Adani family tops India's real estate rich list; DLF remains most valuable listed developer

MUMBAI: Gautam Adani and family have become India's wealthiest real estate entrepreneurs for the first time, displacing DLF chairman Rajiv Singh and family from the top spot even as a correction in listed property stocks reshaped valuations across the sector.

The Adani family topped the 2026 GROHE-Hurun India Real Estate Rich List with wealth of Rs 90,400 crore, up 73% from a year earlier, edging past Rajiv Singh and family, whose wealth declined 29% to Rs 90,200 crore amid a correction in listed real estate stocks. Lodha Developers' promoter Mangal Prabhat Lodha and family ranked third with wealth of Rs 67,700 crore.

According to Anas Rahman Junaid, Founder and Chief Researcher, Hurun India, the cumulative value of the 151 companies featured in the 2026 ranking rose just 2% to Rs 16.5 lakh crore, marking the slowest growth since the list was launched, compared with 14% growth last year. The muted performance came alongside a 20% decline in the BSE Realty Index, with only 31 companies registering valuation gains while 74 recorded declines.


Also Read: India seeks to quash Adani airport's nicotine pouch court challenge citing illegality, health risk

“The fact that newcomers, not incumbents, held the line shows where the sector's momentum has moved,” Junaid said.

Adani Properties was the biggest value creator during the year, adding Rs 38,000 crore to reach a valuation of Rs 90,400 crore. Prism (OYO) was the second-largest gainer, adding Rs 34,700 crore to Rs 67,200 crore. Together, the two companies accounted for nearly two-thirds of the value created during the year.

Despite a 29% decline in valuation to Rs 1.47 lakh crore, DLF retained its position as India's most valuable real estate company. Lodha Developers ranked second with a valuation of Rs 93,700 crore, followed by Indian Hotels Company at Rs 93,300 crore.

Adani Properties climbed four places to fourth, while Prism (OYO) entered the top five after more than doubling its valuation. Mumbai-based K Raheja Corp also broke into the top 10 after climbing five places to eighth.

The assessment also highlighted the increasing institutionalisation of India's real estate sector. Listed companies now account for 73 of the 151 companies on the list, up from 48 two years ago, contributing 71% of the cumulative value.

“A decade ago, the conversation around Indian real estate was primarily about scale and volume. Today, the narrative has fundamentally shifted to permanence and structural resilience. The rise of institutional capital and listed REITs demonstrates a market building for the long haul,” said Priya Rustogi, Leader (MD), India & SubCon, LWT, LIXIL IMEA.

Five REITs featured in the rankings, led by debutant Knowledge Realty Trust, while companies led by professional CEOs rather than promoter families increased to 46 from 11 in 2021, accounting for Rs 8.9 lakh crore, or 54% of the list's value.

Mumbai retained its position as India's real estate capital with 50 companies having a combined valuation of Rs 7.32 lakh crore, ahead of New Delhi, Gurugram and Bengaluru.