A man rides a bicycle past a building under construction stands the site of The World Towers, a luxury residential project developed by Lodha Developers Ltd., left, in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Lodha Is Richest Indian Property Tycoon With $3.8 Billion Wealth

(Bloomberg) -- Mangal Prabhat Lodha, the founder of Lodha Group and a lawmaker representing India’s ruling Bharatiya Janata Party, has become the nation’s richest real estate developer after the company’s sales increased 22 percent.

Lodha’s wealth is estimated at 271.5 billion rupees ($3.8 billion), according to the GROHE Hurun India Real Estate Rich List. Lodha, who started the real estate business three decades ago in Mumbai, is constructing the 75-story Trump Tower in India’s commercial capital.

The total wealth of top 100 Indians in the nation’s real estate sector grew 27 percent from year ago to 2.36 trillion rupees, according to the Hurun list, as large property developers took advantage of a slowdown in the industry to acquire smaller rivals. Jitendra Virwani of Embassy Group, which is poised to sell India’s first real estate investment trust, is the second richest.

Developers at the bottom of the pyramid are definitely affected by the slowdown in the real estate sector, but the top developers are relatively resilient as they are organized and have strong execution, Vineeth Chandrababu, associate vice president research at Hurun Report India said.

Top five in the GROHE Hurun India Real Estate Rich List 2018 include:

RankNameNetworth
INR Billion
CompanyCity of Residence
1Mangal Prabhat Lodha271.50LodhaMumbai
2Jitendra Virwani231.60EmbassyBengaluru
3Rajiv Singh176.90DLFNew Delhi
Chandru Raheja144.20K RahejaMumbai
Vikas Oberoi109.80Oberoi RealtyMumbai

©2018 Bloomberg L.P.

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