India’s richest real estate developer Mangal Prabhat Lodha and his Trump card

By: |
Updated: November 22, 2018 12:06:32 PM

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 is richest Indian property tycoon with $3.8 billion wealth

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.

READ ALSO | Renault-Nissan: Bickering Partners Who Need Each Other

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.

READ ALSO | PSU Banks: Government plans no cut in Rs 65,000 crore infusion
 
Top five in the GROHE Hurun India Real Estate Rich List 2018 include:

Rank Name NetworthINR Billion Company City of Residence 1 Mangal Prabhat Lodha 271.50 Lodha Mumbai 2 Jitendra Virwani 231.60 Embassy Bengaluru 3 Rajiv Singh 176.90 DLF New Delhi 4  Chandru Raheja 144.20 K Raheja Mumbai 5  Vikas Oberoi 109.80 Oberoi Realty Mumbai

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Lenders of debt-ridden Jaypee Infratech to meet on November 27
2New era in digital governance: Synergy between government and private data is needed
3Right-wing group to file defamation case against Twitter CEO Jack Dorsey