Billionaire builders: How India's richest real estate tycoons are cashing in on the luxury housing boom

WITH PREMIUMISATION becoming the industry’s North Star, real estate barons are shifting their focus from the mass market to high-value assets to woo India’s aspirational class. Sample this: Flats priced above ₹1 crore accounted for 62% of total sales in H1FY25, with demand backed by low inventory, rising affordability, favourable policies, and growing urban affluence, according to JLL, a global real estate services firm. Kushal Pal Singh of DLF; Mangal Prabhat Lodha of Lodha Developers; Vikas Oberoi of Oberoi Realty; Irfan Razack, Rezwan Razack and Noaman Razack at Prestige Estates; and Atul Ruia of Phoenix Mills are building next-gen real estate assets, putting India on the global luxury map. They top the list of real estate billionaires in the 2025 Fortune India-Waterfield Advisors study of India’s Top 100 Billionaires on the back of a booming luxury market, record launches and pre-sales, and a bullish long-term outlook. The billionaire builders Like last year, the man leading the Fortune India realty billionaires’ club is 93-year-old K.P. Singh, DLF’s chairman emeritus. Although his net worth dropped to ₹1,53,571 crore as of June 30, 2025, from ₹1,59,053 crore the previous year, the firm, now helmed by his son Rajiv Singh as chairman, reported significant growth in FY25. India’s largest developer by market capitalisation grew robustly in its residential and rental businesses. Its ultra-luxury benchmark projects, such as The Dahlias and Camellias, have shaped the Golf Course Road luxury corridor in Gurugram. Its recent ₹11,000-crore luxury project, Privana North, was sold out in a week. Eyeing a bigger share of Indian realty, DLF has re-entered Mumbai after a decade with a ₹1,000-crore premium project — Trident Realty. After recording a 44% rise in sales bookings worth ₹21,223 crore in FY25, the firm has a launch pipeline of over ₹36,000 crore in gross development value (GDV) for FY26. GDV is the estimated market value of a property once it is ready for sale. “We have a strong launch pipeline to meet the aspirational needs of the market; we remain on track to deliver on our outlined goals,” Singh says in DLF’s annual report for 2024-25. Lodha Group founder Mangal Prabhat Lodha’s net worth rose 3.03% to ₹99,479 crore, from ₹96,556 crore last year. Lodha Developers (formerly Macrotech), helmed by Abhishek Lodha, ended FY25 with pre-sales of ₹17,630 crore, its highest-ever, up 21% YoY. It sold 9.5 million sq. ft, completed 6,793 homes, and added 10 projects with a combined GDV of ₹23,700 crore. Lodha’s projects — from World One/Crest to The Park and ultra-luxury developments such as Lodha Altamount and Malabar Seamont — serve as benchmarks of premiumisation. Abhishek Lodha, in the latest annual report, says the firm is “strategically positioned” to continue growing pre-sales at 20% CAGR. “We will focus on scaling our presence in MMR, Pune, and Bengaluru and will enter a new city in the pilot phase, increasing the base that supports the sustainability of our 20% pre-sales CAGR.” Vikas Oberoi-led Oberoi Realty ranks not only among the Top 3 luxury realty firms in India but also stands out as a focussed developer catering to high-value developments. Oberoi’s net worth went up by 8% to ₹46,960 crore in 2025. Oberoi Realty’s marquee projects, such as Three Sixty West in Worli, Sky City in Borivali, and Elysian at Oberoi Garden City in Goregaon, position it uniquely in Mumbai’s highly competitive market. Its major launches in the past year include phase 1 of Oberoi Garden City (OGC) on Pokhran Road in Thane, operations at its largest office asset, Commerz III, and the soft launch of Sky City Mall in Borivali. Irfan Razack, CMD, Prestige Estate Projects, and his brothers Rezwan Razack and Noaman Razack, rank fourth among real estate billionaires in this year’s list, with a net worth of ₹43,532 crore. However, the Bengaluru-based major is in expansion mode, moving beyond Mumbai, and Hyderabad to NCR and Chennai. A major player in luxury residential, office, retail, and hospitality segments, Prestige saw its highest-ever pre-sales of ₹20,028 crore in FY25 and targets ₹27,000 crore in FY26. “We should cross ₹25,000 crore, maybe ₹27,000 crore...if not more,” Irfan Razack said in the recent Q4 analysts’ conference call. Mumbai-based Phoenix Mills, India’s largest retail-led mixed-use developer under MD Shishir Shrivastava, has carved a niche through malls, commercial offices, and hospitality assets. Atul Ruia, who retired in 2019 to become chairman and non-executive director, reported a net worth of ₹26,407 crore. Intensely focussed on premiumisation, Phoenix Mills-built malls and mixed-use developments serve as lifestyle destinations. The new playbook Indian real estate is entering a phase of deeper institutionalisation. Once fragmented and promoter-led, the sector is now seeing long-term investments from sovereign wealth funds, pension capital, and private equity across offices, retail, warehousing, and mixed-use spaces. Thanks to their industry-leading standards, giants such as DLF, Lodha, Prestige, Oberoi Realty, and Phoenix Mills are attracting marquee investors, including Blackstone, GIC, and ADIA. “This isn’t more capital, it’s better capital: lower cost, longer tenure, and higher governance,” says Vivek Rathi, national director, research, Knight Frank India. Promoters’ influence is raising the bar for the ecosystem, pushing mid-sized and emerging developers to adopt better practices in governance, customer centricity, and professional management. “Top developers are setting new benchmarks in customer experience, branding, and execution speed. RERA has further reinforced this shift, helping the sector transition from a fragmented, project-led approach to a more formal, organised, and institution-driven industry,” says Shekhar Patel, president of CREDAI (Confederation of Real Estate Developers’ Associations of India). To create long-term prosperity and protect their brand heritage, promoters are moving beyond traditional roles. They are diversifying beyond residential into commercial, retail, and hospitality. For example, Phoenix Mills has repositioned itself as a mixed-use developer, Prestige has expanded to Goa, NCR, and Chennai, and DLF has big plans for MMR and Goa. “With this kind of diversification, they can access steadier income flows,” says Anuj Puri, chairman, ANAROCK Group, adding, REITs or real estate investment trusts are also a major driver for diversification into commercial assets. Bright outlook India’s urbanisation rate is 35-36%, implying significant headroom for growth, according to UBS data. New avenues will open. As the sector heads for $1-trillion market size by 2030 — up from $200 billion in 2021 — and aims to contribute 13-15% to GDP from the current 7-8%, the vision and execution of these billionaire builders will define the urban future as they craft India’s identity on the global luxury map. “The developers are now not just selling homes but status, legacy, and investment credibility…,” says Ashwin Chadha, CEO, India, Sotheby’s International Realty. The race to deliver world-class real estate is on. Fortune India is now on WhatsApp! Get the latest updates from the world of business and economy delivered straight to your phone. Subscribe now.

Billionaire builders: How India's richest real estate tycoons are cashing in on the luxury housing boom

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