Gautam Adani and family have emerged as India’s richest real estate entrepreneurs for the first time, overtaking long-time leader Rajiv Singh and family, the owners of DLF, according to the latest GROHE-Hurun India Real Estate 150 List 2026.

The ranking reflects a changing balance of power in India's property sector, where diversified conglomerates are increasingly challenging traditional real estate developers.

The Adani family secured the top position with an estimated real estate wealth of around Rs 3.4 lakh crore, driven by the rapid expansion of the group's real estate, infrastructure and urban development businesses.

Singh and family slipped to the second position, while several established developers retained their positions among the country's wealthiest property entrepreneurs.

Shift in wealth creation

While DLF continues to dominate India's listed residential real estate sector by market capitalisation, Adani's rise reflects the increasing scale of its real-estate portfolio spread across residential, commercial, mixed-use developments and large urban infrastructure projects.

The latest ranking underscores the growing convergence between infrastructure and real estate, with large conglomerates leveraging integrated townships, commercial developments, logistics parks and urban infrastructure projects to create long-term value.

Gautam Adani (64) and family climbed two positions to top the list with a real estate-linked wealth of Rs 90,400 crore, a 73 percent increase over the year. Based in Ahmedabad, Adani Properties remains the country's most valuable unlisted real estate firm, with major projects underway across urban India.

Singh (67) and family slipped from top position to rank second with wealth of Rs 90,200 crore, suffering a 29 percent wealth erosion due to a broader market correction.

Mangal Prabhat Lodha (70) and family hold the third rank with Rs 67,700 crore in wealth, a 27 percent decrease over the year and a drop of one place. Based in Mumbai, they lead Lodha Developers, which has maintained sales growth and national expansion despite the broader market correction.

Vikas Oberoi, 56, retains fourth place despite a 10 percent decline in wealth, which now stands at Rs 42,500 crore. Operating from Mumbai, he has steered Oberoi Realty into high-value growth corridors, strengthening its residential and commercial offerings across major micro-markets.

Chandru Raheja (85) and family enter the top five at the fifth rank, with a wealth of Rs 42,200 crore. The Mumbai-headquartered K Raheja Corp operates across corporate commercial spaces, hospitality, and residential segments.

Atul Ruia (55) and family rank sixth with Rs 29,900 crore, rising 13 percent from last year and holding their position. From Mumbai, the group operates Phoenix Mills' retail-led mixed-use developments and commercial space.

Raja Bagmane (66) and family secure the seventh position with Rs 29,100 crore in wealth, a 15 percent increase over the year and no change in rank. Operating from Bengaluru, they have a presence in the institutional-grade office space segment through the Bagmane Prime Office REIT.

Niranjan Hiranandani, 76, enters the top ten at the eighth position with a wealth of Rs 26,900 crore. Based in Mumbai, he leads Hiranandani Communities, with a focus on integrated townships and mixed-use developments.

Basant Bansal (64) and family rank ninth with Rs 25,500 crore in wealth, dropping four places after a 32 percent decline over the year. As the founders of M3M India Group, the Gurugram-based family operates across residential and commercial developments in the National Capital Region (NCR).

Bijay Kumar Agarwal (63) and family comes at the 10th spot with a real estate wealth of Rs 20,500 crore. Leading the Bengaluru-headquartered Sattva Developers and Knowledge Realty Trust, they operate across technology parks, commercial trusts, and residential real estate.

Despite losing the top position, DLF remains among the country's most financially resilient developers with a valuation of Rs 1.47 lakh crore followed by Lodha Developers (Rs 93,700 crore) and Indian Hotels Company (Rs 93,300 crore).

Adani Properties emerged as the biggest gainer, climbing four places to fourth with a 72.5 percent jump in valuation to Rs 90,400 crore, while Prism (OYO) entered the top five after more than doubling its valuation to Rs 67,200 crore. Phoenix Mills (Rs 63,300 crore), Oberoi Realty (Rs 62,700 crore), K Raheja Corp (Rs 61,700 crore) secured 6th, 7th and 8th place respectively.

Prestige Estates Projects led by Bengaluru-based Irfan Razack ranked ninth at Rs 58,700 crore, dropping five places after a 17.9 percent decline in value. Mumbai-headquartered Godrej Properties, led by Pirojsha Adi Godrej, slipped five places to the 10th spot with Rs 53,100 crore valuation, after a 24.8 percent decline over the year.