Gautam Adani and family have claimed the number one spot on the GROHE-Hurun India Real Estate Rich List 150 of 2026, overtaking DLF’s Rajiv Singh and family. Adani family’s real estate wealth is ₹90,400 crore, followed by DLF’s Rajiv Singh and family at ₹90,200 crore, and Mangal Prabhat Lodha and family at the third spot with wealth of ₹67,700 crore.
Of the top 10 on the real estate rich list, five are from Mumbai, two from Bengaluru, one each from Delhi, Gurugram and Ahmedabad.
Gautam Adani & family, aged 64, climbed two positions to top the 2026 GROHE – HURUN India Real Estate Rich List with a real estate wealth of ₹90,400 crore, a 73% increase over the year. Based in Ahmedabad, Adani Properties remains the country’s most valuable unlisted real estate firm, with major projects underway across urban India, the report noted.
Rajiv Singh, 67, and family ranked second with a real estate wealth of ₹90,200 crore, following a 29% decline amid a broader market correction. Based in New Delhi, Singh continues to lead DLF, one of India’s largest real estate developers, but the fall in wealth saw him slip one position from the top of the rankings, according to the report.
Mangal Prabhat Lodha, 70, and family ranked third with a real estate wealth of ₹67,700 crore, down 27% from a year earlier, slipping one position in the rankings. Based in Mumbai, the family leads Lodha Developers, which has continued to post sales growth and expand nationally despite the broader market correction, as per the Rich List.
The fourth in the rich list is Vikas Oberoi of , with a wealth of ₹42,500 crore, and the fifth is Chandru Raheja and family, with a wealth of ₹42,500 crore.
Atul Ruia and the family of The Phoenix Mills ranked sixth with a wealth of ₹29,900 crore, Raja Bagmane and the family of Bagmane Developers ranked seventh with a wealth of ₹29,100 crore, according to the Rich List.
The eighth and ninth spots went to Niranjan Hiranandani of Hiranandani Communities with a wealth of ₹26,900 crore and Basant Bansal and family of M3M India with a wealth of ₹25,500 crore, respectively. The tenth spot went to Bijay Kumar Agarwal and family of Sattva Developers and Knowledge Realty Trust with a wealth of ₹20,500 crore, the report noted.
According to Anas Rahman Junaid, founder and chief researcher, Hurun India, the cumulative value of the 151 companies featured in the 2026 ranking grew just 2% year-on-year to ₹16.5 lakh crore, marking the slowest growth since the list was launched, compared with 14% growth last year. The muted performance coincided with a 20% decline in the BSE Realty Index, with only 31 companies registering valuation gains while 74 saw their valuations decline.
The Western region leads with 54% of the cumulative value ( ₹8,84,500 crore), led by Lodha Developers, Indian Hotels Company and Adani Properties. The North follows with 27% ( ₹4,49,900 crore), anchored by DLF, Prism (OYO) and ITC Hotels. The South contributes 18% ( ₹3,00,400 crore), driven by Prestige Estates Projects, Embassy Office Parks REIT and Bagmane Prime Office REIT, while the East accounts for 1% ( ₹14,000 crore), represented by Ambuja Neotia, Apeejay Surrendra Park Hotels, PS Group Realty and Merlin Projects.
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Value creators
Adani Properties, led by Pranav Adani and Rajesh Adani, has emerged as the largest value creator over the last two years, adding ₹33,900 crore to its valuation since 2024. Raja Bagmane’s Bagmane Prime Office REIT ranks second, growing its value by ₹15,200 crore over the same period, while Basant Bansal’s M3M India ranks third with a gain of ₹14,200 crore, as per the report.
Further highlighting the , Puneet Chhatwal’s Indian Hotels Company and Atul Ruia’s Phoenix Mills also recorded significant gains, adding ₹14,100 crore and ₹7600 crore, respectively, to their valuations since 2024.
DLF remains the most valuable real estate firm
With a value of ₹1.47 lakh crore, DLF retains its title as India’s most valuable real estate company.
Lodha Developers, valued at ₹93,700 crore, and Indian Hotels Company (the Taj Group), valued at ₹93,300 crore, hold the second and third spots, respectively.
Delhi-based Puri Constructions registered the highest percentage growth in value Y-o-Y, rising 127% to ₹2,500 crore, while Gurugram’s Pyramid Infratech led on revenue growth, up 348% Y-o-Y.
DLF leads with 352 mn sq ft developed area; Godrej Properties ranks second
According to the report, with 352 million sq ft of developed area, followed by Godrej Properties with 243 million sq ft. Prestige Estates Projects ranks third with 208 million sq ft, Sobha fourth with 153 million sq ft, BL Kashyap and Sons fifth with 140 million sq ft, and Lodha Developers sixth with 112 million sq ft.
The residential real estate sector dominates the 2026 GROHE – HURUN India Real Estate 150, accounting for 65% of the companies. It is followed by hospitality (16%), up by 1% and commercial (13%), down by 1%.
Eight non-metro cities now place a company each on the list, worth ₹30,200 crore, led by Kochi’s Lulu International Shopping Mall ( ₹10,100 crore). Lucknow joins the map this year through new entrant Shalimar Corp ( ₹3,500 crore).
Mumbai remains India’s real estate capital with 50 companies worth a cumulative ₹7.32 lakh crore, followed by New Delhi (19) and Gurugram and Bengaluru (18 each).
Top debt reducer
According to the report, Brookfield India Real Estate Trust recorded the highest debt reduction at ₹3,030 crore, followed by ( ₹1,528 crore), Shree Naman Group ( ₹1,375 crore), Tata Realty ( ₹923 crore), and SD Corp ( ₹899 crore).
“The GROHE-Hurun India Real Estate 150 tells the story of a year that cooled rather than cracked…The fact that newcomers, not incumbents, held the line shows where the sector’s momentum has moved,” said Anas Rahman Junaid.