Realty barons steal limelight

India’s booming real estate sector has more than doubled the number of billionaires from this space in just 12 months, with DLF’s Kushal Pal Singh emerging “the world’s richest real estate developer.” Among 54 Indian billionaires identified by Forbes magazine, there are seven real estate developers with a net worth of over a billion dollar each.

A year ago, there were just three billionaires from this sector — K P Singh, Ramesh Chandra and Rajan Raheja, who have now been joined by Rakesh Wadhawan of newly listed HDIL, Niranjan Hiranandani of London-listed Hirco, Parsvnath Developers’ Pradeep Jain and Omaxe’s Rohtas Goel.

Singh, the wealthiest in this space, has been ranked as the fourth richest Indian with a net worth of $35 billion, according to the Forbes List. His wealth appreciated over 250 per cent after his company, DLF, went public in June this year and the stock has surged 60 per cent since then, it added. Unitech’s Ramesh Chandra ranks 8th with a net worth of $11.6 billion, followed by Wadhawan at the 26th spot with a wealth of $2.35 billion.