Grohe-Hurun India Real Estate Report Ranks IHCL as Third Largest Real Estate Company in India

Grohe-Hurun India Real Estate Report Ranks IHCL as Third Largest Real Estate Company in India

By Nishang Narayan

Published on July 14, 2024

The 2024 Grohe-Hurun India Real Estate 100 report has placed Indian Hotels Company Limited (IHCL), a Tata Group company, as the third most valuable real estate company in India. With a valuation of INR 79,150 crore, IHCL has seen a remarkable 43% growth in its market valuation over the past year. This report also highlights the hospitality real estate sector as the third dominant sector, following residential and office spaces, with a valuation of INR 158,870 crore.

IHCL, known for its iconic Taj Group of Hotels, stands out as the most valuable hospitality company in India. Another notable mention is Taj GVK, a subsidiary of IHCL, which ranks 74th with a valuation of INR 2,050 crore.

Top Players in the Real Estate Sector

DLF leads the 2024 Grohe-Hurun India Real Estate 100 list with a valuation of INR 2 lakh crore, reflecting a 72% growth. DLF has ambitious plans to launch projects worth approximately INR 30,000 crore in the fiscal year 2025.

Macrotech Developers secured the second position with a current valuation of INR 1.4 lakh crore, marking a 160% increase from the previous year.

Other top companies in the 2024 list include Godrej Properties, Oberoi Realty, Prestige Estate Projects, Adani Realty, The Phoenix Mills, K Raheja Group, and Embassy Office Park.

A Golden Year for Indian Real Estate

The report describes 2024 as a golden year for the Indian real estate sector, with 86% of the top 100 companies experiencing a value increase. Collectively, these companies have added INR 6.2 lakh crore in additional valuation. The combined value of India's most valuable real estate companies is USD 171 billion (INR 14.2 lakh crore), surpassing the combined GDP of countries like Oman and Sri Lanka.

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Geographic Distribution of Real Estate Giants

Out of the 100 companies listed, 72% are based in major Indian cities. Mumbai leads with 33 companies, followed by Bengaluru with 15, Delhi with 14, and Gurugram with 10.

Industry Insights

Priya Rustogi, Leader, India & Subcon, LWT IMEA, commented on the report: "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 promote 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."

Anas Rahman Junaid, Founder and Chief Researcher, Hurun India, stated: “The 2024 GROHE-Hurun India Real Estate 100 confirms our prediction of 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."

Future Prospects

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 yearly are further catalyzing growth, positioning India as a key player in the global real estate market.


ITC Hotels Signs Storii Havelock in the Andaman & Nicobar Islands

ITC Hotels Signs Storii Havelock in the Andaman & Nicobar Islands

By Manu Vardhan Kannan

Published on August 26, 2026

ITC Hotels Limited has signed a management agreement for Storii Havelock, a 22-key boutique retreat in Swaraj Dweep (Havelock Island), expanding its presence into the Andaman & Nicobar Islands under the Storii by ITC Hotels brand.

Set amid the natural beauty of the Andaman Islands, the property will offer guests an intimate island retreat surrounded by beaches, clear waters, tropical landscapes and rich marine biodiversity. The hotel is planned around the laid-back character of the destination, giving travellers a setting to enjoy the island’s natural surroundings.

Storii Havelock will feature well designed rooms and suites, along with an all-day dining restaurant, bar, swimming pool, fitness centre, spa and kids' play area. The facilities are planned to offer guests a comfortable stay while keeping the island experience at the centre.

Anil Chadha, Managing Director, ITC Hotels Limited, said, "Swaraj Deep (Havelock Island) has emerged as one of India's most sought-after leisure destinations, drawing travellers with its unparalleled natural beauty and distinctive experiences. The signing of Storii Havelock reflects our strategy of expanding across high-potential leisure markets through properties that are rooted in their surroundings. We look forward to introducing the Storii brand to the Andaman & Nicobar Islands."

Arjun Kapoor, Director, M/s Waterwoods Lodge and Resorts Private Limited, said, " We are pleased to collaborate with ITC Hotels on this project. Swaraj Deep continues to attract travellers seeking a blend of nature, adventure and relaxation. We are confident that Storii Havelock will create a compelling hospitality offering that reflects the true spirit of the Andaman Islands.”

The signing marks the entry of the Storii brand into the Andaman & Nicobar Islands and adds another leisure destination to ITC Hotels’ growing portfolio. With its boutique format and island setting, Storii Havelock is positioned to offer travellers an authentic retreat while supporting the continued growth of the region’s hospitality landscape.


ALIVAA Hotels Opens Third Hotel With Existing Partner in 12 Months

ALIVAA Hotels Opens Third Hotel With Existing Partner in 12 Months

By Manu Vardhan Kannan

Published on August 26, 2026

ALIVAA Hotels & Resorts has opened Alivaa Boutique McLeod Ganj, marking the third hotel entrusted to the company by owner Rakesh Rawat within 12 months. The new property is also ALIVAA’s second hotel in the Dharamshala–McLeod Ganj belt.

The latest opening highlights the growing confidence of hotel owners in ALIVAA’s management platform. Following the management of Rawat’s properties in McLeod Ganj and Manali, the third mandate adds to the company’s presence in Himachal Pradesh while strengthening its relationship with the owner.

For a hotel management company, repeat partnerships can be an important measure of performance, as they reflect an owner’s experience with the company’s operations, commercial results and day-to-day management.

Set against the Dhauladhar ranges, Alivaa Boutique McLeod Ganj offers a boutique hospitality experience that combines contemporary comforts with the cultural character of Himachal Pradesh. The hotel features thoughtfully curated accommodations, personalised service and local experiences designed for leisure travellers looking for an authentic mountain getaway.

Vikramjit Singh, Founder & Chairman & Managing Director, ALIVAA Hotels & Resorts, said:

“The opening of Alivaa Boutique McLeod Ganj represents another important milestone in our expansion journey. While every new hotel is significant, what makes this launch particularly meaningful is the trust our partners continue to place in us. Having Mr. Rakesh Rawat entrust ALIVAA with three properties within a single year is a strong endorsement of our operating philosophy, our commercial capabilities and our commitment to creating long-term value for hotel owners. Relationships built on trust remain the foundation of our growth.”

Akash Bhatia, Chief Executive Officer, ALIVAA Hotels & Resorts, said:

“Alivaa Boutique McLeod Ganj reflects our vision of delivering high-touch hospitality supported by revenue management and distribution excellence. Every property we manage benefits from a centralized commercial strategy, sophisticated revenue optimization and strong market positioning, allowing owners to maximize returns while preserving each hotel’s unique identity. Mr. Rawat’s decision to expand his partnership with us for a third property within a year is the strongest validation of our business model and we remain focused on accelerating growth across India’s leading leisure and business destinations.”

For Rakesh Rawat, Owner, Alivaa Boutique McLeod Ganj, the decision to partner with ALIVAA again follows the performance of his existing properties under the company’s management.

“Over the past year, ALIVAA Hotels & Resorts has consistently demonstrated professionalism, transparency, and a strong understanding of what it takes to operate successful hotels in competitive leisure markets. After seeing the performance of my existing properties under their management, partnering with them for a third hotel was an easy decision. I am confident that Alivaa Boutique McLeod Ganj will benefit from the same operational excellence and commercial expertise while offering guests an exceptional hospitality experience.”

With the opening of Alivaa Boutique McLeod Ganj, ALIVAA continues to expand its presence across leisure and business destinations while building its hotel management portfolio through repeat owner partnerships.


Anirudh Ravichander Invests in Ironhill Through Albuquerque Records

Anirudh Ravichander Invests in Ironhill Through Albuquerque Records

By Manu Vardhan Kannan

Published on August 25, 2026

Globally recognised composer and cultural entrepreneur Anirudh Ravichander has invested in Ironhill through his venture Albuquerque Records, marking his second investment in the global hospitality and F&B sector after Loca Loka Tequila.

Ironhill, formed through the merger of Ironhill India and Ironhill US, announced that Anirudh has joined the company as an investor for an undisclosed amount. The investment comes as the hospitality group begins its international chapter, bringing together its growing presence in India with Ironhill US’s craft brewing legacy and hospitality heritage.

For Ironhill, the association adds another connection between hospitality, culture and lifestyle. Anirudh’s experience in building creative ventures across markets also supports the group’s aim to develop a hospitality brand that connects with international audiences while continuing to build on its established presence in India.

For Anirudh Ravichander, the decision to invest in Ironhill is closely linked to his existing association with Sree Harsha Vadlamudi and the team. The two are also co-founders of Loca Loka Tequila, giving Anirudh an opportunity to work closely with the team before joining Ironhill as an investor.

"This is not my first collaboration with Harsha Vadlamudi. We have worked closely together as co-founders of Loca Loka Tequila which gave me a front-row view of how he and his team have built brands with strategic clarity, operational rigour, and an uncompromising commitment to quality. When the opportunity to back Ironhill presented itself, the decision required little deliberation.

Ironhill has built something rare - a hospitality brand with real soul and genuine scale to match. Beyond the trust that I have in the founding team, what drew me to Ironhill was the experience that they have successfully created for patrons across each city. As Ironhill writes its global chapter, I'm not just backing a business. I am backing a philosophy that great experiences, like great music, need no translation." said, Anirudh Ravichander, Investor - Ironhill

For Sree Harsha Vadlamudi, Co-Founder & Board Director - Ironhill India, Anirudh’s investment is significant beyond the financial aspect, particularly as the group prepares for its international expansion.

"Anirudh and I have built something together with Loca Loka that has given me enormous respect for how he thinks about brands and what makes them travel across cultures. His decision to back Ironhill at this moment as we step onto the global stage, speaks to the confidence that people who truly understand brand-building have in what we are creating. We are proud and grateful to have an absolute rockstar like him invest in the venture." added Sree Harsha Vadlamudi, Co-Founder & Board Director - Ironhill India

The investment follows the recently announced formation of Ironhill as a single international platform through the merger of Ironhill India and Ironhill US. The combined group brings together Ironhill India’s growth capital, operational scale and consumer insight with Ironhill US’s craft brewing legacy and hospitality experience. Ironhill currently operates multiple venues across India and the United States, with further expansion into international markets planned through 2026 and 2027.

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