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2024 GROHE-HURUN INDIA REAL ESTATE 100.
2024 GROHE-HURUN INDIA REAL ESTATE 100
A RANKING OF INDIA’S MOST VALUABLE REAL ESTATE COMPANIES
WITH A VALUE OF INR 2 LAKH CRORE, DLF IS INDIA’S MOST VALUABLE REAL ESTATE COMPANY.
MACROTECH DEVELOPERS AT INR 1.4 LAKH CRORE AND INDIAN HOTELS COMPANY (FAMOUSLY KNOWN AS THE TAJ GROUP OF HOTELS) AT INR 79,150 CRORE OCCUPY THE 2ND AND 3RD SPOT IN THE 2024 GROHE-HURUN INDIA REAL ESTATE 100.
IHCL/ TAJ GROUP IS THE MOST VALUABLE HOSPITALITY COMPANY IN 2024 GROHE-HURUN INDIA REAL ESTATE 100.
FOR THE FIRST TIME SINCE THE INCEPTION OF 2024 GROHE-HURUN INDIA REAL ESTATE 100, ADANI REALTY, LED BY REAL ESTATE VETERAN – JACKBASTIAN K. NAZARETH, STORMS INTO THE TOP 10! ADANI REALTY GREW 62% YOY, WITH A CUMULATIVE VALUATION OF INR 56,500 CRORE AND IS AT RANK 7.
ADANI REALTY IS ALSO THE MOST VALUABLE UNLISTED REAL ESTATE COMPANY ON THE LIST.
TWO TAJS ON THE LIST: WITH A VALUATION OF INR 79,150 CRORE, TAJ GROUP OF HOTELS (IHCL), LED BY PUNEET CHHATWAL, OCCUPIES THE 3RD SPOT AND TAJ GVK, VALUED AT INR 2,050 CRORE, OCCUPIES THE 74TH SPOT IN 2024 GROHE-HURUN INDIA REAL ESTATE 100.
GOLDEN YEAR FOR INDIAN REAL ESTATE: 86% OF THE COMPANIES IN THE 2024 GROHE-HURUN INDIA REAL ESTATE 100 SAW THEIR VALUE INCREASE – A CUMULATIVE ADDITION OF INR 6.2 LAKH CRORE!
TOP EMPLOYER: EMPLOYING 26,275 PEOPLE, SOBHA LEADS THE WAY AMONG TOP EMPLOYERS IN THE LIST.
CUMULATIVE VALUE OF INDIA’S MOST VALUABLE REAL ESTATE COMPANIES IN 2024 GROHE-HURUN INDIA REAL ESTATE 100 GREW BY 70%, HIGHEST EVER SINCE THE INCEPTION OF THE LIST. THIS IS IN LINE WITH THE BSE REALTY INDEX, WHICH GREW BY 110%.
BIGGEST GAINER: DEVINDER SINGH-LED DLF REGISTERED A VALUE INCREASE OF INR 85,000 CRORE COMPARED TO LAST YEAR AND TOPS THE LIST OF GAINERS IN ABSOLUTE TERMS.
IN TERMS OF PERCENTAGE GROWTH, UNITECH, LED BY ASHOK KUMAR YADAV, GREW ITS VALUE BY 622% TO INR 2,590 CRORE.
18 OF THE TOP 100 ARE LED BY PROFESSIONAL CEOS WHO DO NOT HAIL FROM THE FOUNDING FAMILY.
INDIA’S MOST VALUABLE REAL ESTATE COMPANIESI
N 2024 GROHE-HURUN INDIA REAL ESTATE 100 HAVE A COMBINED VALUE OF USD 171 BILLION (INR 14.2 LAKH CRORE)- THIS IS MORE THAN THE COMBINED GDP OF OMAN AND SRI LANKA.
WOMEN IN THE LIST: LED BY PAVITRA SHANKAR, BENGALURU-BASED BRIGADE ENTERPRISES, VALUED AT INR 29,690 CRORE, AND LED BY G INDIRA KRISHNA REDDY, HYDERABAD-BASED TAJ GVK, VALUED AT INR 2,050 CRORE ARE THE ONLY TWO WOMEN-LED COMPANIES IN THE 2024 GROHE-HURUN INDIA REAL ESTATE 100.
YOUNGEST COMPANIES: FOUNDED JUST 8 YEARS AGO, NOIDA-BASED MAX ESTATES, LED BY SAHIL VACHANI, AND GURUGRAM-BASED SMARTWORKS, LED BY NITEESH SARDA, ARE THE YOUNGEST COMPANIES IN THE LIST.
FOUNDED IN 1871, PENINSULA LAND, VALUED AT INR 1,830 CRORE, IS THE OLDEST COMPANY IN 2024 GROHE-HURUN INDIA REAL ESTATE 100.
AVERAGE AGE: THE AVERAGE AGE OF COMPANIES IN 2024 GROHE-HURUN INDIA REAL ESTATE 100 IIS 39 YEARS.
NEETISH SARDA, AGED 30, OF SMARTWORKS, IS THE YOUNGEST LEADER ON THE 2024 GROHE-HURUN INDIA REAL ESTATE 100.
BIKRAMJIT AHLUWALIA FROM AHLUWALIA CONTRACTS, AGED 84, IS THE OLDEST LEADER ON THE 2024 GROHE-HURUN INDIA REAL ESTATE 100.
THE THRESHOLD TO QUALIFY FOR THE 2024 GROHE-HURUN INDIA REAL ESTATE 100 STANDS AT INR 1,200 CRORE – AN INCREASE OF 30% COMPARED TO THAT OF LAST YEAR.
67% OF THE 2024 GROHE-HURUN INDIA REAL ESTATE 100 PRIMARILY FOCUS ON THE RESIDENTIAL SECTOR, WHILE 19% CONCENTRATE ON THE COMMERCIAL SECTOR.
MUMBAI LEADS THE LIST WITH 33 COMPANIES, FOLLOWED BY BENGALURU WITH 15, NEW DELHI WITH 14 COMPANIES, AND GURUGRAM WITH 10 COMPANIES – THE BIG 4 CITIES CUMULATIVELY CONTRIBUTE 72% OF THE COMPANIES ON THE LIST.
THE AVERAGE AGE OF KEY LEADERS ON THE 2024 GROHE-HURUN INDIA REAL ESTATE 100 IS 55 YEARS.
WITH A NATIONAL PRESENCE IN 18 STATES, UNITECH LEADS THE 2024 GROHE-HURUN INDIA REAL ESTATE 100 FOR COMPANIES WITH THE HIGHEST NATIONAL PRESENCE, FOLLOWED BY NCC & OMAXE WITH 9 STATES EACH.
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.
AMONG UNDERGRADUATE INSTITUTIONS, DELHI UNIVERSITIES STAND OUT AS THE TOP CHOICE OF THE REAL ESTATE LEADERS IN THE 2024 GROHE-HURUN INDIA REAL ESTATE 100.
HOLDING THE TOP POSITION AMONG POSTGRADUATE INSTITUTIONS ON THE 2024-HURUN INDIA REAL ESTATE 100 IS HARVARD BUSINESS SCHOOL THE REAL ESTATE COMPANIES ON THE LIST RUN BY GRADUATES FROM HARVARD CONTRIBUTED TO A CUMULATIVE VALUE OF INR 1.2 LAKH CRORE.
(11 July 2024, Mumbai) Hurun Report released the 2024 GROHE-Hurun India Real Estate 100, ranking India’s most successful real estate companies by value. We have also presented a list of the wealthiest real estate entrepreneurs in the country. Value and wealth calculations are a snapshot of 31 May 2024.
Priya Rustogi, Leader, India & Subcon, LWT IMEA said, “It is with immense pride and honor 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 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. 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, Hurun India said, “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 Cr, 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 slowdown.
India’s market benefits from a young population, increasing urbanization, 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 US$ 4 billion yearly are further catalyzing growth.”
“Sixty of the top 100 companies operate beyond their core state headquarters, indicating a significant trend toward national brand building in the real estate sector.
Notably, six companies on the list have an international presence, demonstrating the global ambitions of Indian real estate companies. With the strength of the Indian diaspora, Indian real estate companies are well-positioned to expand internationally, a trend we expect to see grow in the coming years.”
“The list showcases that entrepreneurs hailing from tier 2 cities are forging some of the most impactful real estate enterprises in the nation. 5% of the entrants in 2024 GROHE-Hurun India Real Estate 100 hail from tier 2 cities. This highlights the fact that geographic boundaries no longer limit the rise of influential real estate players in India.”
“The 2024 GROHE-Hurun India Real Estate 100 employs around 500,000 people, equivalent to the population of Maldives. Proximity to vital transportation hubs such as airports, well-constructed highways, and efficient metro stations significantly influence both homebuyers and businesses seeking strategic locations.
India is projected to add 200,000 km of national highways by 2037, fostering the growth of micro cities and further value addition by India’s real estate sector.”
“Story of the companies in 2024 GROHE-Hurun India Real Estate 100, tell the story of India’s real estate economy”, concluded Anas Rahman Junaid.
The Top 10 in 2024 GROHE-Hurun India Real Estate 100 – The Most Valuable Real Estate Companies
DLF has emerged as the top real estate company in the 2024 GROHE-Hurun India Real Estate 100, with a valuation of INR 2,02,140 Cr. Following DLF, Macrotech Developers holds the second position with a valuation of INR 1,36,730 Cr, and Indian Hotels Company ranks third with INR 79,150 Cr. Among the top 10 companies, 60% are headquartered in Mumbai, while two are based in Bengaluru and one each in Gurugram and Ahmedabad.
Table 1: 2024 GROHE-HURUN REAL ESTATE 100 – Top 10
| Rank | Company | Value (INR Cr) | Change % | City of HQ | Key Leader |
| 1 | DLF | 2,02,140 | 72% | Gurugram | Devinder Singh |
| 2 | Macrotech Developers | 1,36,730 | 160% | Mumbai | Abhishek Lodha |
| 3 | Indian Hotels Company | 79,150 | 43% | Mumbai | Puneet Chhatwal |
| 4 | Godrej Properties | 77,280 | 100% | Mumbai | Gaurav Pandey |
| 5 | Oberoi Realty | 66,200 | 96% | Mumbai | Vikas Oberoi |
| 6 | Prestige Estates Projects | 63,980 | 230% | Bengaluru | Irfan Razack |
| 7 | Adani Realty | 56,500 | 62% | Ahmedabad | Jackbastian K. Nazareth |
| 8 | The Phoenix Mills | 55,740 | 112% | Mumbai | Shishir Ashok Shrivastava |
| 9 | K Raheja Group | 55,300 | 65% | Mumbai | Vinod Rohira |
| 10 | Embassy Office Parks | 33,150 | 14% | Bengaluru | Aravind Maiya |
Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100
With a valuation of INR 2 lakh crore, DLF secures the top spot on the 2024 GROHE-Hurun India Real Estate 100 post a growth of 72% in its valuation.
Under the leadership of Devinder Singh, the company has been instrumental in shaping India’s urban landscape with a diverse portfolio spanning residential, commercial, and retail properties. DLF has ambitious plans, with projects worth approximately INR 30,000 crore set to launch in the fiscal year 2025.
At a current valuation of INR 1.4 lakh crore, Macrotech Developers has seen its valuation grow by 160% compared to last year, securing the 2nd position in the 2024 GROHE-Hurun India Real Estate 100. Based in Mumbai and founded by Mangal Prabhat Lodha, Macrotech Developers recorded its highest-ever pre-sales of INR 14,520 crore in FY24.
The Indian Hotels Company (IHCL) famously known as the Taj Group ranks 3rd in the 2024 GROHE-Hurun India Real Estate 100, with a valuation of INR 79,150 Cr, reflecting a 43% growth.
Established by Jamsetji Tata in 1902 and led by Puneet Chhatwal, IHCL manages a diverse portfolio of luxury, premium, and business hotels across India and internationally. The company is also set to launch two new brands and plans to open 85 hotels in the fiscal year 2024-2025, focusing on Tier 2 and Tier 3 cities.
With a valuation of INR 77,280 crore, Godrej Properties, a subsidiary of the Godrej Group, ranks fourth on the 2024 GROHE-Hurun India Real Estate 100, having doubled its valuation with a 100% increase.
Founded by Ardeshir Godrej, Godrej Properties is the first real estate company to have an ISO certification. The company has recently acquired a 7-acre land parcel in Bengaluru to construct a housing project worth INR 1,200 crore.
With a valuation of INR 66,200 Crore (up 96%), The Oberoi Realty, established by Vikas Oberoi, secures the 5th spot in 2024 GROHE-Hurun India Real Estate Top 100. For the first time, Oberoi Realty has expanded into the National Capital Region (NCR) by acquiring 14.81 acres of land in Gurugram, Haryana, for INR 597 Cr.
Prestige Estates Projects holds the sixth position in the 2024 GROHE-Hurun India Real Estate 100 with a valuation of INR 63,980 crore, following an exceptional growth rate of 230% over the past year.
Under the leadership of Irfan Razack, Prestige Estates Projects demonstrates expertise in developing diverse properties, including residential complexes, commercial spaces, retail outlets, and hospitality ventures.
Through its subsidiaries, the group has entered a deal with Abu Dhabi Investment Authority (ADIA) and Kotak Alternate Investment Fund (AIF) for INR 2,001 crore and plans to develop projects with a gross development value (GDV) of INR 18,000 crore across four cities: Bengaluru, Mumbai, Goa, and the NCR.
Adani Realty, part of the Adani Group, ranks seventh in the 2024 GROHE-Hurun India Real Estate 100 with a valuation of INR 56,500 crore. Founded under Gautam Adani‘s leadership, the company has grown by 62% this year and is the most valued unlisted company on the list.
Earlier this year, Adani Realty emerged as the highest bidder for the redevelopment of a 24-acre plot at Bandra Reclamation land parcel, put up by the Maharashtra State Road Transport Corporation (MSRDC).
Phoenix Mills ranks 8th with a valuation of INR 55,740 crore, marking a remarkable 112% growth over the past year. Founded by Ramnarain Ruia, the company focuses on innovative mixed-use projects integrating shopping malls, entertainment zones, luxury hotels, offices, and residences.
The company is strategically expanding its commercial office portfolio across five key cities in India, aiming to incorporate assets totaling 5.1 million sq. ft in proximity to its existing retail malls over the next three years.
Founded by Chandru Lalchand Raheja, the K Raheja Group occupies the ninth position in this year’s ranking, with a valuation of INR 55,300 crore. With a notable 65% growth over the past year, the group has established itself as a leader in developing premium residential complexes, commercial spaces, shopping malls, and luxury hotels in major Indian cities.
K Raheja Corp has signed an agreement to jointly develop a 2.5-acre land parcel in Mumbai’s Worli, aiming for a luxury residential project with a revenue potential exceeding INR 2,000 crore.
Embassy Office Parks, valued at INR 33,150 Cr, holds the tenth spot in the 2024 GROHE-Hurun India Real Estate 100 with a 14% growth over the past year.
Founded by Jitendra Virwani, the Embassy portfolio comprises 36.5 million square feet of completed operating area and is home to 255 of the world’s leading companies.
Embassy REIT, the country’s first listed REIT, recently announced the acquisition of Embassy Splendid TechZone Asset, a Grade-A business park, in Chennai for an Enterprise Value of INR 1,269 crore.
2024 GROHE-HURUN INDIA REAL ESTATE RICH LIST – India’s wealthiest real estate entrepreneurs
With a wealth of INR 1,24,420 Cr, Rajiv Singh from DLF leads the 2024 GROHE-Hurun India Real Estate Rich, followed by Mangal Prabhat Lodha from Macrotech Developers with INR 91,700 Cr at the second spot, and Gautam Adani & family from the Adani Realty with INR 56,500 Cr at third. Of the top 10 on the real estate rich list, five are from Bengaluru and four from Mumbai.
Table 2: The Top Wealthiest Real Estate Entrepreneurs
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Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100; (- no change, * new to top 10, ↑rank moved up, ↓rank moved down). #Wealth based on the ownership in their real estate companies only
Rajiv Singh, 65, the Managing Director of DLF, is the wealthiest Indian real estate entrepreneur with a wealth of INR 1.2 lakh crore, maintaining his position in the 2024 GROHE-Hurun India Real Estate 100. Singh’s pivotal role in fostering Haryana’s economic development was recognized with the Udyog Ratna Award in December 2005.
With a wealth of INR 91,700 crore, Mangal Prabhat Lodha and his family of Macrotech Developers (formerly Lodha Group), maintain a position as the second wealthiest in India’s real estate landscape. Macrotech Developers, currently spearheaded by Abhishek Lodha recorded its highest-ever pre-sales of INR 14,520 crore in FY24.
Gautam Adani and his family secured the third position with a wealth of INR 56,500 crore, marking a 62% increase since 2023. Known for his strategic acumen and vision, Gautam Adani has steered Adani Realty into the top 10 in this year’s list.
Vikas Oberoi, 54, of Oberoi Realty, has risen to the fourth position on the list following a wealth surge of 96%, reaching INR 44,820 Cr. Oberoi Realty has expanded into the National Capital Region (NCR) by acquiring 14.81 acres of land in Gurugram, Haryana, for INR 597 Cr.
Chandru Raheja and the family of K Raheja Group have moved down by one to the 5th position on the list despite seeing wealth grow by 65% over the past year. Currently, the company is strategizing the redevelopment of SOBO Central Mall, India’s pioneering mall, into a luxurious high-end residential project.
Atul Ruia, 53, has risen to the sixth position in the 2024 GROHE-Hurun India Real Estate 100 with a wealth of INR 26,370 Cr, reflecting a remarkable 110% increase.
Phoenix Mills is gearing up to elevate its presence with the addition of a third mall in Thane, Mumbai Metropolitan Region, alongside exploring promising prospects for a new hotel development.
Raja Bagmane, 64, of Bagmane Developers holds the seventh position with a wealth of INR 19,650 Cr, reflecting a 5% increase. Recently, the Bengaluru-based company leased 2.23 lakh sq. ft of office space to Texas Instruments for a monthly rent of INR 1.4 Cr.
Jitendra Virwani, 58, has secured the 8th position on the list with a wealth of INR 18,000 Cr, despite experiencing a 53% decrease in his wealth over the past year.
Notably, he is the only individual in the top 10 to have seen a reduction in wealth from 2023. Embassy Group, under his leadership, has become one of India’s leading real estate developers, known for its commercial properties and office spaces.
Irfan Razack, 70, Rezwan Razack, 69, and Noaman Razack, 66, of Prestige Estates Projects hold the ninth spot on the list, each with a wealth of 13,970 Cr, marking a significant increase of 230%.
Currently, Prestige Estates Projects manages 1,849 keys of hospitality assets across the country and plans to double its hospitality portfolio over the next three to four years, with a total investment of INR 1,700 Cr.
Mumbai continues to be the real estate capital of India!
The 2024 GROHE-Hurun India Real Estate 100 came from 10 states, led by Maharashtra, Delhi Karnataka, and followed by Haryana. By city, Mumbai led with 33 companies, followed by Bengaluru with 15, New Delhi with 14 Companies, and Gurugram with 10.
Table 3: List of top cities in 2024 GROHE-HURUN INDIA REAL ESTATE 100
| Rank | City | No of companies | Cumulative Valuation (INR Cr) | Most Prominent Company in Real Estate | Value
(INR Cr) |
| 1 | Mumbai | 33 | 6,40,560 | Macrotech Developers | 1,36,730 |
| 2 | Bengaluru | 15 | 2,13,720 | Prestige Estates Projects | 63,980 |
| 3 | New Delhi | 14 | 87,460 | Oberoi Group | 28,430 |
| 4 | Gurugram | 10 | 2,49,320 | DLF | 2,02,140 |
| 5 | Hyderabad | 6 | 68,290 | Aparna Constructions & Estates | 33,130 |
| 6 | Ahmedabad | 4 | 68,390 | Adani Realty | 56,500 |
| 6 | Noida | 4 | 11,470 | Max Estates | 4,570 |
| 6 | Pune | 4 | 12,560 | Gera Developments | 4,750 |
| 9 | Chennai | 3 | 12,730 | Casagrand | 8,490 |
| 9 | Kochi | 3 | 20,970 | Skyline | 2,410 |
Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100
Biggest Gainers
The biggest gainer in valuation growth in the 2024 GROHE-Hurun India Real Estate 100 is New Delhi-based Unitech followed by Tata Realty and Puravankara. By year-on-year growth in absolute value, the biggest gainers were DLF, Macrotech Developers, and Prestige Estates Projects.
Table 4: 2024 GROHE-HURUN INDIA REAL ESTATE 100 – Biggest Gainers
Biggest Gainers by %
| Rank | Company | Change (%) | Value (INR Cr) |
| 1 | Unitech | 622% | 2,590 |
| 2 | Tata Realty | 554% | 8,670 |
| 3 | Puravankara | 382% | 9,520 |
| 4 | Jasdanwalla Group | 361% | 1,670 |
| 5 | Anant Raj | 304% | 18,120 |
Biggest Gainers by Value (INR Cr)
| Rank | Company | Value Change | Value (INR Cr) |
| 1 | DLF | 84,620 | 2,02,140 |
| 2 | Macrotech Developers | 84,220 | 136,730 |
| 3 | Prestige Estates Projects | 44,600 | 63,980 |
| 4 | Godrej Properties | 38,660 | 77,280 |
| 5 | Oberoi Realty | 32,360 | 66,200 |
Source: Hurun Research Institute;
2024 GROHE-HURUN INDIA REAL ESTATE 100
The residential Sector continues to be the top value creator in 2024 GROHE-HURUN INDIA REAL ESTATE 100
67% of the 2024 GROHE-Hurun India Real Estate100 companies primarily focus on the residential sector, followed by Commercial development.
Chart 5: The chart below shows the distribution of the primary sectors of the companies. Most of the top real estate companies in India focus on residential development
Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 10
Sector Analysis
In the 2024 GROHE-Hurun India Real Estate 100, most companies are focused on residential property development, with 67 firms, including Macrotech Developers, and Godrej Properties, leading the pack. The office space sector follows, featuring 19 companies led by DLF, K Raheja Group, and Embassy Office Parks.
Table 6: 2024 GROHE-HURUN INDIA REAL ESTATE 100 – Residential and Office Space Developers Dominance
| Rank | Sector | No of companies | Cumulative Valuation (INR Cr) | Key Companies |
| 1 | Residential | 66 | 7,92,610 | Macrotech Developers, Oberoi Realty, Godrej Properties |
| 2 | Office Spaces | 19 | 3,96,020 | DLF, K Raheja Group, Embassy Office Parks |
| 3 | Hospitality | 10 | 1,58,870 | Indian Hotels Company, Oberoi Group, Lemon Tree |
| 4 | Retail | 2 | 63,890 | The Phoenix Mills, Lulu International Shopping Malls |
| 4 | Co-Working Spaces | 2 | 7,800 | Smartworks, Awfis Space Solution |
Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100
2024 GROHE-HURUN INDIA REAL ESTATE 100 registered a revenue growth of 30% compared to last year
Revenue for the companies in the 2024 GROHE-Hurun India Real Estate 100 surged by 30% to INR 1.6 lakh Cr. Bengaluru-based Urbanrise saw a 226% increase in FY2023, while Appaswamy Real Estate achieved a threefold rise. Additionally, 15% of the companies in the list doubled their revenue compared to the previous year’s.
Table 7: Rank by revenue Growth Y-O-Y*
| Rank | Company | YoY
Change (%) |
Value
(INR Cr) |
Key Leader |
| 1 | Urbanrise | 226% | 10,910 | Manoj Namburu, Suneel Bommireddy |
| 2 | Appaswamy Real Estate | 220% | 1,870 | Rohit Ravi |
| 3 | D B Realty | 203% | 10,940 | Shahid Usman Balwa |
| 4 | Tata Realty | 140% | 8,670 | Sanjay Dutt |
| 4 | Hotel Leela Venture | 140% | 1,650 | Vivek Nair |
| 6 | Peninsula Land | 130% | 1,830 | Rajeev Piramal |
| 7 | Samhi Hotels | 129% | 4,010 | Ashish Jakhanwala |
| 8 | Marathon Nextgen Realty | 120% | 1,920 | Chetan Shah |
| 9 | Unitech | 116% | 2,590 | Ashok Kumar Yadav |
| 10 | Signature Global | 111% | 12,330 | Ravi Aggarwal |
| 10 | Lemon Tree | 111% | 10,800 | Patanjali Govind Keswani |
Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100; *22-23 revenue growth
Chart 8: 56% of the companies generate revenue below INR 1000 Cr, whereas 5 in the list registered revenue over INR 5000 Cr. The chart below shows the Revenue Distribution
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Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100 |
Who is no.1 in terms of Square Feet developed?
Having developed 340 million square feet, DLF holds the record for the largest square feet developed in the 2024 GROHE-Hurun India Real Estate 100. Prestige Estates Projects and Godrej Properties take the second and third positions in residential property development, having developed 176 million and 151 million square feet, respectively.
Table 9: 2024 GROHE-HURUN INDIA REAL ESTATE 100– Top ten by square feet developed
| Rank | Company | Total Sq. Ft Developed (msf) | Primary Sector | Value
(INR Cr) |
| 1 | DLF | 340 | Commercial | 2,02,140 |
| 2 | Prestige Estates Projects | 176 | Residential | 63,980 |
| 3 | Godrej Properties | 151 | Residential | 77,280 |
| 4 | BCD Group | 150 | Residential | 1,600 |
| 5 | Sobha | 128 | Residential | 18,050 |
| 6 | BL Kashyap & Sons | 125 | Commercial | 1,510 |
| 7 | D B Realty | 100+ | Residential | 10,940 |
| 8 | K Raheja Group | 100 | Commercial | 57,100 |
| 9 | Emaar India | 89 | Residential | 5,570 |
| 10 | Macrotech Developers | 85 | Residential | 1,36,730 |
Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100; Company Websites, Annual Reports
Chart 10: 41% of the companies listed also appear on the Hurun India Rich List 2023, while 14% feature on the Hurun Global Rich List 2024. The chart below shows the number of companies that also feature in the other lists of Hurun
Source: Hurun Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100
The oldest real estate business in the 2024 GROHE-HURUN INDIA REAL ESTATE 100 was founded in 1871!
The average age of the 2024 GROHE-Hurun India Real Estate 100 is 39. Twenty-four companies have a history of more than 50 years, of which Peninsula Land is more than 150 years old.
Twenty-eight companies were founded in this millennium of which three are less than ten years old, led by Max Estates, Smartworks and Awfis Space Solution.
Table 11: Top 10 Oldest Companies
| Rank | Company | Founded Year | Value (INR Cr) |
Key Leader |
| 1 | Peninsula Land | 1871 | 1,830 | Rajeev Piramal |
| 2 | Indian Hotels Company | 1899 | 79,150 | Puneet Chhatwal |
| 3 | The Phoenix Mills | 1905 | 55,740 | Shishir Ashok Shrivastava |
| 4 | Oberoi Group | 1934 | 28,430 | Arjun Singh Oberoi |
| 5 | Jasdanwalla Group | 1946 | 1,670 | Mahesh Mudda |
| 5 | DLF | 1946 | 2,02,140 | Devinder Singh |
| 7 | Ambuja Neotia | 1950 | 1,430 | Harshavardhan Neotia |
| 8 | BCD Group | 1952 | 1,600 | Angad Singh Bedi |
| 9 | K Raheja Group | 1956 | 55,300 | Vinod Rohira |
| 10 | Appaswamy Real Estate | 1959 | 1,870 | Rohit Ravi |
Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100
| Rank | Company | Founded Year | Value
(INR Cr) |
Key Leader |
| 1 | Max Estates | 2016 | 4,570 | Sahil Vachani |
| 1 | Smartworks | 2016 | 5,000 | Neetish Sarda |
| 3 | Awfis Space Solution | 2015 | 2,800 | Amit Ramani |
| 4 | Embassy Office Parks | 2014 | 33,150 | Jitendra Virwani |
| 4 | Signature Global | 2014 | 12,330 | Ravi Aggarwal |
| 6 | Capacite Infraprojects | 2012 | 2,610 | Rahul Katyal |
| 6 | Piramal Realty | 2012 | 1,850 | Abhijeet Maheshwari |
| 8 | L&T Realty | 2011 | 18,620 | Anupam Kumar |
| 9 | Adani Realty | 2010 | 56,500 | Jackbastian K. Nazareth |
| 9 | Samhi Hotel | 2010 | 4,010 | Ashish Jakhanwala |
| 9 | M3M India | 2010 | 11,310 | Roop Kumar Bansal |
Table 12: Top 10 Youngest Companies
Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100
Chart 13: 52% of the listed companies are unlisted, while the remaining 48% are listed. Chart below illustrates the distribution between listed and unlisted companies.
| Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100 |
Top Unlisted Companies in 2024 GROHE-HURUN INDIA REAL ESTATE 100
The 2024 GROHE-Hurun India Real Estate 100 features some of the most valuable unlisted companies. Adani Realty is the most valuable unlisted company, followed by K Raheja Group and the Aparna Construction & Estates.
| Rank | Company | Value
(INR Cr) |
City of HQ | Primary Sector |
| 1 | Adani Realty | 56,500 | Ahmedabad | Residential |
| 2 | K Raheja Group | 55,300 | Mumbai | Commercial |
| 3 | Aparna Constructions & Estates | 33,130 | Hyderabad | Residential |
| 4 | Hiranandani Communities | 30,000 | Mumbai | Residential |
| 5 | Gaursons India | 24,950 | Ghaziabad | Residential |
| 6 | Bagmane Developers | 20,050 | Bengaluru | Commercial |
| 7 | L&T Realty | 18,620 | Mumbai | Residential |
| 8 | Lulu International Shopping Malls | 17,190 | Kochi | Retail |
| 9 | Runwal Developers | 13,300 | Mumbai | Residential |
| 10 | M3M India | 11,310 | Gurugram | Residential |
Table 14: Top 10 Unlisted Companies
Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100
Most Preferred Undergrad and Postgrad Institutes
Delhi University emerge as the leading undergraduate institutes, with 6 key leaders from the Real Estate List having studied there, followed closely by Mumbai University with 5 Key leaders. Harvard Business School is the top choice in the postgraduate category, with seven key leaders having graduated from there.
| Rank | Alumni’s School of Graduation | No. of Companies | Key Companies whose leaders are alumni |
| 1 | Delhi University | 6 | Indian Hotels Company (Taj), Tata Realty, Emaar India |
| 2 | Mumbai University | 5 | Oberoi Realty, Hiranandani Communities |
| 3 | IIT Bombay | 3 | Sobha, Mahindra Holidays and Resorts |
| 4 | St. Xavier’s College | 2 | Hotel Leela Venture |
| 4 | Harvard University | 2 | Runwal Developers |
Table 15: Top 5 Undergraduate Institutes
Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100
| Rank | Alumni’s School of Post Graduation | No. of Companies | Notable Alumnus | Company |
| 1 | Harvard Business School | 7 | Vikas Oberoi | Oberoi Realty |
| 2 | IIM Bangalore | 2 | Manoj Bhat | Mahindra Holiday & Resorts India |
| 2 | IIM Calcutta | 2 | Jagadish Nangineni | Sobha |
| 2 | IIM Kozhikode | 2 | Gaurav Pandey | Godrej Properties |
| 2 | Symbiosis International University | 2 | Arun Mn | Casagrand |
Table 16: Top 5 Postgraduate Institutes
Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100
Top Debt reducers
Tata Realty leads with a significant 42% reduction in debt compared to the previous year in the 2024 GROHE-Hurun India Real Estate List 100. Embassy Office Parks ranks second, having reduced their debt by INR 1,653 Cr. DLF also achieved a notable 52% reduction in its debt, bringing its total debt down to INR 1,050 Cr.
| Rank | Company | Debt Change Absolute (in INR Cr) | Long Term Debt 2023 (in INR Cr) | Long Term Debt 2022
(in INR Cr) |
Primary Sector |
| 1 | Tata Realty | 2,552 | 3,515 | 6,067 | Residential |
| 2 | Embassy Office Parks | 1,653 | 10,421 | 12,074 | Commercial |
| 3 | DLF | 1,140 | 1,050 | 2,189 | Commercial |
| 4 | Indian Hotels Company | 1,057 | 331 | 1,388 | Hospitality |
| 5 | Godrej Properties | 1,000 | 0 | 1,000 | Residential |
Table 17: Biggest Debt Change Y-O-Y
Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100
Lowest Debt to Equity
Ganesh Housing Corporation tops the 2024 GROHE-Hurun India Real Estate 100 with the lowest debt-to-equity ratio of 0.02x.
Table 18: Debt to Equity
| Rank | Company | Debt to Equity 2024 (x) | Debt to Equity 2023 (x) | Value of the company (INR Cr) | Key Leader |
| 1 | Ganesh Housing Corporation | 0.02 | 0 | 6,450 | Shekhar Govindbhai Patel |
| 2 | Hotel Leela Venture | 0.03 | 0.02 | 1,650 | Vivek Nair |
| 2 | Ahluwalia Contracts | 0.03 | 0 | 7,840 | Bikramjit Ahluwalia |
| 2 | Apeejay Surrendra Park Hotels | 0.03 | 1.10 | 3,590 | Vijay Dewan |
| 2 | Indian Hotels Company | 0.03 | 0.10 | 79,150 | Puneet Chhatwal |
Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100
Region-wise distribution
In the 2024 GROHE-Hurun India Real Estate 100, 41% of the listed companies hail from the Western Region, where Macrotech Developers stands out as the highest value. The Northern Region contributes 29% of the total companies, while the Southern Region comprises 28%
Table 19: Region-wise wealth creation
| Rank | Region | Cumulative wealth 2024 (%) | Company in the region with highest value | Value (INR Cr) |
| 1 | Western Region | 41% | Macrotech Developers | 1,36,730 |
| 2 | Northern Region | 29% | DLF | 2,02,140 |
| 3 | Southern Region | 28% | Prestige Estates Projects | 63,980 |
| 4 | Eastern Region | 2% | Apeejay Surrendra Park Hotels | 3,590 |
Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100
How many do they employ? *
The listed companies in the 2024 GROHE-Hurun India Real Estate 100 employ over 1,65,000 individuals, averaging 4,894 employees per company. Notably, 19 of these companies have a workforce exceeding 1,000 employees, with Sobha leading at 26,275 employees and NCC following with 20,615 employees.
Table 20: Top 10 employers in the 2024 GROHE-Hurun India Real Estate 100
| Rank | Company | Number of employees | Primary sector | City of HQ |
| 1 | Sobha | 26,275 | Residential | Bengaluru |
| 2 | NCC | 20,615 | Residential | Hyderabad |
| 3 | Macrotech Developers | 17,014 | Residential | Mumbai |
| 4 | Brigade Enterprises | 16,715 | Commercial | Bengaluru |
| 5 | Ahluwalia Contracts | 14,644 | Commercial | New Delhi |
| 6 | Oberoi Group | 13,359 | Hospitality | New Delhi |
| 7 | Prestige Estates Projects | 12,335 | Residential | Bengaluru |
| 8 | PSP Projects | 12,111 | Commercial | Ahmedabad |
| 9 | Mahindra Holiday & Resorts India | 5,262 | Hospitality | Mumbai |
| 10 | Godrej Properties | 4,471 | Residential | Mumbai |
Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100 *Only listed companies considered for the analysis
2024 GROHE-Hurun India Real Estate 100 Companies that Went Public
Five companies from the 2024 GROHE-Hurun India Real Estate List 100 went public this year. Juniper Hotels had the highest market cap on its listing date at INR 8,933 crore, with a listing gain of 10%, while Signature Global achieved a 15.32% listing gain with INR 6,712 Cr market cap.
| Rank | Company | Subscription times (X) | Listing Gain | City HQ | Market Cap on Listing day |
| 1 | Juniper Hotels | 2.18x | 10% | Mumbai | 8,933 |
| 2 | Signature Global | 12.50x | 15.32% | Gurugram | 6,712 |
| 3 | Samhi Hotels | 5.57x | 7% | Gurugram | 3,126 |
| 4 | Awfis Space Solutions | 108.17x | 12.86% | New Delhi | 2,797 |
| 5 | Suraj Estate | 16.57x | -4.5% | Mumbai | 1,466 |
Table 21: Companies that got listed from the 2024 GROHE-Hurun India Real Estate 100 Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100
Interesting Facts
- Macrotech Developers aims to invest INR 3,500-4,000 Cr this fiscal year in acquiring new land parcels and developing housing projects, seizing the opportunity presented by increased demand for residential properties.
- Indian Hotels Company (IHCL) has signed Taj branded hotels in Kanpur, Uttar Pradesh, and Anjuna, North Goa. Both are greenfield projects, expanding IHCL’s footprint in these critical locations.
- Adani Realty has secured the contract to redevelop the 24-acre Bandra Reclamation land parcel put up by the Maharashtra State Road Transport Corporation (MSRDC)
- Prestige Estates Projects has approved a USD 599 Mn fundraising through a stake sale. It intends to raise INR 50 Bn (USD 598.6 Mn) by issuing shares to institutional investors.
- K Raheja Corp is set to transform a 2.5-acre land parcel in Mumbai’s Worli into a high-end residential project expected to generate revenue surpassing INR 2,000 Cr.
- Phoenix Mills plans to build a third mall in Thane within the Mumbai Metropolitan Region (MMR), alongside a potential hotel. Additionally, it is looking to expand its Phoenix Market City Mall in Bengaluru.
- Kalpataru Projects International (KPIL) and its subsidiaries have secured orders worth INR 23.33 Bn across various sectors, such as transmission and distribution (T&D) and water management, both domestically and internationally.
- Brigade Enterprises has launched ‘Brigade Insignia,’ a new residential project in Yelahanka, Bengaluru, with an anticipated revenue of INR 1,100 Cr. The project offers 379 units priced between INR 3 Cr and INR 9 Cr, catering to robust demand in the residential sector.
- L&T Realty has signed a joint development agreement (JDA) for a slum rehabilitation project in Thane, near Mumbai. The project aims to develop 31.25 lakh sq ft, valued at INR 697 Cr.
- The Runwal Group has launched Sky Deck Residences as part of its Runwal Pinnacle project. These residences, situated on the upper floors of the 67-level tower, feature private decks with panoramic views of the city skyline, Sanjay Gandhi National Park, and mangroves. They enhance the residents’ lifestyle with elevated living experiences.
- Signature Global India announced that its wholly owned subsidiary, Sternal Buildcon, has completed the acquisition of approximately 3.8 acres of land located at Sector 37D, Dwarka Expressway, Village Harsaru Gurugram, through a sale deed.
- M3M India, a real estate company based in Gurgaon, has secured INR 570 Cr in debt from Oaktree Capital Management to support its ongoing projects.
- D B Realty raised INR 920 Cr by selling shares to institutional investors, including Morgan Stanley Asia, to fund its real estate projects and strengthen its balance sheet, providing the company with additional growth capital for its ongoing projects.
- Shriram Properties, based in Bengaluru, has signed a joint development agreement (JDA) for a 4-acre land parcel in Yelahanka. The project will include 270 apartments covering 3.8 lakh square feet, targeting over INR 250 Cr in revenue, and is expected to be completed in 3 years.
- Casagrand has announced the launch of Casagrand Vivacity, a luxury residential project in Bangalore’s Electronic City. Spread across 10.2 acres, it features 717 premium 2, 3, and 4-BHK apartments with over 75 amenities.
Methodology
The 2024 GROHE-Hurun India Real Estate 100 ranks the 100 most valuable real estate companies headquartered in India as of 31st May 2024. This list offers a comprehensive overview of the leading firms shaping the Indian real estate landscape based on the value of the enterprise rather than the net worth of the individual founder or entrepreneur.
Valuing private companies is as much an art as it is a science. Hurun India may have missed some companies, but we endeavor to develop the most comprehensive report of its kind to identify and acknowledge India’s top real estate businesses.
Hurun Report’s team of researchers has traveled the length and breadth of the country, cross-checking information with entrepreneurs, industry experts, journalists, bankers, and other sources of publicly available data.
For unlisted companies, Hurun Research’s valuation is based on a comparison with their listed equivalents using prevailing industry multiples such as Price to Earnings, Price to Sales, EV to sales, and EV to EBITDA.
Other methodologies such as Discounted Cash Flow and Tobin’s Q are also used. Financial information used is from the latest available annual reports or audited financial statements.
Hurun Report Disclaimer
This report has been prepared by the Hurun Report. All the data collection and the research has been done by the Hurun Report. This report is meant for information purposes only. Reasonable care and caution have been taken in preparing this report. The information contained in this report has been obtained from sources that are considered reliable.
By accessing and/or using any part of the report, the user accepts this disclaimer and exclusion of liability which operates to the benefit of Hurun Report.
Hurun Report does not guarantee the accuracy, adequacy, or completeness of any information contained in the report, and neither shall it be responsible for any errors or omissions in or for the results obtained from the use of such information. No third party whose information is referenced in this report under the credit to it assumes any liability towards the user for its information.
Hurun Report shall not be liable for any decisions made by the user based on this report (including those of investment or divestiture) and the user takes full responsibility for their decisions made based on this report.
Hurun Report shall not be liable to any user of this report (and expressly disclaim liability) for any loss or damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential losses, loss of profit, lost business and economic loss regardless of the cause or form of action and regardless of whether or not any such loss could have been foreseen.
2024 GROHE-HURUN India Real Estate 100 – TOP 20: For the full list, refer
| Rank | Company | Value 2024 (INR Cr) | Change % | Key Leader | City of HQ | Primary Sector |
| 1 | DLF | 202,140 | 72% | Devinder Singh | Gurugram | Commercial |
| 2 | Macrotech Developers | 136,730 | 160% | Abhishek Lodha | Mumbai | Residential |
| 3 | Indian Hotels Company | 79,150 | 43% | Puneet Chhatwal | Mumbai | Hospitality |
| 4 | Godrej Properties | 77,280 | 100% | Gaurav Pandey | Mumbai | Residential |
| 5 | Oberoi Realty | 66,200 | 96% | Vikas Oberoi | Mumbai | Residential |
| 6 | Prestige Estates Projects | 63,980 | 230% | Irfan Razack | Bengaluru | Residential |
| 7 | Adani Realty | 56,500 | 62% | Jackbastian K. Nazareth | Ahmedabad | Residential |
| 8 | The Phoenix Mills | 55,740 | 112% | Shishir Ashok Shrivastava | Mumbai | Commercial |
| 9 | K Raheja Group | 55,300 | 65% | Vinod Rohira | Mumbai | Commercial |
| 10 | Embassy Office Parks | 33,150 | 14% | Aravind Miaya | Bengaluru | Commercial |
| 11 | Aparna Constructions & Estates | 33,130 | 24% | Subramanyam Freddy Snared | Hyderabad | Residential |
| 12 | Hiranandani Communities | 30,000 | 25% | Niranjan Hiranandani | Mumbai | Residential |
| 13 | Brigade Enterprises | 29,690 | 129% | Pavitra Shankar | Bengaluru | Commercial |
| 14 | Oberoi Group | 28,430 | 103% | Arjun Singh Oberoi | New Delhi | Hospitality |
| 15 | Gaursons India | 24,950 | 114% | Manoj Gaur | Ghaziabad | Residential |
| 16 | Bagmane Developers | 20,050 | 3% | Raja Bagmane | Bengaluru | Commercial |
| 17 | L&T Realty | 18,620 | 116% | Anupam Kumar | Mumbai | Residential |
| 18 | Anant Raj | 18,120 | 304% | Amit Sarin | New Delhi | Residential |
| 19 | Sobha | 18,050 | 266% | Jagadish Nangineni | Bengaluru | Residential |
| 20 | NCC | 18,040 | 141% | A A V Ranga Raju | Hyderabad | Residential |
Source: Hurun Research Institute; 2024 GROHE-HURUN INDIA REAL ESTATE 100
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Established in the UK in 1999, Hurun is a research, media, and investment group, promoting entrepreneurship through its lists and research. Widely regarded as an opinion leader in the world of business, Hurun generated 8 billion views on the Hurun brand last year, mainly in India and China.
Best known today for the Hurun Rich Index series, telling the stories of the world’s successful entrepreneurs in China, India, and the world, Hurun’s two other key series include the Hurun Start-up series and the Hurun 500 series, a ranking of the world’s most valuable companies.
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“Promoting Entrepreneurship Through Lists and Research”
About Hurun India “Promoting Entrepreneurship Through Lists and Research” Hurun India was launched in 2012, under the leadership of Anas Rahman Junaid, a graduate of the University of Oxford.
Junaid met Rupert Hoogewerf, the founder of Hurun Global, through Oxford University and the duo thought it was the right time to speak about wealth creation in India as they saw India booming. Since then, Hurun India has been in pursuit of celebrating the stories of India’s transparent wealth creation, innovation, and philanthropy. The Five core pillars of Hurun India are:
First, we spotlight Value Creation by companies, the heartbeat of a developing India. It’s through their innovation and excellence that economic growth is fuelled, paving the way for a prosperous tomorrow.
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Enter our third pillar: Start-Ups. These engines of innovation are the primary source of leapfrog growth, challenging the status quo and opening new doors of possibilities. While economic development is crucial, philanthropy plays an equally vital role in ensuring wider prosperity.
Our fourth pillar, Philanthropy, is about giving back, and creating a balanced ecosystem where everyone progresses together.
Lastly, we celebrate our rich heritage with the fifth pillar: Culture. India, home to one of the oldest civilizations, boasts a myriad of artists. Yet, they remain undervalued on the global stage. The Hurun India Art List aims to change this, promoting our artists to the Hurun network, and encouraging appreciation and collection of their work.
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