DLF, India’s Most Valuable Real Estate Player Followed by Macrotech: 2024 Grohe-Hurun India Real Estate List

July 11, 2024: DLF has emerged as the top real estate company in the 2024 GROHE-Hurun India Real Estate 100, with a valuation of INR 2,02,140 Cr. Following DLF, Macrotech Developers holds the second position with a valuation of INR 1,36,730 Cr, and Indian Hotels Company ranks third with INR 79,150 Cr. Among the top 10 companies, 60% are headquartered in Mumbai, while two are based in Bengaluru and one each in Gurugram and Ahmedabad.

Table 1: 2024 GROHE-HURUN REAL ESTATE 100 – Top 10

Rank	Company	Value (INR Cr)	Change %	City of HQ	Key Leader
1	DLF	2,02,140	72%	Gurugram	Devinder Singh
2	Macrotech Developers	1,36,730	160%	Mumbai	Abhishek Lodha
3	Indian Hotels Company	79,150	43%	Mumbai	Puneet Chhatwal
4	Godrej Properties	77,280	100%	Mumbai	Gaurav Pandey
5	Oberoi Realty	66,200	96%	Mumbai	Vikas Oberoi
6	Prestige Estates Projects	63,980	230%	Bengaluru	Irfan Razack
7	Adani Realty	56,500	62%	Ahmedabad	Jackbastian K. Nazareth
8	The Phoenix Mills	55,740	112%	Mumbai	Shishir Ashok Shrivastava
9	K Raheja Group	55,300	65%	Mumbai	Vinod Rohira
10	Embassy Office Parks	33,150	14%	Bengaluru	Aravind Maiya

With a valuation of INR 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 INR 30,000 crore set to launch in the fiscal year 2025.

At a current valuation of INR 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 INR 14,520 crore in FY24.

The Indian Hotels Company (IHCL) or famously known as the Taj Group ranks 3^rd in the 2024 GROHE-Hurun India Real Estate 100, with a valuation of INR 79,150 Cr, reflecting a 43% growth. Established by Jamsetji Tata in 1902 and led by Puneet Chhatwal, IHCL manages a diverse portfolio of luxury, premium, and business hotels across India and internationally. The company is also set to launch two new brands and plans to open 85 hotels in the fiscal year 2024-2025, focusing on Tier 2 and Tier 3 cities​.

With a valuation of INR 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. Founded by Ardeshir Godrej, Godrej Properties is the first real estate company to have an ISO certification. The company has recently acquired a 7-acre land parcel in Bengaluru to construct a housing project worth INR 1,200 crore.

With a valuation of INR 66,200 Crore (up 96%), The Oberoi Realty, established by Vikas Oberoi, secures the 5^th 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 INR 597 Cr.

Prestige Estates Projects holds the sixth position in the 2024 GROHE-Hurun India Real Estate 100 with a valuation of INR 63,980 crore, following an exceptional growth rate of 230% over the past year. Under the leadership of Irfan Razack, Prestige Estates Projects demonstrates expertise in developing diverse properties, including residential complexes, commercial spaces, retail outlets, and hospitality ventures. Through its subsidiaries, the group has entered a deal with Abu Dhabi Investment Authority (ADIA) and Kotak Alternate Investment Fund (AIF) for INR 2,001 crore and plans to develop projects with a gross development value (GDV) of INR 18,000 crore across four cities: Bengaluru, Mumbai, Goa, and the NCR.

Adani Realty, part of the Adani Group, ranks seventh in the 2024 GROHE-Hurun India Real Estate 100 with a valuation of INR 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. Earlier this year, Adani Realty emerged as the highest bidder for the redevelopment of a 24-acre plot at Bandra Reclamation land parcel, put up by the Maharashtra State Road Transport Corporation (MSRDC).

The Phoenix Mills ranks 8th with a valuation of INR 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. The company is strategically expanding its commercial offices portfolio across five key cities in India, aiming to incorporate assets totalling 5.1 million sq. ft in proximity to its existing retail malls over the next three years.

Founded by Chandru Lalchand Raheja, the K Raheja Group occupies the ninth position in this year’s ranking, with a valuation of INR 55,300 crore. With a notable 65% growth over the past year, the group has established itself as a leader in developing premium residential complexes, commercial spaces, shopping malls, and luxury hotels in major Indian cities. K Raheja Corp has signed an agreement to jointly develop a 2.5-acre land parcel in Mumbai’s Worli, aiming for a luxury residential project with a revenue potential exceeding INR 2,000 crore.

Embassy Office Parks, valued at INR 33,150 Cr, holds the tenth 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. Embassy REIT, the country’s first listed REIT, recently announced the acquisition of Embassy Splendid TechZone Asset, a Grade-A business park, in Chennai for an Enterprise Value of INR 1,269 crore.

2024 GROHE-HURUN INDIA REAL ESTATE RICH LIST – India’s wealthiest real estate entrepreneurs

With a wealth of INR 1,24,420 Cr, Rajiv Singh from DLF leads the 2024 GROHE-Hurun India Real Estate Rich, followed by Mangal Prabhat Lodha from Macrotech Developers with INR 91,700 Cr at the second spot, and Gautam Adani & family from the Adani Realty with INR 56,500 Cr at third. Of the top 10 on the real estate rich list, five are from Bengaluru and four from Mumbai.

Table 2: The Top Wealthiest Real Estate Entrepreneurs

  Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100;  (- no change, * new to top 10,  ↑rank moved up, ↓rank moved down). #Wealth based on the ownership in their real estate companies only

Rajiv Singh, 65, the Managing Director of DLF, is the wealthiest Indian real estate entrepreneur with a wealth of INR 1.2 lakh crore, maintaining his position in the 2024 GROHE-Hurun India Real Estate 100. Singh’s pivotal role in fostering Haryana’s economic development was recognized with the Udyog Ratna Award in December 2005.

With a wealth of INR 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 INR 14,520 crore in FY24.

Gautam Adani and family secured the third position with a wealth of INR 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 INR 44,820 Cr. Oberoi Realty has expanded into the National Capital Region (NCR) by acquiring 14.81 acres of land in Gurugram, Haryana, for INR 597 Cr.

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. Currently, the company is strategizing the redevelopment of SOBO Central Mall, India’s pioneering mall, into a luxurious high-end residential project.

Atul Ruia, 53, has risen to the sixth position in the 2024 GROHE-Hurun India Real Estate 100 with a wealth of INR 26,370 Cr, 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 INR 19,650 Cr, reflecting a 5% increase. Recently, the Bengaluru-based company leased 2.23 lakh sq. ft of office space to Texas Instruments for a monthly rent of INR 1.4 Cr.

Jitendra Virwani, 58, has secured the 8th position on the list with a wealth of INR 18,000 Cr, 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. Embassy Group, under his leadership, has become one of India’s leading real estate developers, known for its commercial properties and office spaces.

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 Cr, marking a significant increase of 230%. Currently, Prestige Estates Projects manages 1,849 keys of hospitality assets across the country and plans to double its hospitality portfolio over the next three to four years, with a total investment of INR 1,700 Cr. 

Mumbai continues to be the real estate capital of India!

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.

Table 3: List of top cities in 2024 GROHE-HURUN INDIA REAL ESTATE 100

Rank	City	No of companies	Cumulative Valuation (INR Cr)	Most Prominent Company in Real Estate	Value(INR Cr)
1	Mumbai	33	6,40,560	Macrotech Developers	1,36,730
2	Bengaluru	15	2,13,720	Prestige Estates Projects	63,980
3	New Delhi	14	87,460	Oberoi Group	28,430
4	Gurugram	10	2,49,320	DLF	2,02,140
5	Hyderabad	6	68,290	Aparna Constructions & Estates	33,130
6	Ahmedabad	4	68,390	Adani Realty	56,500
6	Noida	4	11,470	Max Estates	4,570
6	Pune	4	12,560	Gera Developments	4,750
9	Chennai	3	12,730	Casagrand	8,490
9	Kochi	3	20,970	Skyline	2,410

Biggest Gainers

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.

Table 4: 2024 GROHE-HURUN INDIA REAL ESTATE 100 – Biggest Gainers

Rank	Company	Change (%)	Value (INR Cr)
1	Unitech	622%	2,590
2	Tata Realty	554%	8,670
3	Puravankara	382%	9,520
4	Jasdanwalla Group	361%	1,670
5	Anant Raj	304%	18,120
Rank	Company	Value Change	Value (INR Cr)
1	DLF	84,620	2,02,140
2	Macrotech Developers	84,220	136,730
3	Prestige Estates Projects	44,600	63,980
4	Godrej Properties	38,660	77,280
5	Oberoi Realty	32,360	66,200

Biggest Gainers by % Biggest Gainers by Value (INR Cr)                                 

Source: Hurun Research Institute; 

2024 GROHE-HURUN INDIA REAL ESTATE 100

Residential Sector continues to be the top value creator in 2024 GROHE-HURUN INDIA REAL ESTATE 100

67% of the 2024 GROHE-Hurun India Real Estate100 companies primarily focus on the residential sector, followed by Commercial development.

Chart 5: The chart below shows the distribution of the primary sectors of the companies. Most of the top real estate companies in India focus on residential development

Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 10

Sector Analysis

In the 2024 GROHE-Hurun India Real Estate 100, 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.

Table 6: 2024 GROHE-HURUN INDIA REAL ESTATE 100 – Residential and Office Space Developers Dominance

Rank	Sector	No of companies	Cumulative Valuation (INR Cr)	Key Companies
1	Residential	66	7,92,610	Macrotech Developers, Oberoi Realty, Godrej Properties
2	Office Spaces	19	3,96,020	DLF, K Raheja Group, Embassy Office Parks
3	Hospitality	10	1,58,870	Indian Hotels Company,  Oberoi Group,  Lemon Tree
4	Retail	2	63,890	The Phoenix Mills, Lulu International Shopping Malls
4	Co-Working Spaces	2	7,800	Smartworks, Awfis Space Solution

Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100

2024 GROHE-HURUN INDIA REAL ESTATE 100 registered a revenue growth of 30% compared to last year

Revenue for the companies in the 2024 GROHE-Hurun India Real Estate 100 surged by 30% to INR 1.6 lakh Cr. 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.

Table 7: Rank by revenue Growth Y-O-Y*

Rank	Company	YoYChange (%)	Value(INR Cr)	Key Leader
1	Urbanrise	226%	10,910	Manoj Namburu, Suneel Bommireddy
2	Appaswamy Real Estate	220%	1,870	Rohit Ravi
3	D B Realty	203%	10,940	Shahid Usman Balwa
4	Tata Realty	140%	8,670	Sanjay Dutt
4	Hotel Leela Venture	140%	1,650	Vivek Nair
6	Peninsula Land	130%	1,830	Rajeev Piramal
7	Samhi Hotels	129%	4,010	Ashish Jakhanwala
8	Marathon Nextgen Realty	120%	1,920	Chetan Shah
9	Unitech	116%	2,590	Ashok Kumar Yadav
10	Signature Global	111%	12,330	Ravi Aggarwal
10	Lemon Tree	111%	10,800	Patanjali Govind Keswani

Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100; *22-23 revenue growth

 Chart 8: 56% of the companies generate revenue below INR 1000 Cr, whereas 5 in the list registered revenue over INR 5000 Cr. The chart below shows the Revenue Distribution

Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100

Who is no.1 in terms of Square Feet developed?

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.

Table 9: 2024 GROHE-HURUN INDIA REAL ESTATE 100– Top ten by square feet developed

Rank	Company	Total Sq. Ft Developed (msf)	Primary Sector	Value (INR Cr)
1	DLF	340	Commercial	2,02,140
2	Prestige Estates Projects	176	Residential	63,980
3	Godrej Properties	151	Residential	77,280
4	BCD Group	150	Residential	1,600
5	Sobha	128	Residential	18,050
6	BL Kashyap & Sons	125	Commercial	1,510
7	D B Realty	100+	Residential	10,940
8	K Raheja Group	100	Commercial	57,100
9	Emaar India	89	Residential	5,570
10	Macrotech Developers	85	Residential	1,36,730

Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100; Company Websites, Annual Reports

Chart 10: 41% of the companies listed also appear on the Hurun India Rich List 2023, while 14% feature on the Hurun Global Rich List 2024. The chart below shows the number of companies that also feature in the other lists of HurunSource: Hurun Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100

The oldest real estate business in the 2024 GROHE-HURUN INDIA REAL ESTATE 100 was 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.  

Twenty-eight companies were founded in this millennium of which three are less than ten years old, led by Max Estates, Smartworks and Awfis Space Solution.

Table 11: Top 10 Oldest Companies

Rank	Company	Founded Year	Value (INR Cr)	Key Leader
1	Peninsula Land	1871	1,830	Rajeev Piramal
2	Indian Hotels Company	1899	79,150	Puneet Chhatwal
3	The Phoenix Mills	1905	55,740	Shishir Ashok Shrivastava
4	Oberoi Group	1934	28,430	Arjun Singh Oberoi
5	Jasdanwalla Group	1946	1,670	Mahesh Mudda
5	DLF	1946	2,02,140	Devinder Singh
7	Ambuja Neotia	1950	1,430	Harshavardhan Neotia
8	BCD Group	1952	1,600	Angad Singh Bedi
9	K Raheja Group	1956	55,300	Vinod Rohira
10	Appaswamy Real Estate	1959	1,870	Rohit Ravi

Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100

Rank	Company	Founded Year	Value(INR Cr)	Key Leader
1	Max Estates	2016	4,570	Sahil Vachani
1	Smartworks	2016	5,000	Neetish Sarda
3	Awfis Space Solution	2015	2,800	Amit Ramani
4	Embassy Office Parks	2014	33,150	Jitendra Virwani
4	Signature Global	2014	12,330	Ravi Aggarwal
6	Capacite Infraprojects	2012	2,610	Rahul Katyal
6	Piramal Realty	2012	1,850	Abhijeet Maheshwari
8	L&T Realty	2011	18,620	Anupam Kumar
9	Adani Realty	2010	56,500	Jackbastian K. Nazareth
9	Samhi Hotel	2010	4,010	Ashish Jakhanwala
9	M3M India	2010	11,310	Roop Kumar Bansal

Table 12: Top 10 Youngest Companies

Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100

Chart 13: 52% of the listed companies are unlisted, while the remaining 48% are listed. Chart below illustrates the distribution between listed and unlisted companies.

Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100

Top Unlisted Companies in 2024 GROHE-HURUN INDIA REAL ESTATE 100

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 the Aparna Construction & Estates.

Rank	Company	Value(INR Cr)	City of HQ	Primary Sector
1	Adani Realty	56,500	Ahmedabad	Residential
2	K Raheja Group	55,300	Mumbai	Commercial
3	Aparna Constructions & Estates	33,130	Hyderabad	Residential
4	Hiranandani Communities	30,000	Mumbai	Residential
5	Gaursons India	24,950	Ghaziabad	Residential
6	Bagmane Developers	20,050	Bengaluru	Commercial
7	L&T Realty	18,620	Mumbai	Residential
8	Lulu International Shopping Malls	17,190	Kochi	Retail
9	Runwal Developers	13,300	Mumbai	Residential
10	M3M India	11,310	Gurugram	Residential

Table 14: Top 10 Unlisted Companies

Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100

Most Preferred Undergrad and Postgrad Institutes

Delhi University emerge as the leading undergraduate institutes, with 6 key leaders from the Real Estate List having studied there, followed closely by Mumbai University with 5 Key leaders. Harvard Business School is the top choice in the postgraduate category, with seven key leaders having graduated from there.

Rank	Alumni’s School of Graduation	No. of Companies	Key Companies whose leaders are alumni
1	Delhi University	6	Indian Hotels Company (Taj), Tata Realty, Emaar India
2	Mumbai University	5	Oberoi Realty, Hiranandani Communities
3	IIT Bombay	3	Sobha, Mahindra Holidays and Resorts
4	St. Xavier’s College	2	Hotel Leela Venture
4	Harvard University	2	Runwal Developers

Table 15: Top 5 Undergraduate Institutes

Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100

Rank	Alumni’s School of Post Graduation	No. of Companies	Notable Alumnus	Company
1	Harvard Business School	7	Vikas Oberoi	Oberoi Realty
2	IIM Bangalore	2	Manoj Bhat	Mahindra Holiday & Resorts India
2	IIM Calcutta	2	Jagadish Nangineni	Sobha
2	IIM Kozhikode	2	Gaurav Pandey	Godrej Properties
2	Symbiosis International University	2	Arun Mn	Casagrand

Table 16: Top 5 Postgraduate Institutes

Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100

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 INR 1,653 Cr. DLF also achieved a notable 52% reduction in its debt, bringing its total debt down to INR 1,050 Cr.

Rank	Company	Debt Change Absolute (in INR Cr)	Long Term Debt 2023 (in INR Cr)	Long Term Debt 2022 (in INR Cr)	Primary Sector
1	Tata Realty	2,552	3,515	6,067	Residential
2	Embassy Office Parks	1,653	10,421	12,074	Commercial
3	DLF	1,140	1,050	2,189	Commercial
4	Indian Hotels Company	1,057	331	1,388	Hospitality
5	Godrej Properties	1,000	0	1,000	Residential

Table 17: Biggest Debt Change Y-O-Y

Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100

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.

Table 18: Debt to Equity

Rank	Company	Debt to Equity 2024 (x)	Debt to Equity 2023 (x)	Value of the company (INR Cr)	Key Leader
1	Ganesh Housing Corporation	0.02	0	6,450	Shekhar Govindbhai Patel
2	Hotel Leela Venture	0.03	0.02	1,650	Vivek Nair
2	Ahluwalia Contracts	0.03	0	7,840	Bikramjit Ahluwalia
2	Apeejay Surrendra Park Hotels	0.03	1.10	3,590	Vijay Dewan
2	Indian Hotels Company	0.03	0.10	79,150	Puneet Chhatwal

Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100

Region-wise distribution

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%

Table 19: Region-wise wealth creation 

Rank	Region	Cumulative wealth 2024 (%)	Company in the region with highest value	Value (INR Cr)
1	Western Region	41%	Macrotech Developers	1,36,730
2	Northern Region	29%	DLF	2,02,140
3	Southern Region	28%	Prestige Estates Projects	63,980
4	Eastern Region	2%	Apeejay Surrendra Park Hotels	3,590

Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100

How many do they employ? *

The listed companies in the 2024 GROHE-Hurun India Real Estate 100 employ over 1,65,000 individuals, averaging 4,894 employees per company. Notably, 19 of these companies have a workforce exceeding 1,000 employees, with Sobha leading at 26,275 employees and NCC following with 20,615 employees.

Table 20: Top 10 employers in the 2024 GROHE-Hurun India Real Estate 100

Rank	Company	Number of employees	Primary sector	City of HQ
1	Sobha	26,275	Residential	Bengaluru
2	NCC	20,615	Residential	Hyderabad
3	Macrotech Developers	17,014	Residential	Mumbai
4	Brigade Enterprises	16,715	Commercial	Bengaluru
5	Ahluwalia Contracts	14,644	Commercial	New Delhi
6	Oberoi Group	13,359	Hospitality	New Delhi
7	Prestige Estates Projects	12,335	Residential	Bengaluru
8	PSP Projects	12,111	Commercial	Ahmedabad
9	Mahindra Holiday & Resorts India	5,262	Hospitality	Mumbai
10	Godrej Properties	4,471	Residential	Mumbai

Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100 *Only listed companies considered for the analysis

2024 GROHE-Hurun India Real Estate 100 Companies that Went Public 

Five companies from the 2024 GROHE-Hurun India Real Estate List 100 went public this year. Juniper Hotels had the highest market cap on its listing date at INR 8,933 crore, with a listing gain of 10%, while Signature Global achieved a 15.32% listing gain with INR 6,712 Cr market cap.

Rank	Company	Subscription times (X)	Listing Gain	City HQ	Market Cap on Listing day
1	Juniper Hotels	2.18x	10%	Mumbai	8,933
2	Signature Global	12.50x	15.32%	Gurugram	6,712
3	Samhi Hotels	5.57x	7%	Gurugram	3,126
4	Awfis Space Solutions	108.17x	12.86%	New Delhi	2,797
5	Suraj Estate	16.57x	-4.5%	Mumbai	1,466

Table 21: Companies that got listed from the 2024 GROHE-Hurun India Real Estate 100                    Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100

Interesting Facts

• Macrotech Developers aims to invest INR 3,500-4,000 Cr this fiscal year in acquiring new land parcels and developing housing projects, seizing the opportunity presented by increased demand for residential properties.

• Indian Hotels Company (IHCL) has signed Taj branded hotels in Kanpur, Uttar Pradesh, and Anjuna, North Goa. Both are greenfield projects, expanding IHCL’s footprint in these critical locations.
• Adani Realty has secured the contract to redevelop the 24-acre Bandra Reclamation land parcel put up by the Maharashtra State Road Transport Corporation (MSRDC)
• Prestige Estates Projects has approved a USD 599 Mn fundraise through a stake sale. It intends to raise INR 50 Bn (USD 598.6 Mn) by issuing shares to institutional investors.
• K Raheja Corp is set to transform a 2.5-acre land parcel in Mumbai’s Worli into a high-end residential project expected to generate revenue surpassing INR 2,000 Cr.
• The Phoenix Mills plans to build a third mall in Thane within the Mumbai Metropolitan Region (MMR), alongside a potential hotel. Additionally, it is looking to expand its Phoenix Market City Mall in Bengaluru.
• Kalpataru Projects International (KPIL) and its subsidiaries have secured orders worth INR 23.33 Bn across various sectors, such as transmission and distribution (T&D) and water management, both domestically and internationally.
• Brigade Enterprises has launched ‘Brigade Insignia,’ a new residential project in Yelahanka, Bengaluru, with an anticipated revenue of INR 1,100 Cr. The project offers 379 units priced between INR 3 Cr and INR 9 Cr, catering to robust demand in the residential sector.
• L&T Realty has signed a joint development agreement (JDA) for a slum rehabilitation project in Thane, near Mumbai. The project aims to develop 31.25 lakh sq ft, valued at INR 697 Cr.
• The Runwal Group has launched Sky Deck Residences as part of its Runwal Pinnacle project. These residences, situated on the upper floors of the 67-level tower, feature private decks with panoramic views of the city skyline, Sanjay Gandhi National Park, and mangroves. They enhance the residents’ lifestyle with elevated living experiences.
• Signature Global India announced that its wholly owned subsidiary, Sternal Buildcon, has completed the acquisition of approximately 3.8 acres of land located at Sector 37D, Dwarka Expressway, Village Harsaru Gurugram, through a sale deed.
• M3M India, a real estate company based in Gurgaon, has secured INR 570 Cr in debt from Oaktree Capital Management to support its ongoing projects.
• D B Realty raised INR 920 Cr by selling shares to institutional investors, including Morgan Stanley Asia, to fund its real estate projects and strengthen its balance sheet, providing the company with additional growth capital for its ongoing projects.
• Shriram Properties, based in Bengaluru, has signed a joint development agreement (JDA) for a 4-acre land parcel in Yelahanka. The project will include 270 apartments covering 3.8 lakh square feet, targeting over INR 250 Cr in revenue, and is expected to be completed in 3 years.
• Casagrand has announced the launch of Casagrand Vivacity, a luxury residential project in Bangalore’s Electronic City. Spread across 10.2 acres, it features 717 premium 2, 3, and 4-BHK apartments with over 75 amenities.

Methodology

The 2024 GROHE-Hurun India Real Estate 100 ranks the 100 most valuable real estate companies headquartered in India as of 31st May 2024. This list offers a comprehensive 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.

Valuing private companies is as much an art as it is a science. Hurun India may have missed some companies, but our endeavour is to develop the most comprehensive report of its kind with an objective to identify and acknowledge India’s top real estate businesses. Hurun Report’s team of researchers have travelled the length and breadth of the country, cross-checking information with entrepreneurs, industry experts, journalists, bankers and other sources of publicly available data.
For unlisted companies, Hurun Research’s valuation is based on a comparison with their listed equivalents using prevailing industry multiples such as Price to Earnings, Price to Sales, EV to sales, EV to EBITDA. Other methodologies such as Discounted Cash Flow and Tobin’s Q are also used. Financial information used is from the latest available annual reports or audited financial statements.

Hurun Report Disclaimer

This report has been prepared by the Hurun Report. All the data collection and the research has been done by the Hurun Report. This report is meant for information purposes only. Reasonable care and caution have been taken in preparing this report. The information contained in this report has been obtained from sources that are considered reliable. By accessing and/or using any part of the report, the user accepts this disclaimer and exclusion of liability which operates to the benefit of Hurun Report.

Hurun Report does not guarantee the accuracy, adequacy or completeness of any information contained in the report and neither shall it be responsible for any errors or omissions in or for the results obtained from the use of such information. No third party whose information is referenced in this report under the credit to it assumes any liability towards the user with respect to its information. Hurun Report shall not be liable for any decisions made by the user based on this report (including those of investment or divestiture) and the user takes full responsibility for their decisions made based on this report.

Hurun Report shall not be liable to any user of this report (and expressly disclaim liability) for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential losses, loss of profit, lost business and economic loss regardless of the cause or form of action and regardless of whether or not any such loss could have been foreseen.

2024 GROHE-HURUN India Real Estate 100 – TOP 20: For the full list, refer 

www.hurunindia.com

Rank	Company	Value 2024 (INR Cr)	Change %	Key Leader	City of HQ	Primary Sector
1	DLF	202,140	72%	Devinder Singh	Gurugram	Commercial
2	Macrotech Developers	136,730	160%	Abhishek Lodha	Mumbai	Residential
3	Indian Hotels Company	79,150	43%	Puneet Chhatwal	Mumbai	Hospitality
4	Godrej Properties	77,280	100%	Gaurav Pandey	Mumbai	Residential
5	Oberoi Realty	66,200	96%	Vikas Oberoi	Mumbai	Residential
6	Prestige Estates Projects	63,980	230%	Irfan Razack	Bengaluru	Residential
7	Adani Realty	56,500	62%	Jackbastian K. Nazareth	Ahmedabad	Residential
8	The Phoenix Mills	55,740	112%	Shishir Ashok Shrivastava	Mumbai	Commercial
9	K Raheja Group	55,300	65%	Vinod Rohira	Mumbai	Commercial
10	Embassy Office Parks	33,150	14%	Aravind Miaya	Bengaluru	Commercial
11	Aparna Constructions & Estates	33,130	24%	Subramanyam Freddy Snared	Hyderabad	Residential
12	Hiranandani Communities	30,000	25%	Niranjan Hiranandani	Mumbai	Residential
13	Brigade Enterprises	29,690	129%	Pavitra Shankar	Bengaluru	Commercial
14	Oberoi Group	28,430	103%	Arjun Singh Oberoi	New Delhi	Hospitality
15	Gaursons India	24,950	114%	Manoj Gaur	Ghaziabad	Residential
16	Bagmane Developers	20,050	3%	Raja Bagmane	Bengaluru	Commercial
17	L&T Realty	18,620	116%	Anupam Kumar	Mumbai	Residential
18	Anant Raj	18,120	304%	Amit Sarin	New Delhi	Residential
19	Sobha	18,050	266%	Jagadish Nangineni	Bengaluru	Residential
20	NCC	18,040	141%	A A V Ranga Raju	Hyderabad	Residential