Hurun Report has released the 2024 GROHE-Hurun India Real Estate 100, ranking India’s most successful real estate companies by value. The report has also presented a list of the wealthiest real estate entrepreneurs in the country. Value and wealth calculations are a snapshot of 31 May 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 crore. Following DLF, Macrotech Developers holds the second position with a valuation of INR 1,36,730 crore, and Indian Hotels Company ranks third with INR 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.
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 3rd in the 2024 GROHE-Hurun India Real Estate 100, with a valuation of INR 79,150 crore, 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 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 INR 597 crore.
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 crore, 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.
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