India's Top Real Estate Developers Surpass Kuwait's GDP, Valued at Rs 16 Lakh Crore
A recent study by GROHE and Hurun India reveals that the combined value of India’s leading real estate companies has reached $188 billion, surpassing the GDP of Kuwait and several other countries. This marks a 14% annual growth in valuation, reflecting renewed investor confidence and sector expansion.
Real EstateValuationGdpInvestor ConfidenceDlfReal EstateJul 31, 2025
The annual assessment, which profiles the country’s top 150 real estate firms by enterprise value, reported a 14% annual growth in cumulative valuation. This is a significant slowdown compared to last year’s 70% surge. The BSE Realty Index also reflected this slowdown, with a 12% decline.
Despite the tempered pace, the sector continues to expand its footprint. Sixty-three companies debuted on the list this year, with 29 of them directly entering the top 100, indicating a growing investor confidence. Mumbai leads the real estate map with 42 companies, holding a cumulative valuation of Rs 6,96,800 crore. Bengaluru follows with 23 companies worth Rs 1,97,400 crore, while New Delhi ranks third with 16 companies valued at Rs 89,700 crore. Hyderabad and Pune, with 13 companies each, come next, and Gurugram hosts 12 companies with a combined worth of Rs 3,23,300 crore.
DLF has retained its title as India’s most valuable real estate company for the second year, with a valuation of Rs 2.07 lakh crore. Lodha Developers ranks second at Rs 1.38 lakh crore, while Indian Hotels Company, which saw a 36.8% jump, secured the third position with Rs 1.08 lakh crore, highlighting the growing role of hospitality in the sector.
Among unlisted companies, Adani Realty leads with a valuation of Rs 52,400 crore. The entry threshold for the list dropped to Rs 1,000 crore from Rs 1,160 crore last year. “Despite early-year turbulence due to global conflicts and input cost pressures, the industry added Rs 1.4 lakh crore in value, led by a sharp post-April recovery... signalling renewed investor confidence and structural depth in India’s real estate ecosystem,” said Anas Rahman Junaid, Founder and Chief Researcher, Hurun India.
The list highlights trends such as rising institutionalisation, regional expansion, and the growth of hospitality and co-working formats. Twenty-two hospitality firms now contribute Rs 2.76 lakh crore in value. Schloss Bangalore, just six years old and valued at Rs 13,600 crore, is the youngest company on the list.
A total of 33 firms are now led by professional CEOs, and four are headed by women. The youngest leader is 31 years old; the oldest is 88. Regionally, the western belt leads with a 41% share of total value, followed by the southern region with 31% and the northern region with 25%. The residential segment continues to dominate, accounting for 67% of the companies.
An increase in listed entities to 65 from 48 also signals stronger capital market validation for real estate. Recent IPOs like Ventive Hospitality and Schloss Bangalore further underscore the sector’s growing investor appeal.
Frequently Asked Questions
What is the current valuation of India's top real estate companies?
The combined value of India’s most valuable real estate companies stands at $188 billion, or Rs 16 lakh crore, up Rs 1.9 lakh crore from a year ago.
Which city has the highest number of real estate companies in India?
Mumbai leads the real estate map with 42 companies, holding a cumulative valuation of Rs 6,96,800 crore.
Who is the most valuable real estate company in India?
DLF has retained its title as India’s most valuable real estate company for the second year, with a valuation of Rs 2.07 lakh crore.
What is the growth rate of the real estate sector in India?
The sector reported a 14% annual growth in cumulative valuation, significantly lower than last year’s 70% surge.
How many new companies debuted on the list this year?
Sixty-three companies debuted on the list this year, with 29 of them directly entering the top 100.
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