Adani Realty is poised to become one of India’s top five real estate developers by revenue, with its potential acquisition of Emaar India, the Indian arm of Dubai-based Emaar Group.
The discussions, which were recently confirmed by Emaar, are expected to value the company anywhere between Rs 4,000-5,000 crore and would mark Adani Group’s largest real estate purchase to date. The deal would also strengthen Adani Realty's position in the sector and expand its footprint beyond western India.
Emaar Properties is headquartered in the United Arab Emirates, and counts Dubai's ruler Mohammed bin Rashid Al Maktoum and Investment Corporation of Dubai, which is UAE's sovereign wealth fund among its largest shareholders. Emaar India holds a vast land bank, particularly in Gurugram, and has a diverse portfolio comprising residential, commercial and retail segments.
“With reference to the media reports regarding the discussion with Adani Group about the Company's business in India, the company would like to confirm that it is currently in discussion with few groups in India, including Adani Group for a potential sale of a stake in Emaar India. The valuation and the other terms of a potential transaction are not finalised,” Emaar Group said in a statement.
There was no official response from the Adani Group to Moneycontrol's queries on the matter. Sources also said that Adani Realty is negotiating to acquire a controlling stake though the valuation and terms remain to be finalized.
Emaar India has a significant presence in key markets such as Delhi-NCR, Lucknow, Mohali, Indore and Jaipur. Analysts maintain that the acquisition would provide Adani Realty with an immediate entry into North India’s lucrative real estate market, complementing its existing projects in Mumbai, Pune, Ahmedabad and Delhi-NCR.
Emaar India's marquee projects include Emaar Emerald Hills, Emaar Business District 83 and Emaar Digi Homes. In November 2024, the company launched a luxury residential project - Amaris - in Gurugram at an investment of Rs 1,000 crore, followed by Urban Ascent on Delhi's Dwarka Expressway in January 2025, with a revenue potential of Rs 3,400 crore.
Industry experts believe this acquisition will particularly bolster Adani’s luxury real estate ambitions in North India, where it has been expanding aggressively.
“This will strengthen Adani’s presence in North India, after Ahmedabad and Mumbai. The luxury real estate market is booming, and this acquisition will help Adani tap into this segment and maximize returns,” said Samir Jasuja, Founder & CEO of PropEquity, an NSE-listed real estate consultancy firm.
Emaar India's total income for FY24 stood at Rs 2,756.6 crore, up from Rs 1,765.8 crore a year ago, indicating a strong financial performance. Analysts suggest the Adani Group can leverage this growth to accelerate new developments. Additionally, given that real estate stocks are trading at historic highs, the acquisition could significantly boost Adani Realty’s valuation, particularly if it decides to list on stock exchanges.
Beyond Emaar, Adani has shown interest in expanding its presence in North India. Sources told Moneycontrol that there have been back-channel discussions with the Jaypee Group to acquire real estate assets as part of India’s largest bankruptcy resolution process.
According to 2024 Grohe-Hurun India Real Estate 100 report, Adani Group's realty arm jumped into the top 10 list following a 62% on-year growth with a valuation of around Rs 56,500 crore. It is also the most-valuable unlisted company in India. Other top developers like DLF have a valuation of Rs 2 lakh crore, Macrotech Developers (Rs 1.36 lakh crore) Godrej Properties (Rs 77,280 crore) and Oberoi Realty (Rs 66,200 crore).
Adani Realty has projects in Mumbai, Pune, Ahmedabad and Delhi-NCR, totalling over 200 million square feet of development space. The realtor is also involved in high-profile projects, including Dharavi slum redevelopment. Under the $3 billion project, Adani Realty will redevelop Mumbai's Dharavi slum into a 'world-class' district. As part of the project, about seven lakh people living in rickety shanties located close to Mumbai's international airport are to be given flats of up to 350 sq ft free of cost.
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