Grohe Hurun India Real Estate Rich List 2018

GROHE HURUN INDIA REAL ESTATE RICH LIST 2018

21 NOVEMBER 2018

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

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

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

Net Worth INR City of Rank Name Main Company Crore 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.

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.

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

Net Worth Rank State No of Individuals Richest Individual 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

Net Worth Rank City No. of Individuals Richest Individual 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

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

Table 5: Top Property Developers by City

Main Company City Name Main Company Value (In INR Crore) Rajiv Singh, Pia Singh & Renuka DLF 28,982 Talwar New Delhi Rohtas Goel & family Omaxe 3,975 Bikramjit Ahluwalia & family Ahluwalia Contracts 1,876 Mangal Prabhat Lodha Lodha 27,150 Mumbai Vikas Oberoi Oberoi Realty 14,747 Chandru Lachmandas Raheja K Raheja 14,420 Raj Menda, Manoj Menda RMZ 25,821 Jitendra Virwani Embassy 23,160 Bengaluru Irfaz Razack, Noaman Razack & Prestige Estate Projects 7,860 Rezwan Razack Panchshil Realty & Atul Chordia 2,540 Developers Shashank Paranjape & Shrikant Pune Paranjape Schemes 1,770 Paranjape Rajesh Anirudha Patil & family Kolte-Patil Developers 1,650 & Milind Kolte & family Rameshwar Rao Jupally My Home Constructions 3,300 GVK Reddy & family TAJ-GVK Hotels 1,080 Hyderabad C Venkateswara Reddy & S Aparna Constructions & 980 Subramanyam Reddy Estates KV Abdul Azeez & family Skyline 590 Cochin Sunil Kumar Asset Homes 450 Chennai K R Anerudan & M Arun Kumar Casa Grand 1,240 Roop Kumar Bansal & Basant Gurugram M3M India 3,690 Bansal Ahmedabad Gautam Adani & family Adani Realty 2,720 Noida RK Arora & Sangita Arora Supertech 860 Source: Hurun Research Institute 2018. GROHE Hurun India Real Estate Rich List 2018

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

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

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

Net Worth Rank Name Company City (INR Crore) 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 Source: Hurun Research Institute 2018. GROHE Hurun India Real Estate Rich List 2018

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

Net Worth Rank Name Company City (INR Crore) 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 Shrikant Paranjape & Shashank 4 Paranjape Schemes 860 Pune Paranjape Source: Hurun Research Institute 2018. GROHE Hurun India Real Estate Rich List 2018

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.

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

Net Worth Rank Name Company City of residence (INR Crore) 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 Source: Hurun Research Institute 2018. GROHE Hurun India Real Estate Rich List 2018

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

Net Worth Rank Name Company City (INR Crore) 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

Net Worth Rank Name Company City (INR Crore) 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 Source: Hurun Research Institute 2018. GROHE Hurun India Real Estate Rich List 2018

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.

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

Net Worth Rank Name Company (INR Crore) 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 Source: Hurun Research Institute 2018. GROHE Hurun India Real Estate Rich List 2018

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) Net Worth Rank Name Company (INR Crore) 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

Net Worth Rank Name Age Company City Source of Wealth (INR Crore) 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.

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

Years of Years of Developer Developer Existence 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.

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)

11% <500 40% 500-1000 25% 1000-2000 > 2000 24%

Source: GROHE Hurun India Real Estate Rich List 2018

Table 19: Top 5 Real Estate Companies by market capitalization in GROHE Hurun India Real Estate Rich List 2018

Market Cap Head Primary No Company Promoter (INR Crore) Quarters 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 Source: Hurun Research Institute 2018. GROHE Hurun India Real Estate Rich List 2018

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

Wealth Primary No Name % Change Company (INR crore) 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 Source: Hurun Research Institute 2018. GROHE Hurun India Real Estate Rich List 2018

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.

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 using any part of the report, the user accepts this disclaimer and exclusion of liability which 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 on this report. Hurun Report shall not be liable to any user of this report (and expressly 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.

GROHE Hurun India Real Estate Rich List 2018 – TOP 100

Wealth City of Primary Rank Name Company INR Cr Residence 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 & 1,880 Ambuja Neotia Kolkata Residential family 36 Patanjali Govind Keswani & 1,870 Lemon Tree New Delhi Hospitality family 37 Atul Chordia 1,810 Panchshil Realty & Pune Residential Developers 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

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 & 610 Omkar Realtors Mumbai Residential family 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 & Hyderabad Residential Estates 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 & Hyderabad Residential Estates 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 & 490 Dosti Realty Mumbai Residential family 77 Dinesh Krishnan Nair & Vivek 490 Hotel Leela Venture Mumbai Hospitality Krishnan Nair 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

82 Punit Beriwala 440 Vipul New Delhi Residential 83 Rajnikant Shamalji Ajmera & 420 Ajmera Realty & Infra India Mumbai Residential family 83 Rohit R Katyal 420 Capacite Infraprojects Mumbai Construction 85 Anand Mahindra & Keshub 410 Mahindra Lifespace Mumbai Residential Mahindra Developers 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 & 310 Omkar Realtors Mumbai Residential family 100 Milind Kolte & family 300 Kolte-Patil Developers Pune Residential

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.

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.

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