The Adani family, headed by Gautam Adani, has emerged as India’s richest real estate entrepreneur for the first time according to the latest GROHE-Hurun India Real Estate Rich List, as reported by The Economic Times.
The report says Gautam Adani and his family’s real estate wealth soared 73% year-on-year to ₹90,400 crore, and that they just narrowly surpassed DLF’s Rajiv Singh and family, whose wealth declined 29% to ₹90,200 crore.
The latest rankings are a very big change in the real estate wealth ranking in India and the Adani family is currently the most powerful as it continues to drive up the real estate sector.
The third position on the list is still held by Mangal Prabhat Lodha and family with an estimated real estate wealth of ₹67,700 crore, which is still amongst the country's wealthiest property developers.
In the report, the shuffle occurs despite a general correction in listed real estate stocks in the past year. Although the share prices of a number of property companies were impacted by this, the overall value of the sector continued to increase as large listed developers grew and institutional investment increased.
With the marketplaces in India’s real estate sector still changing, industry experts say the rankings are indicative of the real estate landscape. The consolidation of large developers to consolidate their market position, better corporate governance and access to institutional capital have helped the dominant companies to grow their land banks, have more land at their disposal and buy more and more development projects and gain market share.
The report also points out how the real estate industry is evolving into a more organised sector, and established developers see more consumer confidence and regulatory changes and demand on residential, commercial and infrastructure-related developments.
The Adani Group has steadily increased its real estate presence through integrated township projects, commercial developments and infrastructure-led urban projects, and has expanded into other ports, airports, energy, logistics, and data centres.
With India’s property landscape changing rapidly, the wealth rankings in the last few years show scale, financial strength and institutionalisation are becoming crucial for long-term success. The Adani family is now at the top of the list in an era of changing economic conditions in the country.
If there is a lot of competition among the developers now, the rankings are sure to be closely followed by investors, industry players and traders that are concerned about the future of the real estate business in India.
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