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Indian government’s ban on Rs 500 and Rs 1,000 currency notes is expected to hit the real estate sector quite badly. Real estate is one of the champion sectors when it comes to black money and it is likely to move towards improved transparency. 
 The move made by the <keyword id="6354814" type="UNKNOWN" weightage="20" keywordseo="prime-minister-Narendra-Modi">Prime Minister Narendra Modi</keyword> is expected to pull down property prices as the investors will not be able to deploy their cash in real estate and thereby forcing builders to sell at lower prices. <keyword id="1542754" type="COMPANY" weightage="20" keywordseo="Delhi-National-Capital">Delhi-National Capital</keyword> region is expected to take a blow really hard as their market is well known for highest involvement of cash component. 
 "Property markets will see around 30% correction in prices. Even builders who claim that they accept only cheques will also be forced to reduce prices given the market conditions around them. Apart from big property markets, tier II and III cities will be worst affected. Land prices will also move downward as these deals used to see at least 30% cash component,” <keyword id="676559" type="PERSON" weightage="20" keywordseo="Yashwant-Dalal">Yashwant Dalal</keyword>, president of the <keyword id="999922" type="ORGANIZATION" weightage="20" keywordseo="Estate-Agents-Association-of-India">Estate Agents Association of India</keyword>, told ET. 
 
The practice of investing unaccounted wealth is widely prevalent in real estate and the government's latest decision is expected to make things difficult for developers. There can be a rise in projects getting stuck as developers may slow down on construction given the liquidity stress for them. 
 "There is bound to be a downward pressure on prices of everything including real estate. This can be a good opportunity for end users to buy their dream homes. Sale of plotted developments will be worst hit. The move will lead to making the sector more transparent,” <keyword id="76339" type="PERSON" weightage="20" keywordseo="Rajeev-Talwar">Rajeev Talwar</keyword>, CEO, DLF and chairman of realtors' body NAREDCO, told ET. 
 
Though, there is widespread panic across the sectors, some of them are happy that the filth in the sector will be cleansed. 
 "This is the most positive and amazing decision that would lead to cleaning up of the system, it will help in improving the country's image and attract more foreign investments. Unfair advantage that certain developers dealing in cash enjoyed hitherto has now disappeared, it's a level playing field for us and we will do much better,” <keyword id="228295" type="PERSON" weightage="20" keywordseo="Vikas-Oberoi">Vikas Oberoi</keyword>, CMD, Oberoi Realty, told ET. 
 
Given the existing inventory across the prime property markets, the impact will be huge in several markets where payment of cash is mandatory and the major form of profit taking for developers as well as investors. These markets will see a major crash making an already difficult situation even more challenging.

Ban on Rs 500 and Rs 1,000 notes is going to jolt real estate. Here’s how

New Delhi, Feb 8 () Oberoi Realty has reported 7 per cent increase in consolidated net profit at Rs 148.24 crore for the quarter ended December despite fall in total income.Its net profit in the year-ago period stood at Rs 137.93 crore. Total income, however, fell to Rs 536.53 crore in the third quarter of 2019-20 from Rs 548.79 crore in the same period a year ago, according to a regulatory filing."The Union Budget and the new RBI policy have paved the path to growth and liquidity. Reputed corporates thrive in challenging times due to their ability to adapt and deliver value to their stakeholders," CMD Vikas Oberoi said."We have also seen a marked improvement in buyer interest across all our projects; our diversified businesses also continue to perform well," he added. Mumbai-based Oberoi Realty is one of the leading real estate developers in the country. MJH ANUANU

Oberoi Realty Q3 profit up 7 pc at Rs 148 cr

<ul><li>Only three of the top 10 richest <keyword id="17493701" type="General" weightage="20" keywordseo="real-estate-billionaires" source="Orion">real estate billionaires</keyword> from India saw their wealth rise in the last one year. </li><li>Commercial real estate entrepreneurs from the list cumulatively added ₹3,000 crore of new wealth. </li><li>Almost 40% of the new entrants in the Grohe-Hurun India Real Estate <keyword id="470320" type="General" weightage="20" keywordseo="rich-list" source="Orion">Rich List</keyword> 2023 hail from Tier-2 cities. </li></ul>With a personal wealth of ₹59,030 crore, DLF’s <keyword id="136173" type="General" weightage="20" keywordseo="rajiv-singh" source="Orion">Rajiv Singh</keyword> is India’s richest real estate billionaire despite losing 4% of his wealth in the last one year, as per Hurun latest list released on Tuesday. <keyword id="875899" type="General" weightage="20" keywordseo="mangal-prabhat-lodha" source="Orion">Mangal Prabhat Lodha</keyword> and family takes the second spot on the Grohe-Hurun India Real Estate Rich List 2023 even after losing 20% in one year. In fact, only three of the top 10 richest real estate billionaires from India saw their wealth rise in the last one year — Chandru Raheja and family, Niranjan Hiranandani and Vikas Oberoi. The entire list has 100 individuals from 67 companies and 61% of them saw their wealth increase in the last one year. The cumulative wealth of the entrepreneurs featured in the Grohe-Hurun India Real Estate Rich List 2023 has witnessed a 4% increase compared to an 18% decline in the BSE Realty Index. The real estate sector, which has seen its ups and down before and after the pandemic — has had an effect on the wealth of billionaires in the sector. The entry point to the top 10 surged from ₹3,350 crore in 2017 to a staggering ₹15,000 crore now. Similarly, the threshold to make it to the top 50 has risen from ₹660 crore in 2017 to ₹1,300 crore at present. Top 10 real estate billionaires of India <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top billionaires </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wealth </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rajiv Singh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹59,030 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DLF </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mangal Prabhat Lodha &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹42,270 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Macrotech Developers </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Arjun Menda &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹37,000 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RMZ </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chandru Raheja &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹26,620 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">K Raheja </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Niranjan Hiranandani </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹23,900 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hiranandani Communities </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jitendra Virwani </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹23,100 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Embassy Office Parks </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vikas Oberoi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹22,970 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oberoi Realty </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Basant Bansal &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹16,110 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M3M India </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Raja Bagmane &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹16,100 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bagmane Developers </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gavva Amarender Reddy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15,000 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GAR Corporation </td></tr></tbody></table> Source: Grohe-Hurun India Real Estate Rich List 2023 The Tier-2 story The real estate sector has been creating wealth and churning out new billionaires — a quarter of the list comprises new entrants. Anas Rahman Junaid, Hurun India managing director and chief researcher, said that the stories about real estate tracked through the list indicate the dynamic nature of the sector “A quarter of the list has been purged and replaced over the last year. Moreover, since its inception (in 2017), an astounding 50% of the list has witnessed the emergence of fresh faces, reflecting the ever-evolving landscape of this thriving industry,” said Junaid. New sectors have also been emerging with immense growth in the office, retail and commercial real estate segments. In the list, commercial real estate entrepreneurs cumulatively added ₹3,000 crore of new wealth, indicating the resurgence of the sector in India. Also, wealth in real estate is also moving beyond Tier-1 cities. Entrepreneurs hailing from Tier-2 cities are forging some of the most impactful real estate enterprises in the nation. “Almost 40% of the new entrants in Grohe-Hurun Real Estate Rich List 2023 hail from Tier-2 cities. This highlights the fact that geographic boundaries no longer limit the rise of influential real estate players in India. Notably, a staggering 60% of the list entrants have already expanded beyond their primary locations, to build pan-India real estate brands," said Junaid. A lot of the <keyword id="6062679" type="General" weightage="20" keywordseo="real-estate-wealth" source="Orion">real estate wealth</keyword> also comes from the West – Maharashtra and Gujarat account for 40% of the cumulative wealth of the list. This is followed by all the five Southern states, which account for 34%. The North region consisting of Delhi, Haryana and Punjab are third with a 25% share. Real estate wealth creation, however, is not a young person’s game. The average age of billionaires on the list is 63. The youngest on the list is 45-year-old KV Satish of DS Max Properties, and the oldest is 94-year-old Prithvi Raj Singh Oberoi of East India Hotels.

The West side story: Maharashtra, Gujarat account for 40% of wealth on Hurun India’s real estate rich list

No single factor can make a man successful and rich. Opportunities, acumen and luck will have to play together to decide the professional as well as financial success of an individual. Becoming a successful businessman and a rich fellow in young years is no simple achievement. Here is a list of <keyword id="7699394" type="UNKNOWN" weightage="20" keywordseo="Top-10-young-businessmen">top 10 young businessmen</keyword> in India. 1. Vijay Shekar Sharma 
 
 
 <div type="image" title="Vijay Shekhar Sharma, founder of Paytm&amp;#39;s parent One97 Communications, speaks during the launch of a Citibank and Paytm credit card in Mumbai" msid="69572442" hostid="261" caption="&amp;lt;p&amp;gt;Vijay Shekhar Sharma, founder of Paytm&amp;#39;s parent One97 Communications, speaks during the launch of a Citibank and Paytm credit card in Mumbai, India, May 14, 2019. REUTERS/Francis Mascarenhas&amp;lt;/p&amp;gt;"></div>







 Aged 40 years, Vijay Shekar Sharma is the youngest awe inspiring businessman in India. With a net worth of $2.15 billion, he is the founder of Paytm, the mobile wallet concept. Following demonetization, Paytm notched about 300 million users and 12 million transactions in a day. 2. Shamsheer Vayalil 
 
 
 <div type="image" title="4-Dr-Shamsheer-Vayalil" msid="69572469" hostid="261" caption="&amp;lt;p&amp;gt;Arabian Business&amp;lt;/p&amp;gt;"></div>







 At an age of just 42, Shamsheer Vayalil has a net worth of $1.54 billion. Born in a business family in Kerala, he started just one hospital in Abu Dhabi with the support of his wealthy father-in-law. Today he owns a network of hospitals under the brand name VPS Healthcare besides the Rockland Hospital Chain in Delhi. 3. Sameer Gehlaut 
 
 
 <div type="image" title="Capture" msid="69572533" hostid="261"></div>







 With a net worth of $4.2 billion, the 45 year old Sameer Gehlaut created the Indiabulls Housing Finance which is the second biggest mortgage lender in the nation. Starting the online brokerage firm Indiabulls in 1999, Gehlaut eventually swept the real estate industry of Mumbai thereby raising his fortune to great heights. 4. Acharya Balkrishna 
 
 
 <div type="image" title="46F4B665-457D-40F2-B809-459847036970" msid="69572534" hostid="261"></div>







 Aged 46 years, with a net worth of $4.8 billion, Acharya Balkrishna gets his fortune from the consumer goods giant Patanjali Ayurved. Owning 98.6% stake in this company, he has steered the growth of this firm to make an annual revenue of $1.6 billion. 5. Ranjan Pai 
 
 
 <div type="image" title="7717F5B4-60EB-44A3-9327-CD1BB85276B3" msid="69572535" hostid="261"></div>







 At an age of 46, Ranjan Pai has created a net worth of $1.6 billion. He controls the Manipal Group which owns six college and 16 hospitals doing a phenomenal job in the education and healthcare sectors. The group’s Manipal University has moe than 100,000 students and the overseas campuses are located in Malaysia, Antigua, Dubai and Nepal. 6. Vikas Oberoi 
 
 
 <div type="image" title="Capture" msid="69572604" hostid="261"></div>







 The sixth youngest businessman in the list, Vikas Oberoi has a net worth of $1.8 billion at his 48th year. He controls the Oberoi Realty based in Mumbai. The firm is popular for its high end condos built in the suburban areas. He is at present creating a mall, hotel and full serviced apartments in Mumbai. 7. Kumar Birla 
 
 
 <div type="image" title="Mumbai: Aditya Birla Group Chairman, Kumar Mangalam Birla, announces the signing..." msid="69572569" hostid="261" caption="&amp;lt;p&amp;gt;Aditya Birla Group Chairman, Kumar Mangalam Birla, announces the signing of a definitive agreement to purchase Aleris Corporation, in Mumbai on Thursday, July 26, 2018.Photo)&amp;lt;/p&amp;gt;"></div> At an age of 51 years, Kumar Birla has made a net worth of $12.5 billion. The head of <keyword id="44373" type="COMPANY" weightage="20" keywordseo="Aditya-Birla-Group">Aditya Birla Group</keyword> reported with $44.3 billion, the group is a top player in the cement, aluminum and telecom domains. Kumar Birla inherited his fortune from his father Aditya Birla upon his death in 1995. 8. Sridhar Vembu 
 
 
 <div type="image" title="1_oLT5ALK5TcTh1JezHRk44Q." msid="69572643" hostid="261"></div>







 The 51 years old Sridhar Vembu has a net worth of $1.56 billion. He is the owner of the private firm Zoho the manufacturer of cloud based software for businesses. With its 35 million users across the world, the company champions about 40 flagship apps. 9. Kalanithi Maran The 53 years aged Kalanithi Maran has a net worth of $3.75 billion. Son of a famed politician in Tamil Nadu, Kalanithi Maran is the mastermind behind the Sun TV Network started in 1993. Today this is a favorite channel for over 95 million households. The TV is also reaching 27 countries worldwide. 10. Jitendra Virwani Jitendra Virwani is the tenth youngest businessman in India aged 53 years and reporting a net worth of $ 2.35 billion. Based in Bengaluru, his Embassy Property Development Park is the biggest office parks developer in Bengaluru. The company has some prestigious multinational tenants like Google, IBM and Warburg Pincus.

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Ban on Rs 500 and Rs 1,000 notes is going to jolt real estate. Here’s how

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Oberoi Realty Q3 profit up 7 pc at Rs 148 cr

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The West side story: Maharashtra, Gujarat account for 40% of wealth on Hurun India’s real estate rich list

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