DLF tops Indian real estate rankings with Rs 2 trn valuation: Grohe-Hurun

Adani Realty leads the unlisted space with Rs 52,400 crore valuation; Oyo enters the top 15 list for the first time at Rs 32,500 crore, says GROHE-HURUN 2025 report

DLF is the most valued real estate company in India, with a valuation of Rs 2.07 trillion, according to the GROHE-HURUN India Real Estate 150 report for 2025.

 

Gautam Adani’s Adani Realty emerged as the most valued unlisted Indian real estate firm with a valuation of Rs 52,400 crore. The company has ambitions to become India’s top property developer by value within the next five years.

 

Growth slows, but recovery post-April boosts value

The overall value growth of companies slowed from 70 per cent in 2024 to 14 per cent in 2025. Despite turbulence earlier in the year caused by global conflicts and rising input costs, the real estate sector added Rs 1.4 trillion in value, driven by a sharp recovery after April.

   

Favourable macroeconomic conditions—including repo rate cuts, tariff easing, and cooling cement prices—supported the rebound.

 

“The top 10 companies in the 2025 GROHE-HURUN India Real Estate 150 are now worth over Rs 8.5 trillion, led by DLF (Rs 2.1 trillion), Lodha (Rs 1.4 trillion), and Indian Hotels (Rs 1.1 trillion). Aparna Constructions and M3M India made their debut in the top 10, signalling the rise of regional champions.

 

“This consolidation at the top—alongside a broadening base—suggests that India’s real estate engine is not just expanding, but also scaling with institutional strength,” said Anas Rahman Junaid, founder and chief researcher, Hurun India.

 

Mumbai leads as real estate capital 

Mumbai retained its crown as India’s real estate capital with 42 companies based in the city, collectively valued at Rs 6.9 trillion.

 

Mumbai-based Oberoi Realty emerged as the top debt reducer of 2025. The firm cut its debt by Rs 1,449 crore, bringing the total down to Rs 2,495 crore. Lodha Developers followed with a debt reduction of Rs 1,363 crore, lowering its total to Rs 7,698 crore.

 

Rajiv Singh leads richest real estate entrepreneurs list

Rajiv Singh of DLF topped the list of India’s wealthiest real estate entrepreneurs, retaining his position as his wealth rose by 3 per cent to Rs 1.27 trillion.

 

He was followed by Mangal Prabhat Lodha and family of Lodha Developers, whose wealth increased by 1 per cent to Rs 92,340 crore.

 

Gautam Adani of Adani Realty ranked third, despite a 7 per cent decline in his real estate wealth, which stood at Rs 52,320 crore in the first half of 2025.