DLF and Lodha Top India’s Most Valuable Real Estate Firms; Adani Realty Leads Unlisted Sector

India's most valuable real estate firms have a cumulative value of ₹16 lakh crore, up by ₹1.9 lakh crore from last year. Listed real estate developer DLF has emerged as the top company with a valuation of ₹2.07 lakh crore, according to the 2025 Grohe-Hurun India Real Estate 150 report released on July 31.

Following DLF, Lodha Developers holds the second position with a valuation of ₹1.38 lakh crore, and Indian Hotels Company (IHC) ranks third at ₹1.08 lakh crore. Bengaluru-based Prestige Estates Projects holds the fourth position with a valuation of ₹71,500 crore, and Godrej Properties is in the fifth position with a valuation of ₹70,600 crore.

Oberoi Realty, with a valuation of ₹69,400 crore, ranks sixth, and The Phoenix Mills, with a valuation of ₹55,900 crore, ranks seventh in the list. Ahmedabad-based Adani Realty has been ranked eighth with a valuation of ₹52,400 crore. The report states that Adani Realty is the most valuable unlisted real estate firm.

For the first time since the inception of the Grohe-Hurun India Real Estate List, OYO, led by Ritesh Agarwal, makes its debut, entering directly into the top 15. With 63 new entrants this year, 29 companies have debuted directly into the top 100, the report said.

In contrast to last year’s surge, this year has been modest for Indian real estate. 51% of the companies on the 2025 Grohe - Hurun India Real Estate 150 saw their value increase, compared to 86% last year. The cumulative value added was ₹1.4 lakh crore, a sharp decline from ₹6.2 lakh crore in the previous edition.

Mumbai tops the list with 42 companies (up by 9), followed by Bengaluru with 23 (up by 8), New Delhi with 16 (up by 2), and Hyderabad and Pune with 13 companies each. Together, these cities account for 71% of the most valuable real estate companies list.

The biggest gainer in absolute terms is IHC, which added ₹29,150 crore in value over the year. The report added that Peninsula Land, founded in 1871, is valued at ₹1,000 crore, making it the oldest company in the 2025 Grohe—Hurun India Real Estate 150.

The 2025 Grohe - Hurun India Real Estate 150 captures a sector staging a remarkable rebound. Despite early-year turbulence due to global conflicts and input cost pressures, the industry added ₹1.4 lakh crore in value, led by a sharp post-April recovery. The entry of 63 new companies — 29 directly into the Top 100 — marks a widening of the leadership base, signaling renewed investor confidence and structural depth in India’s real estate ecosystem, said Anas Rahman Junaid, Founder and Chief Researcher, Hurun India.

While overall growth slowed from 70% last year to 14% this year, the fundamentals of Indian real estate remain strong. 61% of companies still saw valuation gains, with major players recovering steep early losses within weeks. As repo rates cut, tariffs eased, and cement prices cooled, the macro environment turned decisively positive, Rahman added.