Hurun Launches 2024 GROHE-Hurun India Real Estate 100: DLF Tops the List with a Valuation of INR 2.02 Lakh Crore

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.

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 by 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) or 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 in 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).

The 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 offices portfolio across five key cities in India, aiming to incorporate assets totalling 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.

India to see retail digital payments to double to $7 bn by 2030: Report

With digital adoption fast gaining currency, India is likely to see retail digital payments double to USD 7 trillion by 2030 from current levels, a study by Kearney and Amazon Pay said.

In the report 'How Urban India Pays', Kearney-Amazon Pay said strong adoption of digital payments in online purchases has potentially led to a permanent shift in consumer behaviours, fueling offline adoption as well.

While 90 per cent of the respondents of the survey preferred digital payments when making online purchases, affluent consumers lead the way with the highest Degree of Digital Payment Usage (DDPU), tending to use various modes of digital payment for 80 per cent of their transactions.

"Millennials and Gen X are leading in the adoption of all types of digital payment instruments," it said. "Men and women both use digital payments in about 72 per cent of their transactions, indicating gender parity.

The research was based on an online survey of over 6,000 consumers along with more than 1,000 merchants through offline and online methods across 120 cities with representation from various regions, income groups, city categories, age brackets and genders.

Govt plans to launch Rs 750 cr fund to promote startups and rural enterprises

The government is poised to launch the 'Agri Fund for Startups and Rural Enterprises' (AgriSURE) to support agripreneurs.

Investments through the fund will be sector-agnostic, and debt alternative Investment Funds (AIFs), as well as direct equity support to start-ups working in Agriculture and allied sectors, an official statement said on Friday.

This initiative aims to foster innovation and sustainability in India's agricultural sector through the establishment of a Rs 750 crore Category-II Alternative Investment Fund (AIF), it said.

The fund will offer both equity and debt support, specifically targeting high-risk, high-impact activities in the agriculture value chain, it said.

The announcement was made at the pre-launch stakeholder meet at NABARD Headquarters in Mumbai on Friday.

The event was attended by key stakeholders, including financial institutions, investors, AIF managers, and agri-startups, it said.

Speaking at the event, Ajeet Kumar Sahu, Joint Secretary, Department of Agriculture and Farmers Welfare, emphasised on the fund's potential to create an ecosystem that enhances financing for the agriculture sector through innovative approaches, benefiting small and marginal farmers.

During the event, NABARD Chairman Shaji K V spoke on the need for public and private sector collaboration to drive the next level of growth in agriculture through technological innovations.

Microsoft and Apple back away from OpenAI board

Microsoft and Apple have decided against taking up board seats at OpenAI. The decision comes as regulatory bodies intensify their scrutiny of big tech’s involvement in AI development and deployment.

According to a Bloomberg report on July 10, citing an anonymous source familiar with the matter, Microsoft has officially communicated its withdrawal from the OpenAI board. This move comes approximately a year after the Redmond-based company made a substantial $13 billion investment in OpenAI in April 2023.

In a memo addressed to OpenAI, Microsoft stated: “Over the past eight months we have witnessed significant progress from the newly formed board and are confident in the company’s direction.” The tech giant added, “We no longer believe our limited role as an observer is necessary.”

Contrary to recent reports suggesting that Apple would secure an observer role on OpenAI’s board as part of a landmark agreement announced in June, it appears that OpenAI will now have no board observers following Microsoft’s departure.

Responding to these developments, OpenAI expressed gratitude towards Microsoft, stating, “We’re grateful to Microsoft for voicing confidence in the board and the direction of the company, and we look forward to continuing our successful partnership.”

This retreat from board involvement by major tech players occurs against a backdrop of mounting regulatory pressure. Concerns about the potential impact of big tech on AI development and industry dominance have prompted increased scrutiny from regulatory bodies worldwide.

In June, European Union regulators announced that OpenAI could face an EU antitrust investigation over its partnership with Microsoft. EU competition chief Margrethe Vestager also revealed plans for local regulators to seek additional third-party views and survey firms such as Microsoft, Google, Meta, and ByteDance’s TikTok regarding their AI partnerships.

The decision by Microsoft and Apple to step back from board positions at OpenAI could be interpreted as a strategic move to mitigate potential regulatory challenges. By maintaining a more arm’s length relationship with the AI firm, these tech giants may be attempting to avoid accusations of undue influence or control over AI development.

China's economy grew less than expected in second quarter: Official data

China's economy grew 4.7 percent year-on-year in the second quarter of 2024, official data showed Monday, less than analysts had expected.

"By quarter, the GDP for the first quarter increased by 5.3 percent year on year and for the second quarter 4.7 percent," Beijing's National Bureau of Statistics (NBS) said in a statement.

The figures were much lower than the 5.1 percent predicted by analysts polled by Bloomberg.

Retail sales -- a key gauge of consumption -- also slowed to just two percent in June, the NBS said, down from 3.7 percent in May.

The world's second-largest economy is grappling with a real estate debt crisis, weakening consumption, an ageing population and trade tensions with Western rivals.

Top officials are meeting in Beijing on Monday for a key plenum, with all eyes on how they might kickstart lacklustre growth.

Google reportedly in advanced talks to acquire cyber startup Wiz for $23 billion, its largest-ever deal

Google is in advanced talks to acquire cybersecurity firm Wiz for $23 billion, The Wall Street Journal reported Sunday, citing people familiar with the matter.

The people familiar told the Journal that a deal could come soon.

Wiz was founded in 2020, and has grown at a rapid clip under CEO Assaf Rappaport. It had been eyeing an IPO as recently as May, when the company achieved a valuation of $12 billion.

A representative for Wiz declined to comment.

Wiz’s cloud security offering gives executives and cybersecurity professionals insight into the company’s full cloud presence, something appealing to large firms with significant computing resources. It is backed by a roster of blue chip firms, including Israeli VC firm Cyberstarts, Index Ventures, Insight Partners and Sequoia Capital.

If completed, the deal would be Google’s largest ever acquisition. It would also underline a clear and continued bet on cybersecurity, at a time when nation state and criminal actors have managed to disrupt governments and large organizations. Google has made large cyber acquisitions before: The company acquired cybersecurity firm Mandiant for $5.4 billion two years ago.

But the company now faces unprecedented levels of antitrust scrutiny. The Justice Department has sued Google twice on antitrust grounds. The company’s acquisition practices were highlighted in the most recent litigation, filed in 2023.

But its reported talks with Wiz would suggest that the company has developed a fresh appetite for M&A, competitive concerns notwithstanding. Google had been in talks to acquire sales software maker Hubspot, CNBC previously reported, but its pursuit had reportedly cooled.