The Hurun Report has unveiled the 2024 Grohe-Hurun India Real Estate 100, a comprehensive ranking of India’s most valuable real estate companies, alongside a list of the wealthiest real estate entrepreneurs in the country. The valuations, reflecting a snapshot as of 31 May 2024, highlight the significant momentum in India’s real estate sector, driven by an expanding middle class, robust economic growth, and increasing foreign investments.
India’s real estate market is witnessing an extraordinary surge, bolstered by a rapidly growing middle class and strong economic fundamentals. The sector is projected to see residential sales growth of 10-12% in FY 2024-25, fuelled by an anticipated middle-class population of 547 million by 2030. Additionally, foreign investments, averaging around $4 billion annually, are further propelling this growth. The 2024 Grohe-Hurun India Real Estate 100 list showcases the country’s top 100 most valuable real estate enterprises, covering residential, commercial, hospitality, and co-working spaces. Leading the pack is DLF, with a staggering valuation of Rs 2,02,140 crore, reflecting a 72% increase from the previous year. Under the leadership of Devinder Singh, DLF has significantly contributed to India’s urban landscape with a diverse portfolio encompassing residential, commercial, and retail properties. The company plans to launch projects worth approximately Rs 30,000 crore in FY 2025.
Macrotech Developers, with a valuation of Rs 1,36,730 crore, ranks second. Founded by Mangal Prabhat Lodha and based in Mumbai, Macrotech has seen its valuation soar by 160% over the past year. The company recorded its highest-ever pre-sales of Rs 14,520 crore in FY 2024, underscoring its market strength. Indian Hotels Company (IHCL), popularly known as the Taj Group, secures the third position with a valuation of Rs 79,150 crore, marking a 43% growth. Established by Jamsetji Tata in 1902 and currently led by Puneet Chhatwal, IHCL manages a wide range of luxury, premium, and business hotels across India and internationally. The company is set to launch two new brands and plans to open 85 hotels in FY 2024-25, focusing on Tier 2 and Tier 3 cities.
Godrej Properties, a subsidiary of the Godrej Group, ranks fourth with a valuation of Rs 77,280 crore, having doubled its valuation with a 100% increase. Founded by Ardeshir Godrej, the company is the first real estate firm in India to receive ISO certification. Recently, Godrej Properties acquired a 7-acre land parcel in Bengaluru for a housing project valued at Rs 1,200 crore. Oberoi Realty, valued at Rs 66,200 crore, ranks fifth with a 96% growth. Established by Vikas Oberoi, the company has expanded into the National Capital Region (NCR) by acquiring 14.81 acres of land in Gurugram for Rs 597 crore.
Prestige Estates Projects, with a valuation of Rs 63,980 crore, occupies the sixth spot following a remarkable 230% growth over the past year. Under the leadership of Irfan Razack, Prestige Estates has expertise in developing residential complexes, commercial spaces, retail outlets, and hospitality ventures. The company has entered into a deal with Abu Dhabi Investment Authority (ADIA) and Kotak Alternate Investment Fund (AIF) for Rs 2,001 crore to develop projects worth Rs 18,000 crore across four cities: Bengaluru, Mumbai, Goa, and the NCR. Adani Realty, part of the Adani Group, ranks seventh with a valuation of Rs 56,500 crore, growing by 62% this year. Founded by Gautam Adani, it is the most valued unlisted company on the list. This year, Adani Realty emerged as the highest bidder for the redevelopment of a 24-acre plot at Bandra Reclamation, a project by the Maharashtra State Road Transport Corporation (MSRDC).
K Raheja Group, founded by Chandru Lalchand Raheja, holds the ninth position with a valuation of Rs 55,300 crore, reflecting a 65% growth. The group is known for developing premium residential complexes, commercial spaces, shopping malls, and luxury hotels. Recently, K Raheja Corp signed an agreement to jointly develop a 2.5-acre land parcel in Mumbai’s Worli, targeting a luxury residential project with revenue potential exceeding Rs 2,000 crore.
