BJP MLA Mangal Prabhat is India’s Richest Property Tycoon: Hurun Report

Lodha, who was at the second position last year as per the Hurun report with a wealth of Rs 18, 610 crore, has shot up the list, while DLF’s Kushal Pal Singh who topped the list in 2017 with a wealth of Rs 23,460 crore, has not even featured in this years top 10 real estate developers

New Delhi: Mangal Prabhat Lodha, BJP’s MLA from Malabar constituency and the founder of Lodha group, has become India’s richest real estate developer after a 22% increase in his company’s sales.

Lodha started his real estate business three decades ago in Bombay and is currently constructing a 75-storey Trump Tower in India’s commercial capital.

According to a survey conducted by the GROHE Hurun India Real Estate List, Lodha’s wealth is estimated at 271.5 billion rupees. The list says that the total wealth of the top 100 Indians in the real estate sector grew 27% from a year ago to 2.36 trillion rupees because large property developers took advantage of the industry slowdown to buy smaller rivals.

“While low level developers in the real estate are affected by the slowdown, the top developers including Lodha’s company are resilient because of they are organised and have strong execution,” Vineeth Chandrababu, associate vice-president at Hurun Report India, is quoted as saying in a report in Business Standard.

Lodha, who was at the second position last year as per the Hurun report with a wealth of Rs 18, 610 crore, has shot up the list, while DLF’s Kushal Pal Singh who topped the list in 2017 with a wealth of Rs 23,460 crore, has not even featured in this years top 10 real estate developers, reports Business Standard.

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Lodha is followed by Jitendra Virwani of Embassy Group with total wealth of Rs 23,160 crore at the second position and Rajiv Singh of DLF at third with wealth of Rs 17,690 crore. Furthermore, both the Hiranandani brothers secured sixth position in the Hurun list with wealth of Rs 7,880 crore.

Similarly, billionaire brothers Manoj Menda and Raj Menda ranked nine with a wealth of Rs 5,900 crore.

The total wealth of top 100 Indians in real estate sector stood at Rs 236, 610 crore, up 27% from Rs 186, 700 in 2017. “Mumbai is the most preferred city of residence for real estate tycoons in India with 35 names hailing from the city, followed by Delhi (22) and Bengaluru (21),” said the Hurun report.

The list was compiled on the basis of net worth of living Indians as on September 30, 2018 when the US dollar exchange rate was at Rs 72.46. About 59% of the names featured in the report are first generation entrepreneurs, reveals the report.

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India’s richest MPs

There are several political leaders at present with humongous monetary asset. According to Association of Democratic Reforms report, the richest member of parliament is JD(U)’s Mahendra Prasad with total asset of Rs 4,078.40 crore.

Jaya Bacchan, Samajwadi Party MP, stands at second position with movable assets of Rs 538.83 crore and immovable assets of Rs 462.80 crore. Her total assets are worth Rs 1,001.63 crore.

BJP leader Ravindra Kishore Sinha stands third in the list with movable assets worth Rs 794 crore and immovable assets of rs 62.95 crore. His total assets are worth Rs 857.11 crore.

In the same order, Congress MP from West Bengal, Abhishek Manu Singvi, occupies the fourth spot; Karnataka’s JD(U) minister D. Kupendra Reddy comes fifth and Maharashtra’s Sanjay Dattatraya Kakade is the sixth richest member of parliament of India.