GAR Group's Amarender Reddy is the richest realtor from Telangana: Report

GAR Corporation currently owns 10 million square feet of office parks in Hyderabad and commenced the construction of another eight million square feet of office space and has a potential of an additional 20 million square feet on its land banks.

By Newsmeter Network  Published on  9 April 2022 3:07 AM GMT
GAR Groups Amarender Reddy is the richest realtor from Telangana: Report

Hyderabad: With a wealth of Rs. 15,000 crore, G. Amarender Reddy, the founder and chairman of GAR Corporation, is the richest real estate developer in Hyderabad, according to GROHE-HURUN India Real Estate Rich List 2021.

GAR Corporation currently owns 10 million square feet of office parks in Hyderabad and commenced the construction of another eight million square feet of office space and has a potential of an additional 20 million square feet on its land banks.

Six individuals from Hyderabad made it to the GROHE-HURUN India Real Estate Rich List 2021. Apart from G. Amarender Reddy and family, who ranked ninth, the list included Rameswar Rao Jupally and family of My Home Constructions who ranked 11th with an estimate of Rs. 9,140 crore; C. Venkateswara Reddy of Aparna Constructions and Estates ranked 22nd with Rs. 5,360 crore; S. Subramanyam Reddy of Aparna Constructions and Estates ranked 23rd with Rs. 5,300 crore; Manoj Namburu of Alliance Group/Urbanrise ranked 31st with an estimate of Rs. 3,300 crore; and G.V.K Reddy and family of Taj GVK Hotels and Resorts ranked 78th with an estimate of Rs. 460 crore.

The GROHE-HURUN India Real Estate Rich List 2021 ranked 100 individuals from 71 companies and 14 cities.

Eighty-one per cent of the people on the list saw their wealth increase, of which 13 were new faces, while 13% saw their wealth decrease and there were 13 drop-offs. The average age was 61.

Wealthiest Indian real estate entrepreneur

With a wealth of Rs. 61,220 crore, Rajiv Singh of DLF overtook Mangal Prabhat Lodha to become the wealthiest Indian real estate entrepreneur. Established in 1946 as Delhi Land and Finance (DLF Limited), it is the largest listed real estate company in India with properties in 15 states and 24 cities. DLF plans to invest Rs. 5,000 crore in commercial real estate projects in Chennai by 2026, the second-largest market for the company after Gurugram.

With a wealth of Rs. 52,970 crore, Mangal Prabhat Lodha and family of Macrotech Developers, ranks second in the GROHE-HURUN India Real Estate Rich List 2021. Founded in 1980 and headquartered in Mumbai, Macrotech Developers raised Rs. 2,500 crore through IPO. Supported by the stamp duty waiver in Maharashtra, Macrotech Developers reported the best quarterly performance in the last 12 quarters with pre-sales up 40% compared to the previous year. Macrotech Developers achieved sales bookings of around Rs. 1,900 crore for the properties in London during the quarter ended December 2021.

With Rs. 26,290 crore, Chandru Raheja and family of K Raheja Corp retained the third spot in the GROHE-HURUN India Real Estate Rich List 2021. K Raheja Corp has over 20 million square feet of office space, making it the second-largest commercial developer in the country. In December 2021, in response to COVID-19 and preparing the spaces for safe re-entry, K Raheja Corp became the first developer in the country to adopt the Arc Re-Entry tool for its commercial office tower.

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