Indian real estate value growth slows to record low; Adani overtakes DLF's Rajiv Singh to top Hurun rich list

India's real estate sector recorded its slowest value growth on record in 2026, with the combined valuation of the country's top 151 real estate companies rising just 2% year-on-year to ₹16.5 lakh crore, according to the latest GROHE-Hurun India Real Estate 150 report released on Tuesday. The slowdown came amid a 20% decline in the BSE Realty Index and marked the weakest growth since the ranking was introduced.

The report also saw a major reshuffle among the country's wealthiest property entrepreneurs, with Gautam Adani and family overtaking DLF's Rajiv Singh and family to claim the top spot on the GROHE-Hurun India Real Estate Rich List for the first time.

Adani tops rich list; DLF remains most valuable company

Adani Properties emerged as the biggest value gainer during the year, adding ₹38,000 crore to reach a valuation of ₹90,400 crore, driven by a 73% jump in wealth. Rajiv Singh and family slipped to second place with wealth of ₹90,200 crore, while Mangal Prabhat Lodha and family of Lodha Developers ranked third with ₹67,700 crore.

Despite the slowdown, DLF retained its position as India's most valuable real estate company, with an enterprise value of ₹1.47 lakh crore, followed by Lodha Developers at ₹93,700 crore and Indian Hotels Company at ₹93,300 crore. Adani Properties climbed to fourth position, while Prism (OYO) entered the top five after its valuation surged 107% to ₹67,200 crore, making it one of the year's standout performers.

Only 31 companies gain value

According to the report, only 31 of the 151 companies registered an increase in valuation during the year, while 74 companies saw their values decline. Much of the sector's overall value addition was driven by Adani Properties and Prism (OYO), which together contributed nearly two-thirds of the total gains. The report also noted 37 new entrants, including 20 companies that debuted directly in the top 100 rankings.

"The GROHE-Hurun India Real Estate 150 tells the story of a year that cooled rather than cracked," said Anas Rahman Junaid, founder and chief researcher of Hurun India.

"The combined value of the list rose just 2% to ₹16.5 lakh crore, the slowest rise in its history. The fact that newcomers, not incumbents, held the line shows where the sector's momentum has moved," he said.

Institutionalisation gathers pace

The report highlighted a continued shift towards institutionalisation despite the market slowdown. Listed companies now account for 71% of the total value of the ranking, up from 48 companies two years ago to 73 listed firms in the latest edition. Five real estate investment trusts (REITs) featured on the list, while companies led by professional, non-family CEOs now manage assets worth ₹8.9 lakh crore, or 54% of the total value.

Residential real estate continued to dominate the rankings, accounting for 65% of the companies, followed by hospitality at 16% and commercial real estate at 13%. Mumbai retained its position as India's real estate capital with 50 companies on the list, ahead of New Delhi with 19, while Gurugram and Bengaluru shared the third spot with 18 companies each.