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Wealth of top 100 Indians in real estate sector is up by 17%: Report

Mumbai accounted for 6 of the top 10 and 37 of the 100 names being its residents. Delhi and Bengaluru accounted for 19 residents each featured on the list. Almost 75% of the richest Indians from the real estate are based in these three cities.

, ET Bureau|
Dec 09, 2019, 04.14 PM IST
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NEW DELHI: The average wealth of rich real estate developers has increased by 16% while the combined revenues of the companies in the top 100 rich list grew by 17%.

According to ‘GROHE Hurun India Real Estate Rich List 2019’, established players are registering a strong performance in the adverse market condition.

Mumbai accounted for 6 of the top 10 and 37 of the 100 names being its residents. Delhi and Bengaluru accounted for 19 residents each featured on the list. Almost 75% of the richest Indians from the real estate are based in these three cities.

“In an year, when the Indian real estate by and large faced multiple challenges – from slowdown to funds crunch to spotty demand – the average wealth of top 100 richest Indians from the sector increased by 16% to INR 2,743 crore. At the same time, the sector added 2 more US Dollar billionaires – taking the total to 9 this year,” the report said.

Around 59% of the individuals mentioned on GROHE Hurun India Real Estate Rich List 2019 are first-generation entrepreneurs compared to 47% in IIFL Wealth Hurun India Rich List 2019. The average age of the individuals in the list is 59. Six individuals under the age of 40 and three above the age of 80 made to the list.

“Indian real estate is set to a transformation owing to multiple factors. At the forefront of the change will be the leaders with proven expertise, credible brand and deep pockets to innovate and inspire,” said Rupert Hoogewerf, Founder, Hurun Report.

Although the private equity investments into residential registered a decline of 25%, the investment into commercial and retail segments registered a growth of almost 20%.

The very rich real estate tycoons in India have grown wealthier in the past year. Their wealth increased to 27% compared to 2017.

“Over the past few years, Indian realty has gone through a multitude of changes - from demonetization to RERA and GST - and has emerged as a truly transformational space that is thinking and functioning in a way that’s primarily consumer first. A greater demand for institutionalization, reform and a clearly defined digital identity has given rise to a more informed consumer, whose penchant for quality and on-time delivery has caused a clear sectoral shift,” said Bobby Joseph, General Manager, LIXIL Water Technology (LWT), India and Subcontinent.

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