Where the rich are investing 2016

C Devarajan

URC Construction's managing director has invested 95% of his wealth in real estate and is averse to equities

RA Chandroo

For someone who built a fortune in the construction business, investing in physical assets is second nature and it’s no different for Devarajan, whose current networth stands at Rs.400 crore. The reason why the fascination for farmland and urban land has continued is because till the early 50s, Devarajan’s family was engaged in agriculture. Not surprising that when the opportunity arose, he bought a 300-acre coffee estate in Kodaikanal in a distress sale. Today, the family’s real estate portfolio comprises buildings and lands across Erode, Madurai, Chennai, Bangalore and Delhi. The other reason for owning real estate is also because it has helped Devarajan to keep his business going. “We used these properties as collateral to get loans from banks. It has helped that the asset class appreciated quite a lot in the last two decades,” says Devarajan.