REAL ESTATE MOGULS REAP CONSOLIDATION WINDFALL

Eight billionaires from real estate make it to this year's list of wealthiest Indians as the sector continues to remain resilient post pandemic.

- Arnika Thakur

MANGAL PRABHAT LODHA 

WEALTH: ₹51,316 crore

KUSHAL PAL SINGH

WEALTH: ₹91,461 crore

RAJ MENDA MANOJ MENDA

WEALTH: ₹36,992 crore

THE ELITE GROUP of real estate promoters saw a ₹62,386 crore increase in their net worth to ₹2,59,650 crore in FY23. Mangal Prasad Lodha of Macrotech Developers, saw the highest jump of 73.9%, while DLF’s chairman emeritus K.P. Singh continued to be the richest real estate baron with wealth of ₹91,461 crore, a 30% rise from 2022.

K.P. Singh helmed DLF for about five decades until his son Rajiv Singh took over as chairman in 2020. K.P. Singh was given charge of the company, founded by his father-in-law in 1946, and made it India’s largest real estate developer with interests across commercial, residential and retail segments. In FY23, it posted a 107% rise in new sales bookings to ₹15,508 crore. Among the most notable projects he undertook is development of residential and commercial properties in Gurgaon. In the last 76 years, DLF has developed over 150 projects and an area of more than 340 million square feet. Its luxury residential project in Gurgaon, The Arbour, saw record ‘pre-formal launch’ sales of over ₹8,000 crore. Macrotech Developers, on the other hand, saw a 34% rise in pre-sales to ₹12,064 crore in FY23. The company expects pre-sales to grow 20% in FY24.