Curation Team
NEW DELHI: Macrotech Developers, known for its Lodha brand, has emerged as India’s leading real estate company in the 2025 Grohe-Hurun India Real Estate list, based on market capitalization as of March 31, 2025. With a market cap of ₹1,38,200 crore, the Mumbai-headquartered firm continues to dominate the rankings, reflecting sustained investor confidence and robust performance in India’s property market.
Following closely are DLF with ₹2,07,400 crore and Phoenix Mills at ₹55,900 crore, rounding out the top three. The report highlights that the combined value of India’s most valuable real estate companies stands at ₹16 lakh crore ($188 billion), up by ₹1.9 lakh crore from last year. The cumulative value of companies grew by just 14%, compared to a 70% surge last year.
Wealthiest in real estate
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. The Lodha Group’s extensive presence in Mumbai and other key cities has helped cement this top ranking, buoyed by strong sales momentum and a rising market capitalization.
Rajiv Singh of DLF secures the second spot, with a wealth of ₹1,27,610 crore. DLF’s continued strength in the commercial and luxury residential segments, particularly in Delhi-NCR, has kept Singh among the top-tier real estate tycoons. 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.
This wealth concentration reflects a broader trend in the Indian real estate sector—where a handful of families and individuals, primarily from Mumbai and Delhi-NCR, continue to steer the fortunes of the industry. With rising demand, urban consolidation, and REIT participation, these business leaders are poised to further grow their wealth and market presence in the years ahead.
Consolidation and growth in the sector
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.
Notable movements
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.
Highest revenue growth
ATS Infrastructure witnessed 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.
Top builders by total sq ft area
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.
Top debt reducers
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.
Lowest debt-to-equity ratio
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).
