Kovind defeated opposition's Meira Kumar, a former Lok Sabha speaker, garnering more than 65 percent of the votes in the Electoral College, the Returning Officer for the poll announced today.
The 71-year old, who will be the second Dalit to hold the top constitutional position, received 2930 votes with a value of 702044, the returning officer, Anoop Mishra, said.
Prime Minister Narendra Modi congratulated Kovind and wished him a "fruitful and inspiring tenure".
Modi also congratulated opposition candidate Meira Kumar for her campaign.
"Congratulations to Shri Ram Nath Kovind Ji on being elected the President of India! Best wishes for a fruitful and inspiring tenure," Modi said on Twitter.
"Gladdened by the extensive support for Kovind Ji among MPs and across various states. I thank members of the electoral college," he added.
Modi also said: "I congratulate Meira Kumarji for her campaign, which was in spirit of the democratic ethos and values we all are proud of."
Modi also tweeted two pictures of his with Kovind and said: "20 years ago and the present... always been a privilege to know you, President Elect."
Kovind will be the first BJP member to be elected president.
Kumar, also a Dalit, polled in 1844 votes with a value of 367314.
The Electoral College comprises of Members of Parliament and members of legislative assemblies of all states.
A total of 4,896 voters -- 4,120 MLAs and 776 elected MPs -- were eligible to cast their ballot. MLCs of states with legislative council are not part of the electoral college.
While the value of an MLA's vote depends on the population of his or her state, the value of an MP's vote remains the same at 708.
The polling was marked by cross-voting in various states where many opposition members favoured Kovind.
(With inputs from agencies)