DLF Leads, Taj and OYO Shine in India's ₹16 Lakh Crore Real Estate Market
Despite a slowdown, India's real estate sector continues to grow, with DLF, Taj, and OYO leading the pack. The 2025 GROHE-HURUN India Real Estate 150 report highlights the resilience and diversification in the industry.
Real EstateDlfIndian HotelsOyoGrowthReal Estate NewsJul 31, 2025
DLF remains India’s most valuable real estate company with a valuation of ₹2.07 lakh crore, up 2.6% YoY. Lodha Developers follows at ₹1.38 lakh crore. Indian Hotels Company (Taj Group) climbs to third place with a 37% jump to ₹1.08 lakh crore — cementing hospitality as a fast-growing vertical.
Prestige Estates (₹71,500 Cr), Godrej Properties (₹70,600 Cr), Oberoi Realty (₹69,400 Cr), Phoenix Mills (₹55,900 Cr), and Adani Realty (₹52,400 Cr) round out the top eight. Two newcomers — M3M India and Aparna Constructions & Estates — entered the Top 10 at ₹37,400 Cr each, reflecting the growing clout of regional powerhouses.
Indian Hotels Company demonstrated remarkable growth, making a significant ascent within the top companies. Prestige Estates Projects also showed strong upward momentum. Rajiv Singh of DLF leads the list of India’s richest real estate entrepreneurs, maintaining his top position with a steady rise in wealth. He is followed by Mangal Prabhat Lodha & family of Lodha Developers, who recorded a modest increase over the year. Gautam Adani of Adani Realty ranks third, despite a slight dip in his real estate wealth. Among the top gainers this year, Raja Bagmane of Bagmane Developers emerged with the highest percentage growth, followed by Atul Ashokkumar Ruia of The Phoenix Mills and Vikas Oberoi of Oberoi Realty, both of whom posted healthy gains that helped solidify their positions among the upper ranks.
Mumbai continues to lead India’s real estate map with 42 companies, contributing a cumulative valuation of Rs 6,96,800 Cr. Bengaluru ranks second with 23 companies, totalling Rs 1,97,400 Cr in value. New Delhi holds the third spot with 16 companies valued at Rs 89,700 Cr. Hyderabad climbs to fourth with 13 companies and a combined value of Rs 93,700 Cr. Gurugram ranks sixth with 12 companies, worth Rs 3,23,300 Cr.
Hospitality firms like Indian Hotels and new entrants like Ventive Hospitality (IPO 10.3x subscribed) and Schloss Bangalore (The Leela operator, ₹13,600 Cr market cap) are reshaping the industry. Co-working models are gaining too, with SmartWorks leading the charge. 22 hospitality companies now account for ₹2.7 lakh Cr in value. OYO, led by Ritesh Agarwal, debuts in the Top 15.
60% of all companies now operate outside their home states, and 17 have a global footprint — proof of increasing scale and ambition. The rankings welcomed 63 new entrants, with 29 debuting directly into the top 100. Hyderabad-based Aparna Constructions made a striking entry at ninth position (₹37,400 crore), while M3M India, led by Basant Bansal, re-entered the top 10, signaling the rise of regional heavyweights. Arihant Foundations & Housing recorded a staggering 1000% growth in valuation, reaching ₹1,400 crore, while Indian Hotels Company added ₹29,150 crore — the largest absolute value gain in a year.
In a clear sign of maturing leadership, 33 of the top 150 companies are now led by professional CEOs, unaffiliated with the founding family. The average age of companies dropped from 39 to 34 years, while the average leader age is now 58, suggesting a generational shift. Notably, four companies are led by women: Pavitra Shankar of Brigade Enterprises, Priya Paul of Apeejay Surrendra Park Hotels, Jyotsna Suri of The Lalit, and Meenakshi Ramji of Sowparnika. Meanwhile, Neetish Sarda, 31, is the youngest leader; GVK Reddy, 88, is the oldest.
The number of listed companies rose to 65 from 48, and IPOs like Ventive Hospitality (10.3x subscribed) and Schloss Bangalore drew strong investor interest. Beyond numbers, India’s real estate players are now building global brands. Lodha’s collaboration with Armani, DLF’s luxury retail, and Phoenix Mills’ lifestyle-led malls reflect a shift from building spaces to crafting experiences. As Anas Rahman Junaid, Founder of Hurun India, puts it: “India’s top developers are no longer just constructing square footage — they’re designing legacies.”
The cut-off to enter the list now stands at ₹1,000 Cr, double that of 2019. 63 new companies joined the list; 29 entered the Top 100. 51% of firms saw gains (vs 86% last year), and growth slowed from ₹6.2 lakh Cr in 2024 to ₹1.4 lakh Cr in 2025. BSE Realty Index fell 12%, reflecting wider market headwinds. Still, companies like Prestige, DLF, and Anant Raj rebounded strongly post-April.
The combined value of India’s top real estate companies is Rs 16 lakh crore (USD 188 billion). This value is ₹1.9 lakh crore higher than last year — greater than the GDP of Kuwait and the combined GDP of Jordan and Bulgaria. Growth slowed to 14% in 2025, down from 70% in 2024 — the lowest ever recorded in the list's history. The slowdown coincided with a 12% fall in the BSE Realty Index.
DLF retains top spot with a valuation of INR 2.07 lakh crore. Lodha Developers ranks second at INR 1.4 lakh crore. Indian Hotels Company (Taj Group) takes third at Rs 1.1 lakh crore, also the top hospitality brand on the list. OYO, led by Ritesh Agarwal, enters the list for the first time, debuting within the Top 15. 63 new entrants feature this year; 29 directly entered the Top 100. Adani Realty is the most valuable unlisted real estate company on the list.
Only 51% of the companies saw value increases this year, compared to 86% last year. Total value added was just Rs 1.4 lakh crore, down sharply from Rs 6.2 lakh crore in 2024. Mumbai tops with 42 companies (up by 9), followed by Bengaluru: 23 companies (up 8), New Delhi: 16 companies (up 2), Hyderabad & Pune: 13 companies each. These five cities account for 71% of all companies on the list.
Arihant Foundations & Housing posted over 1000% growth in valuation, reaching ₹1,400 crore. Schloss Bangalore, founded just 6 years ago and valued at ₹13,600 crore, is the youngest company on the list. Other young high-performers include Urbanrise: ₹10,200 crore, Raymond Realty: ₹6,700 crore, and WeWork India: ₹1,100 crore.
Frequently Asked Questions
What is the total valuation of India's top real estate companies?
The combined value of India’s top real estate companies is ₹16 lakh crore (USD 188 billion).
Which company leads India’s real estate sector in terms of valuation?
DLF is the leading real estate company with a valuation of ₹2.07 lakh crore.
How many new companies entered the 2025 GROHE-HURUN India Real Estate 150 list?
63 new companies entered the list, with 29 debuting directly into the Top 100.
What is the significance of the hospitality sector in the real estate market?
Hospitality firms like Indian Hotels and new entrants like Ventive Hospitality are reshaping the industry, with 22 hospitality companies now accounting for ₹2.7 lakh Cr in value.
How has the growth of real estate companies changed from 2024 to 2025?
Growth slowed to 14% in 2025, down from 70% in 2024, with only 51% of companies seeing value increases compared to 86% last year.
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