Lodha Developers makes NCR market debut with ₹1,700 crore office project
BENGALURU: Mumbai-based Lodha Developers Ltd is entering the National Capital Region (NCR) with a ₹1,600-1,700 crore commercial office project in Gurugram, marking its latest expansion beyond its traditional markets as developers from Mumbai and Bengaluru increasingly turn to the region.
The company, one of India's largest residential developers by sales, has launched Lodha Pantheon at Golf Course Road in Sector 28, Gurugram. It plans to sell the office spaces rather than retain the property for rental income, a senior executive said.
“Our first project in Gurugram has been launched a few days back. It's a predominantly office project that we are selling, and not holding for annuity income,” Sushil Kumar Modi, executive director-finance at Lodha Developers, said in an interview.
Last year, Lodha entered into a partnership with Gurugram-based MRG Group to develop two projects. Following the commercial launch, the company is expected to introduce its second Gurugram project, a residential development, this year.
The NCR entry follows Lodha's expansion into Bengaluru a few years ago, where it has been steadily building its portfolio.
The move comes as Gurugram attracts developers seeking to tap demand for premium homes in a market long dominated by DLF Ltd. Mumbai-based Oberoi Realty Ltd made its NCR debut earlier this year, recording ₹8,109 crore in sales bookings from the launch of Three Sixty North, a luxury residential project spread across 14.8 acres on Golf Course Extension Road in Sector 58.
In September, Bengaluru-based Puravankara Ltd also entered the NCR market with its first project in Greater Noida. Spread across 13.44 acres, the development has a gross development value of ₹5,200 crore.
Lodha's expansion comes against the backdrop of continued growth in its core business. Its net profit for the July-September quarter rose 28% year-on-year to ₹1,013 crore, while revenue increased 18% to ₹4,468 crore, according to a regulatory filing on Friday evening. Pre-sales in the quarter stood at ₹5,037 crore.
On the back of its first-half performance, the company expects to exceed its full-year profit guidance.
After launching projects worth ₹4,000 crore in the April-September period, Lodha has a significantly larger residential launch pipeline of around ₹20,000 crore for the second half of fiscal year 2027 (FY27).
“We are preparing for these launches, but we also have considerable existing inventory that we continue selling and so, our sales are not only dependent on fresh project launches,” Modi added.
Beyond residential development, Lodha is seeking to build another growth engine through rental assets, with a particular focus on data centres. The company plans to begin executing its self-funded data centre annuity strategy over the next six months.
It expects annuity income to rise tenfold, from ₹300 crore in FY26 to ₹3,000 crore by FY32, as it seeks to increase the contribution of recurring rental income alongside its core property development business.