the chart depicts the sales range of various companies on the list. (All figures in INR Crore)

Source: GROHE Hurun India Real Estate Rich List 2018

40%

24%

25%

11%<500

500-1000

1000-2000

> 2000

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Table 19: Top 5 Real Estate Companies by market capitalization in GROHE Hurun India Real

Estate Rich List 2018

No Company Market Cap (INR Crore)

Promoter Head

Quarters Primary Sector

1 DLF 28,982 Rajiv Singh New Delhi Commercial

2 Oberoi Realty 14,748 Vikas Oberoi Mumbai Residential

3 Godrej Properties 13,069 Godrej Family Mumbai Residential

4 Phoenix Mills 8,406 Ashokkumar Ruia Mumbai Commercial

5 Prestige Estate Projects 7,860 Irfan Razack & family Bengaluru Residential


Table 20: GROHE HURUN INDIA REAL ESTATE RICH LIST 2018 – The Biggest Gainers

No Name Wealth

(INR crore) % Change Company

Primary Segment

1 Manoj Menda 5,900 122% RMZ Commercial

2 Raj Menda 5,900 122% RMZ Commercial

3 Ajay Piramal & family 6,380 75% Piramal Realty Residential

4 Harshavardhan Neotia & family 1,880 66% Ambuja Neotia Residential

5 Jude Romell & Dominic Romell 720 61% Romell Real Estate Commercial

6 Sunil Mittal & family 1,230 54% Bharti Realty Commercial

7 Boman Rustom Irani 1,150 52% Keystone Realtors Residential

8 Percy Sorabji Chowdhry 580 52% Keystone Realtors Residential

9 Chandresh Dinesh Mehta 580 52% Keystone Realtors Residential

10 Jitendra Virwani 23,160 39% Embassy Commercial


RMZ, one of India’s largest business park developers, is the biggest gainers of 2018 as the

wealth of Menda brothers has increased to 122%. In 2018, the billionaire brothers purchased

45% shares held by the two investors, Qatar Investment Authority (QIA) and Baring Private

Equity Partners. RMZ Corp is in a rapid expansion mode of its commercial property

development across several major cities this year. It is planning to implement a mega 3.7

million sq ft of SEZ and non-SEZ commercial space in the IT hub of Hyderabad, in partnership

with My Home Group, expects to complete phase one by December 2018 and two by March

2018.

Piramal Realty bagged the second position in the biggest gainers list of GROHE HURUN INDIA REAL ESTATE RICH LIST 2018. The company has quadrupled the sales since 2017. It has sold over 250 apartments worth INR 1,500 crore in its housing project at South Mumbai. The company is developing the project 'Piramal Mahalaxmi' jointly with Omkar Realtors with an investment of INR 2,600 crore.

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Methodology

The GROHE Hurun India Real Estate Rich List 2018 is a snapshot of wealth as on 30 September

2018. This is a sublist of Hurun India Rich List 2018. We have tried to limit the valuation to

primary ownership in Indian real estate businesses registered in Ministry of Corporate Affairs,

however, there could be outliers. For instance, Godrej group is a diversified conglomerate with

diverse business interest and Adi Godrej has a valuation of INR 44,600 Crore in Hurun India

Rich List 2018. However, in the GROHE Hurun India Real Estate Rich List 2018, we have

considered the valuation of Godrej Properties for Adi Godrej, which would translate to INR

2,210 Crore.

Valuing the wealth of India’s richest is as much an art as it is a science. Sure, we have missed

some, but we believe the GROHE Hurun India Real Estate Rich List 2018 to be the most serious

attempt to identify India’s top entrepreneurs and to measure the value of their holdings in the

respective real estate businesses. Our team of researchers have cross-checked information

with entrepreneurs, industry experts, journalists, bankers, and regulators, government filings,

as well as previous years' 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 and also other methodologies including

Discounted Cash Flow, and so on. We have not included undeveloped land holdings in our list.

This year, we have split out siblings; so, for companies like Godrej Properties, we have split the

net worth across five individuals.

Hurun Report Disclaimer

This report has been prepared by Hurun Report. All the data collection and the research has

been done by Hurun Report. This report is meant for information purposes only. Reasonable

care and caution has been taken in preparing this report. The information contained in this

report has been obtained from sources which are considered reliable. By accessing and/or

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operates to the benefit of Hurun Report. Hurun Report does not guarantee the accuracy,

adequacy or completeness of any information contained in the report and neither shall it be

responsible for any errors or omissions in or for the results obtained from the use of such

information. No third party whose information is referenced in this report under the credit to

it, assumes any liability towards the user with respect to its information. Hurun Report shall

not be liable for any decisions made by the user based on this report (including those of

investment or divestiture) and the user takes full responsibility for their decisions made based

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disclaim liability) for any loss, damage of any nature, including but not limited to direct,

indirect, punitive, special, exemplary, consequential losses, loss of profit, lost business and

economic loss regardless of the cause or form of action and regardless of whether or not any

such loss could have been foreseen.

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GROHE Hurun India Real Estate Rich List 2018 – TOP 100

Rank Name Wealth INR Cr

Company City of

Residence Primary Sector

1 Mangal Prabhat Lodha 27,150 Lodha Mumbai Residential

2 Jitendra Virwani 23,160 Embassy Bengaluru Commercial

3 Rajiv Singh 17,690 DLF New Delhi Commercial

4 Chandru Raheja 14,420 K Raheja Mumbai Commercial

5 Vikas Oberoi 10,980 Oberoi Realty Mumbai Residential

6 Niranjan Hiranandani 7,880 Hiranandani Mumbai Residential

6 Surendra Hiranandani 7,880 Hiranandani Singapore Residential

8 Ajay Piramal 6,380 Piramal Realty Mumbai Residential

9 Manoj Menda 5,900 RMZ Bengaluru Commercial

9 Raj Menda 5,900 RMZ Bengaluru Commercial

11 Kamal Khetan & family 4,330 Sunteck Realty Mumbai Residential

12 Vivek Burman & family 4,170 Burman GSC New Delhi Commercial

13 Ashokkumar Ruia 3,470 Phoenix Mills Mumbai Commercial

14 Rameshwar Rao Jupally 3,370 My Home Construction Hyderabad Residential

15 Prithvi Raj Singh Oberoi 3,290 East India Hotels New Delhi Hospitality

16 MA Yusuff Ali 3,200 Lulu Abu Dhabi Hospitality

17 Atul Ruia 3,050 Phoenix Mills Mumbai Commercial

18 Raja Bagmane 2,940 Bagmane Developers Bengaluru Commercial

19 Renuka Talwar 2,780 DLF New Delhi Commercial

20 Gautam Adani & family 2,720 Adani Realty Ahmedabad Residential

21 Pia Singh 2,460 DLF New Delhi Commercial

22 Mofatraj Pukhraj Munot 2,380 Kalpataru Mumbai Residential

23 PNC Menon & Sobha Menon 2,320 Sobha Bengaluru Residential

24 Adi Godrej 2,120 Godrej Properties Mumbai Residential

24 Jamshyd Godrej 2,120 Godrej Properties Mumbai Residential

24 Nadir Godrej 2,120 Godrej Properties Mumbai Residential

24 Rishad Naoroji 2,120 Godrej Properties Mumbai Residential

24 Smita V Crishna 2,120 Godrej Properties Mumbai Residential

29 Rohtas Goel & family 2,090 Omaxe New Delhi Commercial

30 Irfan Razack 2,020 Prestige Estate Projects Bengaluru Residential

30 Noaman Razack 2,020 Prestige Estate Projects Bengaluru Residential

30 Rezwan Razack 2,020 Prestige Estate Projects Bengaluru Residential

33 Roop Kumar Bansal 1,990 M3M India Gurugram Residential

34 Basant Bansal 1,980 M3M India Gurugram Residential

35 Harshavardhan Neotia & family

1,880 Ambuja Neotia Kolkata Residential

36 Patanjali Govind Keswani & family

1,870 Lemon Tree New Delhi Hospitality

37 Atul Chordia 1,810 Panchshil Realty & Developers

Pune Residential

38 Sameer Gehlaut & family 1,690 Indiabulls Real Estate Mumbai Residential

39 Rajendra Lodha 1,430 Lodha Mumbai Residential

40 Ravi Puravankara 1,240 Puravankara Bengaluru Residential

18

41 Sunil Mittal & family 1,230 Bharti Realty New Delhi Commercial

42 Bikramjit Ahluwalia & family 1,200 Ahluwalia Contracts New Delhi Construction

43 Boman Rustom Irani 1,150 Keystone Realtors Mumbai Residential

44 MR Jaishankar 1,100 Brigade Bengaluru Commercial

45 Anupama Menda 1,060 RMZ Bengaluru Commercial

45 Neetu Menda 1,060 RMZ Bengaluru Commercial

47 Anil Bhalla 990 Vatika New Delhi Commercial

48 Sushil Pandurang Mantri 980 Mantri Developers Bengaluru Residential

49 Suresh L Raheja & family 880 Raheja Universal Mumbai Residential

50 Shashank Paranjape 860 Paranjape Schemes Pune Residential

50 Shrikant Paranjape 860 Paranjape Schemes Pune Residential

50 Vijay Vasudev Wadhwa 860 Wadhwagroup Holdings Mumbai Residential

53 Shyama Raju & family 830 Divyasree Developers Bengaluru Residential

54 Sunil Goel & family 760 Omaxe New Delhi Commercial

55 Navin M Raheja & family 730 Raheja Developers New Delhi Residential

56 Jude Romell & Dominic Romell 720 Romell Real Estate Mumbai Commercial

57 C Gopalan & family 690 Gopalan Enterprises Bengaluru Commercial

58 KR Anerudan 680 Casa Grand Chennai Residential

58 M Arun Kumar 680 Casa Grand Chennai Residential

60 Bhaskar N Raju 670 Divyasree Developers Bengaluru Residential

61 KV Abdul Azeez & family 650 Skyline Cochin Residential

62 Babulal Mulchand Varma & family

610 Omkar Realtors Mumbai Residential

63 GVK Reddy & family 590 TAJ GVK Hyderabad Hospitality

64 Chandresh Dinesh Mehta 580 Keystone Realtors Mumbai Residential

64 Percy Sorabji Chowdhry 580 Keystone Realtors Mumbai Residential

66 C Venkateswara Reddy 540 Aparna Constructions & Estates

Hyderabad Residential

66 Jatinder Kaur 540 Wave Infratech New Delhi Residential

66 Rajesh Anirudha Patil & family 540 Kolte-Patil Developers Pune Residential

66 S Subramanyam Reddy 540 Aparna Constructions & Estates

Hyderabad Residential

70 Bijay Kumar Agarwal & family 530 Sattva Developers Bengaluru Residential

70 Gaurav Bhalla 530 Vatika New Delhi Commercial

70 Kunal Menda 530 RMZ Bengaluru Commercial

70 Naresh Anirudha Patil & family 530 Kolte-Patil Developers Bengaluru Residential

70 Sidharth Menda 530 RMZ Bengaluru Commercial

75 RK Arora 510 Supertech Noida Residential

76 Ramniklal Z Shah & family 500 Marathon Nextgen Realty Mumbai Residential

77 Deepak Kishan Goradia & family

490 Dosti Realty Mumbai Residential

77 Dinesh Krishnan Nair & Vivek Krishnan Nair

490 Hotel Leela Venture Mumbai Hospitality

79 Rasesh B Kanakia & family 480 Kanakia Spaces Realty Mumbai Residential

80 Manoj Gaur 470 Gaursons India New Delhi Residential

81 Mohinder Puri & family 460 Puri Constructions New Delhi Residential

19

82 Punit Beriwala 440 Vipul New Delhi Residential

83 Rajnikant Shamalji Ajmera & family

420 Ajmera Realty & Infra India Mumbai Residential

83 Rohit R Katyal 420 Capacite Infraprojects Mumbai Construction

85 Anand Mahindra & Keshub Mahindra

410 Mahindra Lifespace Developers

Mumbai Residential

85 Shilpa Gupta 410 Emaar MGF Land New Delhi Residential

87 Ashok Sarin 380 Anant Raj New Delhi Residential

87 Vipul D Shah & Dhaval Shah 380 Parinee Realty Mumbai Residential

89 Shailesh Puranik & family 370 Puranik Builders Thane Residential

90 Anil Sarin 360 Anant Raj New Delhi Residential

90 DN Taneja & family 360 TDI Infrastructure New Delhi Commercial

90 Nilesh Puranik & family 360 Puranik Builders Mumbai Residential

90 Rakesh Wadhawan & family 360 HDIL Mumbai Commercial

90 Sunil Kumar 360 Asset Homes Cochin Residential

95 Paul John 350 The Paul Resorts & Hotels Bengaluru Hospitality

96 Sangita Arora 330 Supertech Noida Residential

97 Kamal Kishore Gupta & family 310 Omkar Realtors Mumbai Residential

97 Kanchan Bhalla 310 Vatika New Delhi Commercial

97 Vishunukumar G Gupta & family

310 Omkar Realtors Mumbai Residential

100 Milind Kolte & family 300 Kolte-Patil Developers Pune Residential

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About GROHE GROHE is the world’s leading provider of sanitary fittings and a global brand, dedicated to providing innovative water products. For many decades, GROHE has been committed to the brand values of technology, quality, design and sustainability that all illustrate GROHE’s commitment to creating exceptional experiences and to delivering “Pure Freude an Wasser”. With its engineering, innovation and design activities firmly anchored in Germany, GROHE products bear the badge of quality “Made in Germany”, ultimately strengthening the customers’ confidence in the brand. All plants of the GROHE manufacturing network make use of high-precision production engineering to ensure compliance with consistently high GROHE standards. This way GROHE ensures that its products live up to the most uncompromising demands in terms of workmanship and functionality. Over the past ten years alone, the success of GROHE has been confirmed by more than 280 design and innovation awards as well as several top rankings as one of “Germany’s most sustainable major companies”. Numerous high-profile projects around the globe are fitted with GROHE products, testifying to architects, designers and developers preference for the brand. GROHE is part of the LIXIL Group Corporation, a publicly listed company on the Tokyo Stock Exchange. LIXIL is the global market leader in the sanitary ware industry, managing a broad portfolio of well-known household brands such as GROHE, American Standard, and INAX. It is also Japan’s leading provider of housing and building materials, products and services.

21

About Hurun Report Hurun Report is a leading luxury publishing and events group established in London in 1998 with a strong presence in China and India. It is widely recognized world-over for its comprehensive evaluation of the wealthiest individuals across the globe. Hurun Report is the largest compiler of the rich list globally. Hurun Report Inc. has four divisions: Hurun Report Media, a stable of digital media and four magazines; Hurun Research Institute; Hurun Conferences, an active events division targeting entrepreneurs and high net worth individuals; and Hurun Investments, a US$20m early stage venture capital fund with investments into tech, media, retail and education. About Hurun Report India “Passionate About Indian Entrepreneurship” Hurun Report 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 Report 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 2017, a ranking of the 2,694 US dollar billionaires, so-called ‘Nine-Zero Club’, currently in the world and the seventh India Rich List which ranks the 831 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. For media inquiries, please contact:

Rohit Yagnik

Fortuna PR

+91 98338 07272

[email protected]

Sharjil Sheikh

Fortuna PR

+91 99202 31055

[email protected]

Vineeth Chandrababu

Hurun Report India

+91 99950 61106

[email protected]

Swatee Dobriyal

GROHE

+91 9999249476

[email protected]

mailto:[email protected]




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