Mangal Prabhat Lodha, the founder of Lodha Group and a lawmaker of the ruling BJP, has become the nation's richest real estate developer after the company's sales increased 22 per cent. Lodha's wealth is estimated at Rs 27,150 crore ($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 the commercial capital.
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The total wealth of top 100 citizens in the real estate sector grew 27 per cent from year ago to Rs 2.36 lakh crore, 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 the country'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:
| Rank Name | Networth (INR crore) | Company | City of Residence |
|---|---|---|---|
| Mangal Prabhat | 27,150 | Lodha | Mumbai |
| Jitendra Virwani | 23,160 | Embassy | Bengaluru |
| Rajiv Singh | 17,690 | DLF | New Delhi |
| Chandru Raheja | 14,420 | K Raheja | Mumbai |
| Vikas Oberoi | 10,980 | Oberoi Realty | Mumbai |
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