May 23, 2023
By: Rounak JainIn the last 1 year, 5 out of the top 10 billionaires have seen their wealth decline between 2 to 20 percent, while 3 billionaires have seen an increase in wealth.
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7 out of the top 10 billionaires saw their wealth appreciate 56-448 percent in the last 5 years. Only one billionaire’s wealth dipped marginally in this period.
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India’s top 10 real estate billionaires have a cumulative wealth of ₹2.82 lakh crore as of March 2023, after a cumulative decline of ₹10,880 crore in the last one year. However, in the last 5 years, their wealth has increased by ₹1.21 lakh crore.
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Rajiv Singh tops the list with a wealth of ₹59,030 crore. He is the chairman of DLF. This 75-year-old company has an area of 31.25 million square metres in its portfolio.
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Mangal Prabhat Lodha & family witnessed a 20 percent decline in wealth to ₹42,270 crore in the last 1 year. Macrotech Developers has a presence in Mumbai, Thane, Hyderabad, Pune and London.
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Arjun Menda & family is a new entrant in the list with a wealth of ₹37,000 crore. RMZ, the Menda family’s real estate business, has a presence in Bengaluru, Hyderabad, Chennai, Mumbai, Pune and Gurugram.
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The Chandru Raheja & family are placed 4th with a wealth of ₹26,620 crore. K Raheja Corporation has announced plans to construct a 3 million sq ft IT park in Pune and a 1 million sq ft luxury residential complex in South Mumbai.
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Niranjan Hiranandani of Hiranandani Communities emerged as the top wealth gainer in the list, with a 7 percent rise to ₹23,900 crore in the last 1 year. His company is planning to develop a 1 million sq ft residential project in Mumbai.
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Jitendra Virwani of Embassy Office Parks is the only person in this list to have witnessed a wealth decline in both the 1-year and 5-year periods. At ₹23,100 crore, Virwani is placed 6th in the list.
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Vikas Oberoi of Oberoi Realty has a wealth of ₹22,970 crore, missing out on the 6th place by a whisker. His company Oberoi Realty has a portfolio of 42 completed projects in Mumbai alone.
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Basant Bansal & family of M3M India rank 8th with a wealth of ₹16,110 crore, after a 7 percent decline in the last 1 year. M3M India introduced the Trump Towers to India and also entered into an agreement with PVR in 2022 to construct an 8-screen multiplex in Gurugram.
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Raja Bagmane of Bagmane Developers has a wealth of ₹16,100 crore. His company is known for its business parks in Bengaluru, having developed a campus area of 240 acres in the city.
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Gavva Amarender Reddy & family of GAR Corporation have a wealth of ₹15,000 crore. GAR Corporation is the lone entrant from Hyderabad and has a portfolio of office parks exceeding 10 million sq ft in the city.
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