by THO
India’s most valuable real estate firms have a cumulative value of ₹14.2 lakh crore and DLF has emerged as the top real estate company with a valuation of more than ₹2 lakh crore, according to the 2024 GROHE-Hurun India Real Estate 100.
Following DLF, Macrotech Developers holds the second position with a valuation of ₹1.4 lakh crore, and Indian Hotels Company ranks third with ₹79,150 crore, the seventh edition of Grohe-Hurun India Real Estate 100 List showed.
As many as 86% of the companies in this year’s list saw their values increase, collectively adding ₹6.2 lakh crore, showcasing the growth and recovery of the real estate sector. For the first time, India beats China in terms of the number of billion-dollar real estate companies. India is accelerating to become the real estate capital of Asia, with 36-billion-dollar real estate companies in the list, pushing away China in terms of growth rate, the report said.
The List also mentions that India’s most valuable real estate companies have a combined value of ₹14.2 lakh crore which is more than the combined GDP of Oman and Sri Lanka.
Among the top 10 companies, 60% are headquartered in Mumbai, while two are based in Bengaluru and one each in Gurugram and Ahmedabad. The 2024 GROHE-Hurun India Real Estate 100 came from 10 states, led by Maharashtra, Delhi Karnataka and followed by Haryana. By city, Mumbai led with 33 companies, followed by Bengaluru with 15, New Delhi with 14 companies and Gurugram with 10.
The biggest gainer in valuation growth in the 2024 GROHE-Hurun India Real Estate 100 is New Delhi-based Unitech followed by Tata Realty and Puravankara. By year-on-year growth in absolute value, the biggest gainers were DLF, Macrotech Developers and Prestige Estates Projects.
The 2024 Grohe-Hurun India Real Estate Rich List also ranks the country’s wealthiest real estate entrepreneurs. With a wealth of ₹1,24,420 crore, Rajiv Singh from DLF leads the 2024 GROHE-Hurun India Real Estate Rich, followed by Mangal Prabhat Lodha from Macrotech Developers with ₹91,700 crore at the second spot, and Gautam Adani’s family from the Adani Realty with ₹56,500 crore at third. Of the top 10 on the real estate rich list, five are from Bengaluru and four from Mumbai.
The 2024 GROHE-Hurun India Real Estate 100 features some of the most valuable unlisted companies. Adani Realty is the most valuable unlisted company, followed by K Raheja Group and Aparna Construction’s Estates.
The 2024 GROHE-Hurun India Real Estate 100 ranks the 100 most valuable real estate companies headquartered in India as of May 31, 2024. This list offers an overview of the leading firms shaping the Indian real estate landscape based on the value of the enterprise rather than the net worth of the individual founder or entrepreneur. For unlisted companies, Hurun Research’s valuation is based on a comparison with their listed equivalents.
Anas Rahman Junaid, founder and chief Researcher, Hurun India said, “The 2024 GROHE Hurun India Real Estate 100 confirms our prediction of breakout of Indian real estate brands post Covid. An impressive 86% of the companies in this year’s list saw their values increase, collectively adding ₹6.2 lakh crore, showcasing the robust growth and dynamic recovery of the sector.”
“India is accelerating to become the real estate capital of Asia, with 36-billion-dollar real estate companies in 2024 GROHE-Hurun India Real Estate 100, pushing away China in terms of growth rate, whose real estate market is facing significant headwinds due to government clampdowns and demand slowdown. India’s market benefits from a young population, increasing urbanization, and a growing middle class.,” he said.
“Additionally, the implementation of the Real Estate (Regulation and Development) Act (RERA) has enhanced transparency and accountability, boosting investor confidence. In contrast, China’s market struggles with excess supply, high debt levels among property developers, and strict government regulations making India’s real estate sector a more attractive and stable investment destination,” he said.
DLF secures the top spot followed by Macrotech Developers
With a valuation of ₹2 lakh crore, DLF secures the top spot on the 2024 GROHE-Hurun India Real Estate 100 post a growth by 72% in its valuation. Under the leadership of Devinder Singh, the company has been instrumental in shaping India’s urban landscape with a diverse portfolio spanning residential, commercial, and retail properties. DLF has ambitious plans, with projects worth approximately ₹30,000 crore set to launch in the fiscal year 2025, according to the GROHE-Hurun India Real Estate 100.
Also Read: DLF’s Privana South attracts NRIs from across the world, including Africa for the first time
At a current valuation of ₹1.4 lakh crore, Macrotech Developers has seen its valuation grow by 160% compared to last year, securing the 2nd position in the 2024 GROHE-Hurun India Real Estate 100. Based in Mumbai and founded by Mangal Prabhat Lodha, Macrotech Developers recorded its highest-ever pre-sales of ₹14,520 crore in FY24.
The Indian Hotels Company (IHCL) or famously known as the Taj Group ranks 3rd in the 2024 GROHE-Hurun India Real Estate 100, with a valuation of ₹79,150 crore, reflecting a 43% growth.
With a valuation of ₹77,280 crore, Godrej Properties, a subsidiary of the Godrej Group, ranks fourth on the 2024 GROHE-Hurun India Real Estate 100, having doubled its valuation with a 100% increase.
With a valuation of ₹66,200 crore (up 96%), The Oberoi Realty, established by Vikas Oberoi, secures the 5th spot in 2024 GROHE-Hurun India Real Estate Top 100. For the first time, Oberoi Realty has expanded into the National Capital Region (NCR) by acquiring 14.81 acres of land in Gurugram, Haryana, for ₹597 crore, the report noted.
Prestige Estates Projects holds the sixth position in the 2024 GROHE-Hurun India Real Estate 100 with a valuation of ₹63,980 crore, following an exceptional growth rate of 230% over the past year, according to the ranking
Adani Realty, part of the Adani Group, ranks seventh in the 2024 GROHE-Hurun India Real Estate 100 with a valuation of ₹56,500 crore. Founded under Gautam Adani’s leadership, the company has grown by 62% this year and is the most valued unlisted company in the list.
The Phoenix Mills ranks 8th with a valuation of ₹55,740 crore, marking a remarkable 112% growth over the past year. Founded by Ramnarain Ruia, the company focuses on innovative mixed- use projects integrating shopping malls, entertainment zones, luxury hotels, offices, and residences, as per the ranking.
Founded by Chandru Lalchand Raheja, the K Raheja Group occupies the ninth position in this year’s ranking, with a valuation of ₹55,300 crore.
Embassy Office Parks, valued at ₹33,150 crore, holds the 10th spot in the 2024 GROHE-Hurun India Real Estate 100 with a 14% growth over the past year. Founded by Jitendra Virwani, the Embassy portfolio comprises 36.5 million square feet of completed operating area and is home to 255 of the world’s leading companies.
India’s wealthiest real estate entrepreneurs
With a wealth of ₹1,24,420 crore, Rajiv Singh from DLF leads the 2024 GROHE-Hurun India Real Estate Rich, followed by Mangal Prabhat Lodha from Macrotech Developers with ₹91,700 crore at the second spot, and Gautam Adani’s family from the Adani Realty with ₹56,500 crore at third. Of the top 10 on the real estate rich list, five are from Bengaluru and four from Mumbai.
Rajiv Singh, 65, the Managing Director of DLF, is the wealthiest Indian real estate entrepreneur with a wealth of ₹1.2 lakh crore, maintaining his position in the 2024 GROHE-Hurun India Real Estate 100.
With a wealth of ₹91,700 crore, Mangal Prabhat Lodha and family of Macrotech Developers (formerly Lodha Group), maintains position as the second wealthiest in India’s real estate landscape.
Macrotech Developers, currently spearheaded by Abhishek Lodha recorded its highest-ever pre-sales of ₹14,520 crore in FY24.
Gautam Adani and family secured the third position with a wealth of ₹56,500 crore, marking a 62% increase since 2023. Known for his strategic acumen and vision, Gautam Adani has steered Adani Realty into the top 10 in this year’s list.
Vikas Oberoi, 54, of Oberoi Realty, has risen to the fourth position on the list following a wealth surge of 96%, reaching ₹44,820 crore. Oberoi Realty has expanded into the National Capital Region (NCR) by acquiring 14.81 acres of land in Gurugram, Haryana, for ₹597 crore.
Chandru Raheja and family of K Raheja Group has moved down by one to the 5th position on the list despite seeing wealth grow by 65% over the past year.
Atul Ruia, 53, has risen to the sixth position in the 2024 GROHE-Hurun India Real Estate 100 with a wealth of ₹26,370 crore, reflecting a remarkable 110% increase. Phoenix Mills is gearing up to elevate its presence with the addition of a third mall in Thane, Mumbai Metropolitan Region, alongside exploring promising prospects for a new hotel development.
Raja Bagmane, 64, of Bagmane Developers holds the seventh position with a wealth of ₹19,650 crore, reflecting a 5% increase.
Jitendra Virwani, 58, has secured the 8th position on the list with a wealth of ₹18,000 crore, despite experiencing a 53% decrease in his wealth over the past year. Notably, he is the only individual in the top 10 to have seen a reduction in wealth from 2023, the List showed.
Irfan Razack, 70, Rezwan Razack, 69 and Noaman Razack, 66, of Prestige Estates Projects hold the ninth spot on the list, each with a wealth of ₹13,970 crore, marking a significant increase of 230%.
Residential sector continues to be the top value creator
As many as 67% of the 2024 GROHE-Hurun India Real Estate100 companies primarily focus on the residential sector, followed by commercial development. Most companies are focused on residential property development, with 67 firms, including Macrotech Developers, and Godrej Properties, leading the pack. The office space sector follows, featuring 19 companies led by DLF, K Raheja Group, and Embassy Office Parks.
Also Read: 15 real estate firms, including DLF, figure in the list of India’s most valuable companies
2024 Grohe-Hurun India Real Estate 100 registered a revenue growth of 30% compared to last year. Revenue for the companies in the list surged by 30% to ₹1.6 lakh crore. Bengaluru-based Urbanrise saw a 226% increase in FY2023, while Appaswamy Real Estate achieved a threefold rise. Additionally, 15% of the companies in the list doubled their revenue compared to the previous year’s.
DLF gets the top spot for the largest sq ft space developed in 2024
Having developed 340 million square feet, DLF holds the record for the largest square feet developed in the 2024 GROHE-Hurun India Real Estate 100. Prestige Estates Projects and Godrej Properties take the second and third positions in residential property development, having developed 176 million and 151 million square feet, respectively.
The oldest real estate business in the list founded in 1871
The average age of the 2024 GROHE-Hurun India Real Estate 100 is 39. Twenty-four companies have a history of more than 50 years, of which Peninsula Land is more than 150 years old. As many as 28 companies were founded in this millennium of which three are less than ten years old, led by Max Estates, Smartworks and Awfis Space Solution.
Most preferred undergrad and postgrad institutes
Delhi University emerged as the leading undergraduate institutes, with six key leaders from the Real Estate List having studied there, followed closely by Mumbai University with five key leaders. Harvard Business School is the top choice in the postgraduate category, with seven key leaders having graduated from there.
Top Debt reducers
Tata Realty leads with a significant 42% reduction in debt compared to the previous year in the 2024 GROHE-Hurun India Real Estate List 100. Embassy Office Parks ranks second, having reduced their debt by ₹1,653 crore. DLF also achieved a notable 52% reduction in its debt, bringing its total debt down to ₹1,050 crore.
Lowest Debt to Equity
Ganesh Housing Corporation tops the 2024 GROHE-Hurun India Real Estate 100 with the lowest debt-to-equity ratio of 0.02x.
Region wise distribution of real estate firms
In the 2024 GROHE-Hurun India Real Estate 100, 41% of the listed companies hail from the Western Region, where Macrotech Developers stands out as the highest valued. The Northern Region contributes 29% of the total companies, while the Southern Region comprises 28%.
