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Top 100 real estate richest get 30% richer in 2021: GROHE-HURUN India report

Grohe hurun

New Delhi, 6th April 2022: Hurun Report today released the GROHE-HURUN India Real Estate Rich List 2021, a ranking of the most successful real estate entrepreneurs, inheritors in India, ranked by net worth proportionate to their ownership in their respective real estate businesses. Wealth calculations are a snapshot of 31 December 2021. This is the 5th year of the ranking.


The GROHE-HURUN India Real Estate Rich List 2021 ranked 100 individuals from 71 companies and 14 cities. 81% of the list saw their wealth increase, of which 13 were new faces. 13% saw their wealth decrease, and there were 13 drop-offs. The average age is 61.

Fifth time in a row, GROHE and the Hurun Report have made a serious attempt to understand the real estate entrepreneurs and to highlight their achievements through the rich list as a medium. The achievement is a testament to their commitment to conceptualizing, designing, and building homes and commercial spaces that exemplify the highest standards of living and complement the contemporary ever-evolving lifestyle with every amenity presented to inhabitants on a single platform. Amidst systemic challenges, developers are working tirelessly towards the country’s infrastructural development and fueling the growth of the economy.

Despite all the news of a slowdown in the sector, some of the key trends in the list indicate a positive future. For instance, the average wealth in the GROHE-HURUN India Real Estate Rich List 2021 has increased by 30%, to INR 4,537 crore. The combined wealth of the entrepreneurs on the list grew by 30% compared to 2020 and 81 of them increased wealth, including 13 new additions. Real estate and infrastructure are undoubtedly two of the most significant indicators of an economy.

Anas Rahman Junaid

Hurun India MD and Chief Researcher Anas Rahman Junaid said, “After lying low for the last few years, Indian real estate sector is all set to become one of the biggest growth engines in India. Extraordinary world events such as Covid-19, Ukraine War coupled with inflation increased the attractiveness for investing in real estate, resulting in overall positive performance of the sector. For instance, the average wealth in the GROHE-HURUN India Real Estate Rich List 2021 has increased by 30%, to INR 4,537 crore. The combined wealth of the entrepreneurs on the list grew by 30% compared to 2020 and 81 of them increased wealth, including 13 new additions.

 “For the year under review, the BSE Realty index gained 55% compared to a 22% gain of the benchmark index Sensex. The real estate stocks are primarily driven by a recovery in real estate demand on the back of low-interest rates and government incentives. This

could be the reason why the GROHE-HURUN Real Estate Rich List registered the biggest ever cumulative wealth growth of 30% since inception.”


“While the 2020 GROHE-HURUN list demonstrated the resilience of the sector, the 2021 list evidenced the quality of India’s top real estate entrepreneurs. For instance, the cut-off to feature in the top 10 of the GROHE-HURUN India Real Estate Rich List 2021 has increased by 122% to INR 11,400 crore.”, concluded Anas Rahman Junaid.

Bobby Joseph, Leader, LWT, India & Subcon (GROHE & American Standard) said, “It feels great to be associated with Hurun India for the fifth year in a row to recognize the contribution of realtors in India’s growth journey. Interestingly, while the economy reeled under the pressure of the pandemic, the real estate sector has been one of its key energizers. It has secured its spot as a key economic driver while globally shifting the spotlight on India as a hot real estate market.

The sector is shining with a spirit of innovation, modernized concepts and ethical practices and has opened avenues for several asset classes, further having a snowball effect on the wealth creation in the country.

There is an increased propensity among the FIRE (Financially Independent Retire Early) generation to invest in the realtor market cascading unparalleled growth opportunities for the industry. By 2030, India will require more than 25 million new affordable housing units and developers are persevering in their efforts which is reflected in the 30% increase in average wealth according to the GROHE Hurun India Real Estate Rich List 2021.

Considering the accelerated demand, we can potentially create at least 50 billionaires from the real estate sector to hit a GDP of USD 5 trillion in 5 years. The importance of the development and growth of the real estate sector cannot be overstated, and it’s heartening to see that we are headed in the right direction.”

Top 10 on the GROHE-HURUN India Real Estate Rich List 2021

Rank NameWealth (INR Cr)1 Year Change (%)5 Year Change (%)Main CompanyCity of Residence
1↑Rajiv Singh61,22068%164%DLFNew Delhi
2↓Mangal Prabhat Lodha & family52,97020%188%Macrotech DevelopersMumbai
3-Chandru Raheja & family26,2900%N.A.K RahejaMumbai
4-Jitendra Virwani23,6202%41%Embassy Office ParksBengaluru
5↑Vikas Oberoi22,78044%112%Oberoi RealtyMumbai
6↓Niranjan Hiranandani22,2508%564%Hiranandani CommunitiesMumbai
7*Basant Bansal & family17,25075%N.A.M3M IndiaGurugram
8↓Raja Bagmane16,7307%N.A.Bagmane DevelopersBengaluru
9*G Amarender Reddy & family15,000NewN.A.GAR CorporationHyderabad
10↓Subhash Runwal & family11,4000%N.A.Runwal DevelopersMumbai

↑ Rank increase yoy ↓ Rank decrease YoY – No Rank change yoy * New to Top 10

Source: Hurun Research Institute; GROHE-HURUN India Real Estate Rich List 2021

GROHE-HURUN India Real Estate Rich List 2021 by State

RankStateNo of IndividualsRichest IndividualNet Worth INR Crore
1Maharashtra37Mangal Prabhat Lodha & family52,970
2Delhi23Rajiv Singh61,220
3Karnataka20Jitendra Virwani23,620
4Telangana5G Amarender Reddy & family15,000
5Gujarat4Sanjay S Lalbhai & family520

Source: Hurun Research Institute; GROHE-HURUN India Real Estate Rich List 2021



The GROHE-HURUN India Real Estate Rich List 2021 is a snapshot of wealth as of 31 December 2021.   This is a supplementary list to the Hurun India Rich List 2021. While we have tried to limit the valuation to primary ownership in Indian real estate businesses registered with the Ministry of Corporate Affairs. For instance, the Godrej group is a conglomerate with diverse business interests; Adi Godrej has a valuation of INR 31,300 crore on the Hurun India Rich List 2021. However, on the GROHE-HURUN India Real Estate Rich List 2021, we have considered the valuation of Godrej Properties for Adi Godrej, which would translate to INR 6,290 crore.

Valuing the wealth of India’s richest is as much an art as it is a science. There may be inadvert ent omissions, but we believe the GROHE-HURUN India Real Estate Rich List 2021 to be the most comprehensive attempt to identify India’s top real estate entrepreneurs   and to measure the value of their holdings. Our team of researchers has cross-checked information with entrepreneurs, industry experts, journalists, bankers, regulators, and government filings, as well as past 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, Net Asset Value and other methodologies including Discounted Cash Flow. We have used the latest available financial reports as the basis for arriving at the valuation.

We have split wealth among siblings; for companies like Godrej Properties, we have split the wealth across five individuals.

GROHE-HURUN India Real Estate Rich List has been compiled based on the valuation of real estate business owned by the entrepreneurs; The personal liabilities or debt of the entrepreneur is not considered for the wealth calculation.


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