India emerges as top realty market in Asia with 36 billion-dollar companies: Report

The implementation of the Real Estate (Regulation and Development) Act in India has further enhanced transparency and accountability, boosting investor confidence.
Image used for representational purpose.
Image used for representational purpose.(Express Illustrations)

MUMBAI: The deepening crisis in the Chinese realty market has seen India overtaking the northern neighbor in terms of the number of billion-dollar real estate companies with 36 in 2024, which is six more than in the Middle Kingdom that had 100 of them, before the crisis.

This led to the country becoming the top realty market in Asia, a remarkable growth from just seven such companies six years ago, according to the 2024 Hurun India Real Estate 100 report released here Thursday.

Topping the list, prepared in association with luxe sanitaryware brand Grohe, is DLF, valued at Rs 2 trillion, followed by Macrotech Developers at Rs 1.4 trillion, and Indian Hotels Company, the Tata firm owns and runs the Taj group of hotels, at Rs 79,150 crore. This list has been extended to include hospitality and shared workspaces too, Hurun said.

The number of billion-dollar listed companies in mainland China plummeted from 100 to just 30 after the infamous busting of the real estate bubble marked by the bankruptcy of its largest developer Evergrande last year. 

Similarly, in the Hurun China 500, which requires a minimum valuation of $3 billion, the count has sharply plunged from 50 to merely 10 this year.

Anas Rahman Junaid, the founder and chief researcher at Hurun India, said an impressive 86 per cent of the companies in the 2024 list saw their value increase, collectively adding Rs 6.2 trillion, showcasing the robust growth and dynamic recovery of this sector since the pandemic.

The implementation of the Real Estate (Regulation and Development) Act (Rera) has further enhanced transparency and accountability, boosting investor confidence. In contrast, China's market struggles with oversupply, high debt of developers, and stringent government regulations, making our real estate sector a more attractive and stable investment destination, he added.

Adani Realty has become entered the top 10, ranking seventh with a valuation of Rs 56,500 crore and becoming the most valuable unlisted real estate company on the list, he said. 

The cumulative value of the country’s top realty companies grew by 70 per cent, the highest ever since the inception of the list, aligning with the BSE Realty Index, which grew by 110 per cent, he said, adding biggest gainer was DLF adding Rs 85,000 crore over 2023.

Among the youngest realty companies, Max Estates and Smartworks, both founded just eight years ago, are the youngest companies on the list.

The women developers list is led by Pavitra Shankar of Brigade Enterprises and G Indira Krishna Reddy of Taj GVK. And they are also the only women-led companies in the 2024 list.

Six companies on the list, including Indian Hotels Company and Macrotech Developers, have a global presence.

When it comes to cities, Mumbai leads with 33 companies, followed by Bengaluru with 15, New Delhi with 14, and Gurugram with 10 companies. As many as 67 per cent of the companies focus primarily on the residential sector, while 19 per cent are in the commercial sector.

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