He gained the top slot and became the richest estate entrepreneur in the country with a total wealth of Rs 27,150 crore.
Bhartiya Janata Party lawmaker and realty firm Lodha group founder Mangal Prabhat Lodha has emerged at the country’s richest real-estate developer after the company’s sales soared 22 per cent in 2018. He gained the top slot and became the richest real estate entrepreneur in the country with a total wealth of Rs 27,150 crore.
According to the Hurun India real estate rich-list 2018, the 62-year-old Lodha is followed by Jitendra Virwani of the Bengaluru-based Embassy group with total wealth of Rs 23,160 crore in 2018. Mumbai-based Lodha was at the second position last year with a wealth of Rs 18,610 crore.
Lodha ventured into the real estate business three decades ago and his realty firm is constructing the 75-storey Trump Tower in Mumbai. He represents Malabar Hill constituency in south Mumbai.
Apart from his known side of being a realtor, Lodha’s ascent to the ranks of the country’s real estate tycoons comes in the backdrop of a long political career and strong family background.
Lodha’s father, Guman Mal Lodha, was the former Chief Justice of the Gauhati High Court and a former Lok Sabha member.
In his younger days, Lodha was associated with the Akhil Bhartiya Vidyarthi Parishad (ABVP). Later on, he joined BJP and currently holds the position of the vice-president of Maharastra unit of Bhartiya Janata Party.
The lawmaker has a history of being involved in important legislation and played an instrumental role in introducing the RTI Act in the Maharashtra Vidhan Sabha in 1997. The act was proposed years before the central government brought RTI Act at the national level. He proposed an amendment to the act where the person filing the request for information would need to declare their relationship to the information.
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The legislator also proposed a bill against cow slaughter. He was among the parties opposing a bill that proposed to allow a government panel to control temple management by a simple official notification. The bill was finally shelved.
Lodha has also been influential in bringing separate law/regulations in favour of over 50,000 housing societies. As a philanthropist, he implemented many initiatives for the lesser privileged through the Lodha Foundation. These initiatives range from areas like education, healthcare to sports and culture.
Meanwhile, Ajay Piramal, chairman of the Piramal Group, has also found place in the top-10 list. Reliance Industries Chairman Mukesh Ambani’s relative, Ajay Piramal and family is at the seventh slot with a combined wealth of Rs 6,380 crore.
The list relates to Indians only, who are defined as born and brought up in India. It is compiled on the basis of net worth of living Indians as of end-September 2018, when the exchange rate stood at Rs 72.46 to the dollar.