The Adani family has overtaken DLF’s Rajiv Singh to become India’s wealthiest real estate developers, according to the GROHE-Hurun India 2026 report, with their real estate wealth surging 73% to ₹90,400 crore.
Adani vs. DLF: Wealth Shift in Real Estate
The Adani family’s rise follows the consolidation of their real estate business under Adani Properties, which added ₹38,000 crore to its valuation. Meanwhile, Rajiv Singh and family saw a 29% wealth erosion to ₹90,200 crore due to a broader market correction. DLF, however, remains India’s most valuable real estate company by market capitalisation, with a diversified presence across residential, commercial, and retail sectors.
Top 5 Real Estate Developers by Wealth
The remaining top five spots in the Hurun real estate rich list are held by:
- Mangal Prabhat Lodha and family (Lodha Developers)
- Vikas Oberoi (Oberoi Realty)
- Chandru Raheja and family (K Raheja Group)
Market Trends and Valuation Methodology
The combined value of India’s real estate developers grew by just 2% to ₹16.5 lakh crore in 2026, down from 14% growth the prior year, as the BSE Realty Index declined 20%. Only 31 of the 150 tracked companies saw valuation gains, while 74 reported declines.
Hurun Research derives valuations for unlisted firms like Adani Properties by comparing them to listed peers using metrics such as EV/EBITDA and price-to-book ratios. Listed companies’ valuations are based on market capitalisation.
Industry Outlook
Anas Rahman Junaid, founder and chief researcher of Hurun India, noted the modest growth but highlighted India’s relative resilience compared to global peers. Priya Rustogi, Managing Director (India and Subcontinent) at Lixil India (owner of Grohe), struck a bullish tone: “We are seeing early signs of recovery and I am very bullish on the growth of the industry.”
