Top 25 Real Estate Firms in India Reach ₹6.1 Lakh Crore Market Cap in 2025
The Grohe-Hurun India Real Estate List 2025 reveals Macrotech Developers, DLF, and Phoenix Mills leading the sector with a combined market cap of ₹16 lakh crore, up by ₹1.9 lakh crore from the previous year.
Real EstateMarket CapMacrotech DevelopersDlfPhoenix MillsReal EstateJul 31, 2025
With a market cap of ₹1,38,200 crore, Macrotech Developers, known for its Lodha brand, has emerged as India’s leading real estate company as of March 31, 2025. Following closely are DLF with ₹2,07,400 crore and Phoenix Mills at ₹55,900 crore, rounding out the top three.
Macrotech Developers’ Mangal Prabhat Lodha and family have retained their position as the richest individuals in India’s real estate sector. With a net worth of ₹92,340 crore, Lodha leads the list by a significant margin, underscoring Macrotech's dominance both in corporate performance and personal wealth creation.
Rajiv Singh of DLF secures the second spot, with a wealth of ₹1,27,610 crore. The list also includes Jitendra Virwani of Embassy Group, Vikas Oberoi of Oberoi Realty, and Atul Ruia of The Phoenix Mills, each marking their influence across commercial, retail, and residential verticals.
The list reveals that the top 10 companies account for 88% of the total market cap, signaling ongoing consolidation within the sector. Of the 25 firms, 19 have their headquarters in Mumbai, underlining the city’s continued prominence as India’s real estate capital. The average market capitalization among the companies stood at ₹29,000 crore, with a threshold of ₹37,400 crore for inclusion in the list.
Seven companies improved their rankings over the previous year. Among them, Sunteck Realty and Signature Global made significant gains, climbing two spots each to reach the 12th and 17th positions respectively. Phoenix Mills overtook Prestige Estates to claim third place. The report also recorded that 17 of the 25 companies witnessed an increase in market capitalization over the past year, while seven experienced declines and one remained unchanged.
ATS Infrastructure witnessed the highest revenue growth in 2025. DSR Infrastructure follows with a robust 703% increase, and ACE Infrastructure Developers secured a significant 430% growth. EFC and Assetz Property Group also demonstrated strong performance, with over 290% growth.
DLF emerged as the leader in terms of total developed area, commanding 349 million sq ft, followed by Macrotech Developers with 100 million sq ft and Prestige Estates with 180 million sq ft. These figures reflect not only historical development but also pipeline and land banks, showcasing the long-term operational scale of these firms across residential, commercial, and mixed-use developments.
Oberoi Realty reduced its debt by ₹1,449 crore, bringing its total debt down to ₹2,495 crore. Lodha Developers follows with a reduction of ₹1,363 crore, bringing its total debt to ₹7,698 crore. Juniper Hotels takes the third spot, lowering its debt by ₹1,188 crore to ₹1,257 crore. Omkar Realtors & Developers ranks fourth, cutting its debt by ₹975 crore to ₹190 crore. Bagmane Developers reduced debt by ₹906 crore, ending the year with ₹3,363 crore.
Ganesh Housing Corporation, Alembic, and EIH Associated Hotels each have the lowest debt-to-equity ratio at 0.01x, with valuations of ₹8,300 crore, ₹3,200 crore, and ₹1,500 crore, respectively. Man Infraconstruction follows at 0.02x (₹7,000 crore), while Benares Hotels also reports 0.02x (₹1,300 crore).
Frequently Asked Questions
What is the combined market cap of the top 25 real estate firms in India as of 2025?
The combined market cap of the top 25 real estate firms in India as of 2025 is ₹16 lakh crore ($188 billion).
Which company leads India’s real estate sector in terms of market cap?
Macrotech Developers, known for its Lodha brand, leads India’s real estate sector with a market cap of ₹1,38,200 crore.
Who are the top three richest individuals in India’s real estate sector?
The top three richest individuals in India’s real estate sector are Mangal Prabhat Lodha and family, Rajiv Singh of DLF, and Jitendra Virwani of Embassy Group.
What percentage of the total market cap do the top 10 companies account for?
The top 10 companies account for 88% of the total market cap in India’s real estate sector.
Which company showed the highest revenue growth in 2025?
ATS Infrastructure showed the highest revenue growth in 2025, followed by DSR Infrastructure and ACE Infrastructure Developers.
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