Hurun Report released the 2024 GROHE-Hurun India Real Estate 100, ranking India’s most successful real estate companies by value. The report also lists the wealthiest real estate entrepreneurs in the country. Value and wealth calculations are a snapshot of May 31, 2024.
Priya Rustogi, Leader, India and Subcontinent, LWT IMEA, said, “It is with immense pride and honour that we reaffirm our enduring partnership with Hurun India for the 2024 GROHE-Hurun India Real Estate 100. Over the years, we have witnessed remarkable advancements within the Indian real estate sector, driven by visionary leaders who consistently push the boundaries of innovation and excellence. The latest rankings underscore the resilience and adaptability of these industry pioneers and their dedication to promoting a sustainable and forward-thinking future for the sector. As we move forward, we are dedicated to supporting these leaders in their pursuits and are eager to see the continuous progress of the Indian real estate landscape. We are thankful to the industry stalwarts for giving us time and a glimpse into their brilliant minds and ideas.”
Anas Rahman Junaid, Founder and Chief Researcher of Hurun India, said, “The 2024 GROHE-Hurun India Real Estate 100 confirms our prediction of the breakout of Indian real estate brands post-COVID. An impressive 86% of the companies in this year’s list saw their values increase, collectively adding INR 6.2 lakh crore, showcasing the robust growth and dynamic recovery of the sector.
India is accelerating to become the real estate capital of Asia, with 36 billion-dollar real estate companies in 2024 GROHE-Hurun India Real Estate 100, pushing away China in terms of growth rate, whose real estate market is facing significant headwinds due to government clampdowns and demand slowdowns. India’s market benefits from a young population, increasing urbanisation, and a growing middle class. Additionally, the implementation of the Real Estate (Regulation and Development) Act (RERA) has enhanced transparency and accountability, boosting investor confidence. In contrast, China’s market struggles with excess supply, high debt levels among property developers, and strict government regulations, making India’s real estate sector a more attractive and stable investment destination.
India’s real estate economy is firing from all cylinders! 2024 GROHE-Hurun India Real Estate list of India’s 100 most valuable real estate enterprises includes companies focusing on residential, commercial, hospitality, and co-working spaces. India’s real estate sector is experiencing a remarkable boom, driven by a rapidly growing middle class, robust economic expansion, and increasing investments. With the middle class projected to reach 547 million by 2030, residential sales are expected to grow 10-12% in FY 2024–25. Rising foreign investments of around USD 4 billion a year are further catalysing growth.”
While the report provides insights into real estate, below are some highlights pertaining to the hospitality industry:
- Indian Hotels Company (famously known as the Taj Group of Hotels), valued at INR 79,150 crore and reflecting a 43% growth, occupied the third spot in the 2024 Grohe-Hurun India Real Estate 100.
- Oberoi Group, led by Arjun Singh Oberoi, valued at 28,430 crore, reflecting a growth of 103%, ranked fourteenth on the list.
- IHCL/Taj Group is the most valuable hospitality company.
- Of the 100 companies listed in the 2024 Grohe-Hurun India Real Estate 100, Indian Hotels Company, Gera Developments, Oberoi (Hospitality), BCD, Macrotech Developers, and Skyline have a global presence.
- Oberoi Group is reported to be the most prominent player in Delhi’s real estate market.
- The hospitality sector dominated the real estate space after residential and office spaces. Out of 10 companies that dominated the hospitality sector, IHCL, Oberoi, and Lemon Tree were the key players.
- Led by Vivek Nair, Hotel Leela Venture ranked fourth with YoY revenue growth of 140%, followed by Ashish Jakhanwala-led Samhi Hotels with 129% YoY growth and Patanjali Govind Keswani-led Lemon Tree with 111% growth.
- Established in 1899, IHCL is the second-oldest company, Oberoi Group is the fourth-oldest company, while Samhi Hotel is the ninth-youngest company, established in 2010.
- IHCL ranked fourth in debt reduction, with a debt of 1,388 crore in 2022 reduced to a debt of 331 crore in 2023, with debt change absolute at 1,057 crore.
- Hotel Leela Venture, Apeejay Surrendra Park Hotels, and IHCL recorded the second-lowest debt-to-equity ratio of 0.03x.
- Oberoi Group has the sixth highest number of employees, with 13,359 people working in the company, while Mahindra Holiday & Resorts India was in ninth place with 5,262 employees.
- Juniper Hotels and Samhi Hotels were two hospitality companies from the 2024 GROHE-Hurun India Real Estate List 100 that went public in 2023.
