July 11 2024: Hurun Report has released the 2024 GROHE-Hurun India Real Estate 100, ranking India’s most successful real estate companies by value.
According to Anas Rahman Junaid, founder and chief researcher, Hurun India, “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. 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.”
The 2024 GROHE-Hurun India Real Estate list of India’s 100 most valuable real estate enterprises include companies focusing on residential, commercial, hospitality, and co-working spaces. India’s real estate sector is experiencing a remarkable boom, driven by a rapidly growing middle class, robust economic expansion, and increasing investments. With the middle class projected to reach 547 million by 2030, residential sales are expected to grow 10-12% in FY 2024-25. Rising foreign investments of around U$ 4 billion yearly are further catalysing growth.
According to the report, sixty of the top 100 companies operate beyond their core state headquarters, indicating a significant trend toward national brand building in the real estate sector. Around six companies on the list have an international presence. With the strength of the Indian diaspora, Indian real estate companies are well-positioned to expand internationally, a trend we expect to see grow in the coming years, the report’s findings point out.
The list showcases that entrepreneurs hailing from Tier-2 cities are forging some of the most impactful real estate enterprises in the nation with 5% of the entrants in 2024 GROHE-Hurun India Real Estate 100 hailing from Tier 2 cities.
According to the report, the 2024 GROHE-Hurun India Real Estate 100 employs around 5,00,000 people, equivalent to the population of Maldives. Proximity to vital transportation hubs such as airports, well-constructed highways, and efficient metro stations significantly influence both homebuyers and businesses seeking strategic locations. India is projected to add 2,00,000 km of national highways by 2037, fostering the growth of micro cities and further value addition by India’s real estate sector.
Priya Rustogi, leader, India & Subcon, LWT IMEA, said, “It is with immense pride and honor we reaffirm our enduring partnership with Hurun India for the 2024 GROHE-Hurun India Real Estate 100. Over the years, we have witnessed remarkable advancements within the Indian real estate sector, driven by visionary leaders who consistently push the boundaries of innovation and excellence. The latest rankings underscore the resilience and adaptability of these industry pioneers and their dedication to promote a sustainable and forward-thinking future for the sector.”
Top 10 real estate companies in 2024 GROHE-Hurun India Real Estate 100
- DLF has emerged as the top real estate company in the 2024 GROHE-Hurun India Real Estate 100, with a valuation of Rs 2,02,140 crore.
- Following DLF, Macrotech Developers holds the second position with a valuation of Rs 1,36,730 cr
- Indian Hotels Company ranks third with Rs 79,150 crore. Among the top 10 companies, 60% are headquartered in Mumbai, while two are based in Bengaluru and one each in Gurugram and Ahmedabad.
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 |
Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100
With a valuation of Rs 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. DLF has projects worth approximately Rs 30,000 crore set to launch in the fiscal year 2025.
At a current valuation of Rs 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, Macrotech Developers recorded its highest-ever pre-sales of Rs 14,520 crore in FY24.
The Indian Hotels Company (IHCL) also known as the Taj Group ranks 3rd in the 2024 GROHE-Hurun India Real Estate 100, with a valuation of Rs 79,150 cr, reflecting a 43% growth. 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 Rs 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. The company has recently acquired a 7-acre land parcel in Bengaluru to construct a housing project worth Rs 1,200 crore.
With a valuation of Rs 66,200 crore, 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 acre of land in Gurugram, Haryana, for Rs 597 crore.
Prestige Estates Projects holds the sixth position in the 2024 GROHE-Hurun India Real Estate 100 with a valuation of Rs 63,980 crore, following an exceptional growth rate of 230% over the past year. Through its subsidiaries, the group has entered a deal with Abu Dhabi Investment Authority (ADIA) and Kotak Alternate Investment Fund (AIF) for Rs 2,001 crore and plans to develop projects with a gross development value (GDV) of Rs 18,000 crore across four cities Bengaluru, Mumbai, Goa and the Delhi-NCR.
Adani Realty, part of the Adani Group, ranks seventh in the 2024 GROHE-Hurun India Real Estate 100 with a valuation of Rs 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 Rs 55,740 crore, marking a remarkable 112% growth over the past year. The company is strategically expanding its commercial offices portfolio across five key cities in India, aiming to incorporate assets totalling 5.1 million sqft 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 Rs 55,300 crore. With a notable 65% growth over the past year, the group has established itself as a leader in developing 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 Rs 2,000 crore.
Embassy Office Parks, valued at Rs 33,150 crore, holds the tenth spot in the 2024 GROHE-Hurun India Real Estate 100 with a 14% growth over the past year. The Embassy portfolio comprises 36.5 msf 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 Rs 1,269 crore.
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