Land Pooling Policy 2020

Jan 30,2020 / By Supriya Mogarala / No Comment

Land Pooling Policy (LPP)

Delhi Development Authority (DDA) has formulated a Master Plan 2021 for Delhi to improve city planning in the divided zones under the Land Pooling Policy (LPP). Land Pooling Policy is the consolidation of small land parcels to make them into one larger land for construction in order to accommodate the residential and commercial solutions to the people of Delhi NCR. Under the Land Pooling Policy of Master Plan Delhi-2021, the national capital region will begin the smart city plan.

Land Pooling Policy was announced by the urban development ministry in September 2013. The initial phase would see several landowners/developers/societies to pool their land and assign it to the government for developing a percentage of land and retain a percentage to build infrastructure. Delhi Development Authority and the developers would operate in partnership for the development of the LPP Zone.

As per the Master Plan Delhi-2021, 6 Zones amongst a total of 15 zones come under the Land Pooling Policy. These zones are J Zone of South Delhi, K Zone of South West Delhi, and L zone in West Delhi. These zones will attract population and thus the difficulty of housing solutions will be fixed under the LPP.

Land Pooling Policy has encouraged the development of the Indian real estate market and retaining hopes of the builders. Homebuyers can buy luxurious houses at affordable rates in all the prime localities of Delhi NCR. The cautious use of large land parcels will benefit the stakeholders. It’s more beneficial to invest in the LPP approved projects and experience living around robust infrastructure.

Key Amendments:

Timely development of infrastructure.
Enabling farmers to pay development charges.
Mandatory EWS housing units.
Full utilization of approved floor area ratio (FAR).
Urbanization of 20,000 hectares of land.
95 villages are coming together to develop.
Provision of 14-16 lakh housing units in Delhi.
48-60 percent of the land to be returned back to the owners.

Major benefits of Land Pooling Policy:

The archaic Land Acquisition Policy has been mastered by the LPP, thus promoting proper land-use and bringing out transparency in land management.
Better revenue for the landowners and the government.
Better living at affordable prices.
PPP Model has been introduced, and it is the first time the government sector is working with private entities to construct quality development in the prescribed zones.

Image Source: Quora

The dark red areas in the above map are the residential centers where the maximum population of Delhi resides. The red spots on the map imply that the residential centers of the city that are fully populated cannot accommodate any more residents on the currently available land. Delhi needs to expand to meet the needs of the migrant population which is expected to be 2.3 crores by 2021. The current infrastructure is only equipped to handle 1.5 crores of the 1.9 crore residents.

Distribution of land returned to DE (60%):

Gross residential – 53%
City-level (commercial) – 5%
City-level (public/ semi-public) -2%

Distribution of land returned to DE (48%):

Gross residential – 43%
City-level (commercial) – 3%
City-level (public/semi-public) – 2%

Which areas will come under the ambit of this policy?

To compensate for the 50-60k acres of land requirement in the upcoming years, areas like Narela, Najafgarh, and Bawana will witness land pooling and development. About 89 of the 95 villages have been listed as urban villages that will accommodate development. This system is a part of the master plan for Delhi-2021 according to which the city of Delhi will be developed.

The master plan has highlighted the following roles in infrastructure development for each:

DDA:

Time-bound development of Master Plan Roads.
Create a plan for physical infrastructures such as water supply, sewerage, drainage, provision of social infrastructure, and traffic and transportation infrastructure including metro corridors.
External development in a time-bound manner (external development charges and other development charges acquired for city infrastructure shall be payable by DE on the actual cost incurred by DDA)

Developer Entity (DE):

Approval of layout/ detailed plan from DDA
Demarcation of roads as per layout plan, sector plan, and obtain verification of the same from the concerned authority.
Develop sector/ internal roads/ infrastructure/ services in its share of land (which includes water, power supply lines, rainwater harvesting, STP/ WTP, etc.)
Timely completion of development and its maintenance with all facilities (open spaces, roads, and services till the area is handed over to the Municipal Corporation)

Special Provisions for the Economically Weaker Sections (EWS):

As per the master plan, the developer entity will assure sufficient provision of EWS and other housing as per the Shelter Policy of the Plan. Aside from this, the developer entity shall also declare the prescribed built-up spaces, EWS dwelling units, and LIG Housing components to the DDA as per the policy.

The EWS Housing unit size range within 32- 40 square meters.
50% of EWS housing stock to be maintained by DE for regulated sale for community service personnel and the remaining 50% to be sold to DDA, which will be improved as per CPWD index at the time of handing over.

Development Framework and Control Measures

The Government/ DDA will be answerable for creating and implementing a framework for Land Pooling Policy to:

Frame detailed regulations including process and a timeline for participation in a time-bound manner. The laws shall be put up in public domain for capturing views of all stakeholders by giving a 30-day time frame
Create a dedicated unit for dealing with approvals of Land Pooling applications
Create a Single Window Clearance wherein all the agencies accountable for giving time-bound clearances will meet regularly as per notified timelines.

DDA shall formulate the following norms pertaining to the policy:

The residential Floor Area Ratio (FAR) of 400 for group housing to be applicable on net residential land exclusive of 15 percent FAR reserved for Economically Weaker Section (EWS) housing. Net residential land to be a maximum of 55 percent of gross residential land.
This is explaining the concept of building higher to support more population
FAR for city-level commercial and city-level public/semi-public development to be 250.
Subdivision of residential areas and provision of facilities shall be as per MPD-2021.

How shortly will it be implemented?

Lieutenant Governor Anil Baijal has approved and notified DDA Land Pooling Policy, and the implementation is set to begin once proposals are built on the final draft.

Apart from this, the developers have already started pooling land and we can see housing units soon.

What’s in it for a Delhi resident?

Being a Delhi citizen, you can expect approximately 25 lakh housing units in the coming 10 years. That means cheap and affordable housing.

If you are not a Delhi Resident, you can still invest your money in the land pooling scheme so to be a part of one of the biggest real estate booms in India.

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DDA May Revise in Delhi Masterplan 2021 To Allow Fitness Centres In Residential Areas

Oct 11,2019 / By Prahalad Singh / No Comment

DDA allows fitness centers in residential areas

Highlights:

The DDA has approved a proposal to revise the Delhi Master Plan to allow fitness centers to run in residential areas
Any new center can now be opened on the ground floor or in the basement
Delhi Master Plan 2021 now be revised and they will be able to get regularized by paying conversion charges

To give support to gym and wellness centers challenging sealing, the Delhi Development Authority (DDA) on Wednesday passed a suggestion to amend Delhi Masterplan 2021 to regularise them and allow their service in mixed land use areas. The decision was taken during the authority meeting of the urban body, chaired by Lt Governor Anil Baijal.

After a Supreme Court-appointed monitoring committee recently ordered the sealing of all gym, yoga, and wellness centers that have been established in the national capital (Delhi) after August 12, 2008, violating the master plan standards. The current plan provides these facilities in commercial complexes only if they have developed before 12th August 2018, while the rest are supposed illegal said Vijender Gupta, a DDA member.

According to the committee, all these centers fall under the “other” category of land use. The order is also implemented irrespective of the nature of the road i.e. commercial, mixed or non-notified.

Gupta further said that the Delhi Master Plan 2021 now be revised and they will be able to get regularized by paying conversion charges. Also, any new fitness and wellness center can now be opened on the ground floor or in the basement.

DDA will soon be requesting suggestions from the public and establishing a board of inquiry. When this procedure will be completed, the proposal will be put again before the authority. While the revision will take some time, the process to bring cheer to gyms and fitness centers within walking distance from the homes of residents has begun.

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2019 Festive Offers & Deals on Housing in NCR

Sep 26,2019 / By Prahalad Singh / No Comment

The festive season is deemed to be a favorable time for many of the Indian homebuyers, which developers and builders look to benefit on. It is the time of the year when people want to make new investments and purchases. To catch the sentiment, property developers come up with attractive offers & discounts. These offers & discounts during festive seasons are unique, competitive so that it could suit the target market. From a homebuyer’s viewpoint, this is one of the best periods to look out for their ideal homes, as most of the developers would be competing for their attention through these offers & discounts. Even property experts say that the festive season is the best time to invest in property.

Like every festive season, this time too, the real estate developers of NCR are showering offers and discounts like no EMI until possession, cash discount, free registration and stamp duty, GST waivers, free modular kitchen, free car-parking, iPhones to cars, club membership, registration & stamp duty among others to attract homebuyers back to the market.

Now, if you are planning to buy your dream home or want to invest in property in the national capital region (NCR), we list for you some offers & discounts that you must like to grab this festive season. Let’s check out some of the offers:

Delhi-NCR

Builder’s Name	Offers & Discounts
Gaur Group	Free Registration of Property, Semi-modular Kitchen, Air-conditioning, LED TV, Gold Coin, Refrigerator, Air-purifier, Washing Machine, Armani Wrist Watch among others.
Saya Group	Possession-linked payment plans – 30:20:50
Mahagun Group	GST waiver, Free car parking, Modular kitchen, club membership, etc.
Gulshan Homz	Free covered car parking, Power backup, Club membership, and lease rent.
Bhutani Infra	iPhone, iPad, and LED TV
Urbania Spaces	Dinnerware and Samsung tabs on every booking of 100 sq ft and 200 sq ft at its commercial project.
SG Estates	Monthly rental till possession, Free club membership, LED TV, etc
Spectrum Metro	Assured gifts up to Rs 1 lakh on every purchase and a chance to win Mercedes Benz

What builders do normally to clear their inventories?

Instead of reducing the per square feet (PSF) rate, normally, builders give discounts & offers and freebies to potential buyers. And to attract home buyers, normally builders experiment with the all-inclusive price.

Are these offers and discounts trustworthy?

Sometimes Yes, Sometimes No!! It all depends on the buyer’s bargaining ability. There are a few points which homebuyers should keep in their mind while buying properties during festive season:

Do not hurry for freebies. Give priorities to your requirements.
Don’t fall for the misconception of festive sales. Properties in a specific market are already available at a reduced price. If the builder is promoting the deal as ‘limited offer’, be aware that after the festival season, the benefits would remain almost the same or will be turned into some other offer.
Make out whether you are really saving big with that deal. The overall cost of the freebie and gift is included in the cost of the home. It is the buyers who need to choose which deal or offer suits them the most.
Make sure that the cost of freebies has not been added to the basic cost of the unit and that there are no hidden charges which the builder will ask for later.
If the offers & discounts are appropriate for all units or only select units? Sometimes, non-premium or non-Vastu compliant units are sold at huge discounts.
Figure out the price of the units over the last few months. Sometimes seen value to actual value might differ effectively.

What are homebuyers exactly looking for this festive season?

Homebuyers want a little extra to make a fresh deal this season. They are looking for affordability with modernity. From amenities that match their modern lifestyles including modular kitchens, luxury bathroom fittings, etc. Buyers are more clever than before, and are willing to take 80-85% loan but won’t negotiate with amenities. Good location with entree to lifestyle options like clubs, gym, parking, and markets is important to deal with. This is special from the normal discounts, fee waivers and rent guarantees by builders for festive sale gifts.

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DDA sanctioned Transit-Oriented Development Policy Around Transit Corridor

Sep 18,2019 / By Prahalad Singh / No Comment

The DDA on Monday sanctioned its transit-oriented development (TOD) policy and regulations which are focused on development taking place around or along with transit nodes or corridors.

The policy was sanctioned in the urban body’s authority meeting at Raj Niwas, Delhi chaired by Lt Governor Anil Baijal who is also chairman of the DDA.

After getting approval by DDA, the proposal will be sent to the Ministry of Housing and Urban Affairs (MoHUA) for its approval and notification.

Other key decisions are taken at a DDA meeting including some amendments to the Master Plan 2021, fixation of amalgamation charges for commercial properties, relaxation of rules to settle of pending inventory.

This policy presides over complete ease of access to that transportation facilities so that convincing people to walk, cycle and use public transportation over personal modes of transport.

TOD includes a variety of high-density, mixed-use, mixed-income buildings, within a short distance of a rapid public transport network, set in a public domain that prompts more people to use public transport.

As per the DDA sources, Transit-Oriented Development (TOD) policy would set up development favorable circumstances to the private sector to bring in investment into the city building, its growth, revenue, and also support cross-subsidize social amenities, affordable housing, and public transport, using an array of potential financial development models.

Other Approvals:

To assure ease of doing business, the Authority sanctioned amalgamation charges for commercial properties at 10% of the circle rates applicable at the time of submission of the request for amalgamation. It will apply to the total area of the plot.
The Authority also sanctioned the plan for modification in the Development Control Norms under which the following activities are allowed for religious plots at sub-city level-training center for Yoga, spiritual activities and meditation, Museum/Art Gallery/Exhibition Centre, Auditorium, accommodation for preachers/devotees/management staff.
It also sanctioned a revision in Master Plan 2021 under which bank lockers if part of the existing banks will be allowed in the respective basements of the same premises. Apart from that, restaurants on the ground floor only with valid appropriate licenses and with all statutory clearances, as existing on or before Monday i.e. 16th September 2019, will only be permitted on published mixed-use streets. The sanctioned plan will be sent to MoHUA for consideration and final notification.
The Authority also sanctioned a 20% adjustment on the current rate of Rs 2.8 lakh per sq. mt. for disposal of 84 Commonwealth Games flats to government bodies, Public Sector Undertakings and central and state organizations.
The Authority also voted to change the mode of allotment of socio-cultural and religious category lands from direct allotment to auction to give equal opportunity to all societies to join in the auction. The maximum size of the plot would be 1000 sq. mt. for the socio-culture category, while it would be 400 sq.mt. for the religious category.
To establish an institutional hub in Narela Sub-city, the Authority has sanctioned the change of land use of 36.6 hectares in the District Centre Narela from commercial to public and semi-public (PSP).
The Authority also sanctioned a proposal for the collection of damage from the occupants of Damage Payee properties existing on Government Land.

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Top 10 Richest Realty Developers of India

Jun 5,2019 / By Prahalad Singh / No Comment

Top 10 Real Estate Tycoons: India

The real estate sector is one of the most acknowledged sectors in the world. It consists of 4 sub-sectors namely housing, hospitality, commercial, and retail. The growth of this sector is well supported by the growth of the corporate setting and the demand for office space as well as urban and semi-urban housing.
At the same time, it is expected that this sector will incur more non-resident Indian (NRI) investment in both the short and long term. Bengaluru is expected to be the most preferred property investment address for NRIs, followed by Ahmedabad, Pune, Hyderabad, Chennai, Delhi/NCR, and Goa.

India is home to almost 245,000 capitalists, according to the latest report, and the number is assumed to touch 372,000 by 2022. Furthermore, India’s wealth growth of $451 billion signifies the 8th largest wealth gainer world-wide by country.

From a city-wise aspect, Mumbai is the most favored city of residence for the real estate capitalists with the city being home to 35 of them, followed by Delhi (22) and Bengaluru (21) and Pune which is home to 5 of the richest 100 realtors.

Here is the list of top 10 richest Indian Real Estate Builders as per Grohe Hurun India real estate rich list 2018

1) Mangal Prabhat Lodha: Lodha Group, Mumbai: Rs 27,150 crore

Mangal Prabhat Lodha, 62, with a net worth of Rs 27,150 crore, who is also a senior BJP leader is the richest real estate developer in the country. He laid the foundation of the Lodha Group. Lodha group is currently developing One Grosvenor Square, which is a premier property and home to the former Canadian embassy. He is followed by Jitendra Virwani of the Bengaluru-based Embassy Group with a total wealth of Rs.23,460 crore in 2018.

The city-based Lodha was at the second position last year with a wealth of Rs 18,610 crore, while DLF’s Kushal Pal Singh, who had topped the list last year with a wealth of Rs 23,460 crore, does not figure in the year’s top 10 list. However, his son Rajiv Singh comes third with a wealth of Rs 17,690 crore Lodha this year.

Residential Ongoing Projects: The Park, Amara, Upper Thane, World View, Lodha Venezia, Codename Smartmove, Lodha Seamount, Lodha Bel Air, Lodha Primo, Lodha Sterling, Lodha Altia, Codename Golden Ticket, Lodha Parkside, Lodha Marquise, Lodha Kiara, Lodha Panacea, Lodha Belmondo, Trump Tower Mumbai, Lodha Allura, Codename MoveUp, Casa Viva, Lodha Eternis, Lodha Splendora, The Reserve, and Codename Bullseye.

Residential Completed Projects: Lodha Fiorenza, Codename Golden Dream, World One, Lodha Evoq, Lodha Splendora, World Crest, The Reserve, Lodha Estrella, and Lodha Bellezza.

Commercial Projects: Lodha Supremus, Andheri, One Lodha Place, Lodha Supremus, Thane, iThink by Lodha, Thane, iThink by Lodha Palava, and Lodha Excelus New Cuffe Parade.

Retail: Xperia Mall, Palava.

Industrial Park: Palava.

2) Jitendra Virwani: Embassy Group, Bengaluru: Rs 23,160 crore

Jitendra Virwani, 52, is considered South India’s largest office space landlord with a fortune of Rs 16,700 crore. He is currently the chairman of the Embassy group and has been a pioneer in building industrial parks and warehousing spaces. He owns the Stone Hill International School, one of India’s largest privately owned academies. He is also a member of the equestrian federation of India.

Residential Ongoing Projects: Embassy Edge, Four Seasons Private Residences, Embassy Lake Terraces, Embassy Grove, Embassy Springs, and Embassy Residency.

Residential Completed Projects: Embassy Boulevard, Embassy Pristine, KCN Mansion, The Embassy, Embassy Oasis, Embassy Woods, Embassy Tranquil, Embassy Place, Embassy Palace, Embassy Orchid, Embassy Meadows, Embassy Highstreet, Embassy Heritage, Embassy Habitat, Embassy Grace, Embassy Espana, Embassy Eros, Embassy Crown, Embassy Court, Embassy Corner, and Embassy Casabella.

Ongoing Commercial Projects: Embassy Golflinks Business Park, Embassy Manyata Business Park, Embassy Techvillage, Embassy Knowledge Park, Embassy Tech Zone, Embassy Taurus Techzone, Trivandrum, Embassy Splendid Techzone, Chennai, and Phoenix Embassy.

Completed commercial Projects: Kirloskar Business Park, Embassy Square, Embassy Icon, Embassy Diamante, Embassy Galaxy, Embassy Point, Embassy Icon Annexe, Embassy Prime, Embassy Star, Embassy Paragon, Embassy Classic, and Embassy Chambers.

Ongoing Industrial Parks: Embassy Industrial Park, Hosur, Embassy Industrial Parks, Kolkata, Embassy Industrial Parks, Farukhnagar, Embassy Industrial Parks, Bilaspur, Embassy Parks, Sriperumbudur, and Embassy Industrial Parks, Chakan, Pune.

Ongoing Hospitality Projects: Hilton Hotels and Resorts & Hilton Garden Inn and Four Seasons Hotel.

Completed Hospitality Projects: Lounge Hospitality, Hilton Bangalore Embassy Golf Links, BLVD Club, and Le Meridien Bangalore.

Ongoing Integrated Township: Embassy Springs and Embassy Residency

Ongoing Retail Projects: Embassy Mall

Completed Retail Projects: Victoria Embassy

Completed Educational Projects: Embassy International Riding School and Stonehill International School.

3) Rajiv Singh: DLF Limited, New Delhi: Rs 17,690 crore

Rajiv Singh, 33, is an Executive Vice Chairman of the Board of DLF Limited. He is currently the richest real estate rival in India, ranked 3rd in the list with a wealth of Rs 17,690 crore. The owner of Delhi Land and Finance (DLF) is one of the largest real estate developers, who is a pathfinder in developing Gurugram the leading Financial and Industrial Hub in the country. The only real estate company that collected the largest IPO and developed 27 million sq.ft to date. It can be noted that senior Kushal Pal Singh has moved out of daily operations of DLF and has transferred his shares to his son Rajiv and daughter Piya. Now, Rajiv Singh has taken the position of Kushal Pal Singh and operating the company.

Ongoing Residential Projects: DLF The Crest, DLF Garden City Plot, DLF Park Place, and DLF Garden City.

Completed Residential Projects: DLF The Skycourt, DLF The Primus, DLF New Town Heights, Kolkata, DLF Ultima,, DLF The Summit, DLF Bella Greens, DLF Exclusive Floors, DLF Westend Heights, DLF Carlton Estate, DLF Royalton Towers, DLF Trinity Towers, DLF The Belaire, DLF Westend Heights New Town, DLF Park Place, DLF Princeton Estate, DLF Wellington Estate, DLF Ph-5, DLF New Town Heights, Kakkanad, Kochi, DLF Regal Gardens, DLF Valley Plots, DLF Kings Court, DLF Hyde Park Bungalows, DLF Woodland Heights at My Town, DLF Garden City, Indore, DLF Commanders Court, DLF Hyde Park Terraces, DLF Select Homes, DLF Hyde Parks, Mohali, DLF Gardencity, Chennai, DLF Garden City Plots, Gurgaon, DLF New Town Heights, Gurgaon, DLF Belvedere Tower, DLF Park Place, Jalandhar, DLF Belvedere Park, Gurgaon, DLF valley, Panchkula, DLF Garden City, Lucknow, DLF Express Greens, Gurgaon, DLF Kings Court Villa, Delhi, DLF Chisholm Apartments, Gurgaon, DLF Richmond Park, Gurgaon, DLF Maiden Heights at My Town, Bangalore, DLF Magnolias, Gurgaon, DLF Queens Court, Delhi, DLF Oakwood Estate, Gurgaon, DLF The Icon, Gurgaon, DLF Silver Oaks, Gurgaon, DLF Regency Park, Gurgaon, DLF Windsor Court, Gurgaon, DLF Regency Park-2, Gurgaon, DLF Beverly Park, Gurgaon, DLF Pinnacle, Gurgaon, DLF Hamilton Court, Gurgaon, DLF The Aralias, Gurgaon, DLF Beverly Park-2, Gurgaon, DLF Hyde Park Plot, Mohali, DLF Ridgewood Estate, Gurgaon, DLF Alameda, Gurgaon, DLF Colony Old, Gurgaon, DLF Phase-3, Gurgaon, DLF Capital Green Ph-3, Delhi, DLF Capital Green Ph-1, Delhi, DLF Capital Green Ph-2, Delhi, DLF Garden City, Hyderabad, DLF Phase-2, Gurgaon, DLF Ph-1, Gurgaon, DLF Phase-4, Gurgaon,

4) Chandru Lachmandas Raheja: K Raheja Corp, Mumbai: Rs 14,420 crore

Chandru Lachmandas Raheja, 78, manages the privately-owned commercial developer in Mumbai with a wealth of Rs 14420 crore. K Raheja Corp has holdings of fully leased 20 million sq.ft office spaces across Mumbai, Navi Mumbai, Hyderabad, and Pune. K Raheja Corp developed the first planned suburban business park, Mindspace, in Mumbai’s Malad suburb.

Ongoing Residential Projects: Artesia-Mumbai, Vivarea-Mumbai, Vistas premiere-Pune, Viva-Pune, and Vistas-Hyderabad.

Completed Residential Projects: Viva-Goa, Quiescent Heights-Hyderabad, and Vistas-Mumbai.

Completed Commercial Projects: Mindspace IT Park-Malad, Mindspace SEZ & IT Park-Airoli East, Mindspace SEZ & IT Park-Airoli West, Mindspace SEZ & IT Park-Juinagar, Mumbai, Commerzone IT Park-Yerawada, Mindspace SEZ & IT Park-Bengaluru, Gera Commerzone SEZ & IT Park-Kharadi, Pune, Mindspace SEZ & IT Park-Madhapur, Hyderabad, Mindspace SEZ & IT Park-Pocharam, Hyderabad, Mindspace SEZ & IT Park-Shamshabad, Hyderabad, Commerzone Knowledge City (SEZ & IT Park)-Hyderabad, Commerzone IT Park, Porur-Chennai, Commerzone IT Park, Pallikaranai-Chennai, and Mindspace SEZ & IT Park-Gandhinagar, Gujarat.

Completed Hospitality Projects: Chalet Hotels-Renaissance, Mumbai, Lakeside Chalet, Marriott Executive Apartments, Mumbai, Four Points By Sheraton Navi Mumbai, Vashi, The Westin Hyderabad Mindspace, Inorbit Mall, Whitefield, Bengaluru, Bengaluru Marriott Hotel Whitefield, Whitefield Bengaluru – Commercial, JW Marriott Mumbai, Sahar, and The Orb Retail, Sahar And Business Centre And Office, Sahar, Mumbai.

Groups Hotels: The Resort, Madh-Marve-Mumbai, and J W Marriott Juhu.

Retails: Shoppers Stop, and Crossword.

Shopping Malls: Inorbit-Malad.

5) Vikas Oberoi: Oberoi Realty, Mumbai: Rs 10,980 crore

Vikas Oberoi, 48, who runs the Oberoi Realty, has a capital of Rs 10,980 crore. He took the controls of the company begun by his father Ranvir Oberoi. His corporate policy and diversification plan have seen huge growth for Oberoi Realty in nine folds with a net profit of 40%. Under his leadership, the company has developed 22 million sq.ft in progress and brands such as Ritz Carlton.

Ongoing Residential Projects: Sky City-Borivali East, Enigma, and Eternia in Mulund West, and Three Sixty West in Worli.

Completed Residential Projects: Oberoi Splendor, Splendor Grande, and Prisma in Andheri East, Oberoi Sky Gardens, Sky Heights, and Springs in Andheri West, Oberoi Esquire, Exquisite, Seven, and Woods in Goregaon East, Oberoi Beachwood House-Juhu, Oberoi Gardens, and Parkview in Kandivali East, Oberoi Crest-Khar, Priviera-Santacruz West,

Completed Commercial Projects: Oberoi Chambers in Andheri West, and Commerz and Commerz II in Goregaon East.

Completed Retail Project: Oberoi Mall in Goregaon East.

Completed Social Infrastructure: Oberoi International School – JVLR Campus, and Oberoi International School – OGC Campus.

Completed Hospitality Projects: The Westin Mumbai Garden City, Goregaon East.

6) Niranjan Hiranandani: Hiranandani, Mumbai: Rs 7880 crore each

Niranjan Hiranandani, along with his brother Surendra Hiranandani, established the Hiranandani group in the late 1970s by. The Mumbai-based developer has presence across commercial, residential, hospitality and education segments. The group is one of the early developer’s to undertake township development projects, such as Hiranandani Gardens in Powai and Hiranandani Meadows and Hiranandani Estate in Thane.

Ongoing Residential Projects: Hiranandani Lake Enclave-Thane, Hiranandani Glenwood-Thane West, Hiranandani Glenridge-Thane West, Hiranandani Eagleridge Wing B-Thane West, Hiranandani Eagleridge Wing A-Thane West, Hiranandani Flamingo-Thane West, Hiranandani Barca-Thane West, Hiranandani Athena-Thane West, Hiranandani Eagleton-Thane West, Hiranandani Pelican-Thane West, Hiranandani Castle Rock A, and B Wing-Powai, Hiranandani Castle Rock C and D Wing-Powai, Hiranandani Obelia B-Thane West, Hiranandani Fortuna B-Thane West, Hiranandani Solitaire C-Thane West, Hiranandani Obelia A-Thane West, Hiranandani Barrington-Thane West, Hiranandani Preston-Thane West, Hiranandani Clifton-Thane West, Hiranandani Fairway-Thane West, Hiranandani Glendale-Thane West, Hiranandani Cloverdale-Thane West, Hiranandani Willowcrest-Thane West, Hiranandani Solitaire B-Thane West, Hiranandani Atlantis A And B Wing-Powai, Hiranandani Atlantis C Wing-Powai, Hiranandani Hampton-Thane West, Hiranandani Waldorf-Thane West, Hiranandani Senina-Thane West, Hiranandani Gardens Florentine-Powai, Hiranandani Gardens Lake Castle-Powai, Hiranandani Gardens Tulip-Powai, Hiranandani Canosa-Thane West, Hiranandani Park Plaza A-Thane West, Hiranandani Polaris-Thane West, Hiranandani Leonardo-Thane West, Hiranandani Gardens Birchwood-Powai, Hiranandani Gardens Odyssey II-Powai, Hiranandani Gardens Odyssey I-Powai, Hiranandani Oyster-Thane West, Hiranandani Casa Marina CHS-Thane West, Hiranandani Greenwich-Thane West, Hiranandani Capri-Thane West, Hiranandani Carrara Apartment-Thane West, Hiranandani Phoenix-Thane West, Hiranandani Villa Royale-Thane West, Hiranandani Palladio CHS-Thane West, Hiranandani Crown-Thane West, Hiranandani Caviana-Thane West, Hiranandani Princeton CHS-Thane West, Hiranandani Northside-Thane West, Hiranandani Estate Penrose-Thane West, Hiranandani Shree Sarnam-Thane West, Hiranandani Garden Eternia-Powai, Hiranandani Valentina-Thane West, Hiranandani Greenwood-Thane West, Hiranandani Fedora-Thane West, Hiranandani Chelsea-Thane West, Hiranandani Fiona-Thane West, Hiranandani Srushti CHS-Thane West, Hiranandani Penrith-Thane West, Hiranandani Garden Eldora-Powai, Hiranandani Glen Croft-Powai, Hiranandani The Walk-Thane West, Hiranandani Maple A B and C Wing-Powai, Hiranandani Flora-Panvel, Hiranandani Orion-Panvel, Hiranandani Selene-Panvel, Hiranandani Artemis-Panvel, Hiranandani Zeus-Panvel, Hiranandani Hera-Panvel, Hiranandani Venus-Panvel, Hiranandani Vesta-Panvel, Hiranandani Aura-Panvel, Hiranandani Atlas-Panvel, Hiranandani Minerva-Panvel, Hiranandani Clio-Panvel, Hiranandani Mellona-Panvel, Hiranandani Helios-Panvel, Hiranandani Argus-Panvel, Hiranandani Aurora-Panvel, Hiranandani Hermes-Panvel, Hiranandani Nebula-Andheri West, Hiranandani Regent Hill-Powai,

Completed Residential Projects: Hiranandani Gardens-Powai, Hiranandani Estate-Thane West, Hiranandani Rodas Enclave-Thane West, Hiranandani The Walk-Thane West, Hiranandani Cardinal-Thane West, Hiranandani Lavinia-Thane West, Hiranandani Canary-Thane West, Hiranandani Crystal Court Co-Operative Housing Society-Kharghar, Hiranandani Meridian-Thane West, Hiranandani Estate Brentford-Thane West, Hiranandani Villa Grand-Thane West, Hiranandani Estate Hill Grange-Thane West, Hiranandani Woodrose-Thane West, Hiranandani Casa Blanca-Thane West, Hiranandani Evelina-Thane West, Hiranandani Arlington-Thane West, Hiranandani Acacia-Thane West, Hiranandani Tiara-Thane West, Hiranandani Estate Queens Gate-Thane West, Hiranandani Meadows-Thane West, Hiranandani Paloma-Thane West, Hiranandani Astra-Thane West, Hiranandani Brookhill-Thane West, Hiranandani Tribeca-Thane West, Hiranandani Brentwood-Powai, Hiranandani Evita-Powai, Hiranandani Seawood-Navallur, Chennai, Hiranandani Garden Eden IV-Powai, Hiranandani Avalon-Powai, Hiranandani Glen Dale-Thane West, Hiranandani Gardens Glen Ridge-Powai, Hiranandani Maitri Park-Chembur, Hiranandani Loftline Plot-Shankarpalli, Hyderabad, Hiranandani Heritage-Kandivali West, and Hiranandani Castalia-Thane West.

Ongoing Commercial Projects: Hiranandani Business Park-Thane, and Hiranandani Solus-Thane.

Completed Commercial Projects: Hiranandani Zenia-Thane.

Health Care: Dr. L H Hiranandani Hospital-Powai.

Educational Institutions: Hiranandani Foundation School-Powai, and HFS International-Powai, and Hiranandani Foundation School-Thane.

Hospitality: Meluha-The Fern-Powai, and Rodas-An Ecotel Hotel-Powai.

7) Surendra Hiranandani: Hiranandani, Singapore: Rs 7880 crore each

All residential, commercial, Hospitality, Educational, Retail, and health-care projects are mentioned above will be the same for Surendra Hiranandani.

8) Ajay Piramal & Family: Piramal Realty, Mumbai: Rs 6,380 crore

Ajay Piramal, 62, who leads the Piramal Group, has a fortune of Rs 6,380 crore. He grew the textile business to a conglomerate with diversified business interest. His corporate policy and reshaping plan have seen huge growth for Piramal Realty. Under his guidance, the company has developed over 10 million sq.ft. This company has developed India’s first mall, Crossroads, at South Mumbai.

Ongoing Residential Projects: Piramal Revanta Tower 1-Mulund West, Piramal Vaikunth Cluster 4A-Thane West, Piramal Revanta-Mulund West, Piramal Vaikunth Cluster 4-Thane West, Piramal Vaikunth Cluster 2-Thane West, Piramal Vaikunth Cluster 1-Thane West, Piramal Mahalaxmi Central Tower 2-Mahalaxmi, Mumbai, Piramal Mahalaxmi-Mahalaxmi, Mumbai, Piramal Revanta Tower 3 And 4-Mulund West, Piramal Revanta Tower 2-Mulund West, Piramal Aranya Wing C-Byculla, Mumbai, Piramal Aranya Arav Tower-Byculla, Mumbai, and Piramal Aranya Wing A-Byculla, Mumbai.

9) Manoj Menda: RMZ Corp Holdings Private Limited, Bengaluru: Rs.5900 crore

Manoj Menda is the company’s Co-Owner, Co-Founder and Corporate Chairman. He manages the company’s projects, including policy development, capital allocation, portfolio management, growth, and partnership development. He acts on the Investment and Advisory Committees of all RMZ private fund plans.

Ongoing Residential Projects: RMZ Azure-Hebbal, Bangalore

Completed Residential Projects: RMZ Galleria-Yelahanka, Bangalore, RMZ Sawaan-Bangalore near Yelahanka, Bangalore, RMZ Latitude-Hebbal, Bangalore, RMZ Woodsvale-Frazer Town, Bangalore,

Commercial Projects: RMZ Ecoworld-Bellandur, Bangalore, RMZ Ecoworld Series 20-Bellandur, Bangalore, RMZ Ecoworld Series 30-Bellandur, Bangalore, RMZ Ecospace – Marathahalli – Sarjapur Outer Ring Road, Bangalore, The Millenia-Ulsoor, Bangalore, RMZ Infinity-Old Madras Road, Bangalore, RMZ NXT-Whitefield, Bangalore, RMZ Centennial-Whitefield, Bangalore, RMZ Millenia Business Park-Chennai, One Paramount-Chennai, RMZ Washington-Chennai, The Skyview-Hyderabad, RMZ Nexity-Hyderabad, and RMZ Infinity-Gurgaon.

10) Raj Menda: RMZ Corp Holdings Private Limited, Bengaluru: Rs.5900

Mr. Raj Menda is the Co-owner & Founder of RMZ Corp, a leading commercial and residential real estate firm in India. He has been remodeling RMZ Corp into a progressive, ambitious and customer-driven company. As the Chief Administrator of RMZ Corp, his duties include managing the company’s performance, forming business plans and strategies, defining the field of the company, initiating business aims, developing new businesses, forecasting and analyzing investment for projects.

All ongoing and completed residential as well as commercial projects mentioned above will be the same for Raj Menda.

GROHE Hurun India Real Estate Rich List 2018 by city:

Rank	City	No of Individuals	Richest Individual	Net Worth (Rs-Crore)
1	Mumbai	35	Mangal Prabhat Lodha	27,150
2	New Delhi	22	Rajiv Singh	17,690
3	Bangalore	21	Jitendra Virwani	23,160
4	Pune	5	Atul Chordia	1,810
5	Hyderabad	4	Rameshwar Rao Jupally	3,370
6	Noida	2	RK Arora	510
6	Chennai	2	M Arun Kumar, KR Anerudan	680
6	Gurgaon	2	Roop Kr Bansal	1,990
6	Cochin	2	KV Abdul Azeez & Family	650
10	Kolkata	1	Harshvardhan Neotia & Family	1,880
10	Thane	1	Shailesh Puranik and family	370
10	Ahmedabad	1	Gautam Adani and family	2,720

Data source: Hurun Research Institute 2018. GROHE Hurun India Real Estate Rich List 2018

Top Property Developers in Residential Category 2018:

Rank	Name	Company	Net Worth (Cr)	City of Residence
1	Mangal Prabhat Lodha	Lodha Group	27,150	Mumbai
2	Vikas Oberoi	Oberoi Realty	10,980	Mumbai
3	Surendra Hiranandani	Hiranandani	7,880	Singapore
3	Niranjan Hiranandani	Hiranandani	7,880	Mumbai
5	Ajay Piramal and family	Piramal Realty	6,380	Mumbai

Data source:

GROHE Hurun India Real Estate Rich List 2018

The Biggest Real Estate Gainers in 2018:

No	Name	Wealth (Cr)	% Change	Company	Segment
1	Manoj Menda	5,900	122%	RMZ	Commercial
2	Raj Menda	5,900	122%	RMZ	Commercial
3	Ajay Piramal & Family	6,380	75%	Piramal Realty	Residential
4	Harshavardhan Neotia and family	1,880	66%	Ambuja Neotia	Residential
5	Jude Romell and Dominic Romell	720	61%	Romell Real Estate	Commercial
6	Sunil Mittal and family	1,230	54%	Bharti Realty	Commercial
7	Boman Rustom Irani	1,150	52%	Keystone Realtors	Residential
8	Percy Sorabji Chowdhry	580	52%	Keystone Realtors	Residential
9	Chandresh Dinesh Mehta	580	52%	Keystone Realtors	Residential
10	Jitendra Virwani	23,160	39%	Embassy	Commercial

Data Source: GROHE Hurun India Real Estate Rich List 2018

Disclaimer: the data provided here is based on industry and news reports. CommonFloor will not be held legally responsible for any actions taken based on the information provided.

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