Lodha Developers Eyes Gurugram for NCR Real Estate Expansion
Mumbai-based Lodha Developers is set to launch its first real estate project in Gurugram, marking the company’s entry into the Delhi NCR market. The company’s Managing Director and CEO, Abhishek Lodha, highlights the strategic importance of Gurugram and the company’s growth plans.
Real EstateGurugramNcrLodha DevelopersAbhishek LodhaReal EstateNov 17, 2025
Responding to a question on whether the company’s NCR strategy includes Gurugram, Noida, or both, Managing Director and CEO Abhishek Lodha said during the October 31 investor call, “At this stage, our initial focus is most likely to be in Gurugram, but it does not mean that we do not look at any other part of the NCR. It's quite likely that we will perhaps start off on the Gurugram side of the NCR.”
Gurugram’s real estate market is currently more than 50% of the NCR market. Abhishek Lodha stated, “Gurugram is probably right now, more than 50% of the NCR market, and we are telling you that at the end of the decade, Palava and Upper Thane (near Mumbai) will be 3.5% of the Mumbai Metropolitan Region (MMR) market. So, you can see the scale of the opportunity versus where we currently are projecting things to be.”
The company anticipates achieving a 20% annual growth rate. “And as we now further move over in 2026 to starting our pilot in NCR, we hope that by covering these 4 major metros—Mumbai, Pune, and Bangalore already, and the pilot in NCR—we will see a long runway of growth which enables our company to continue to deliver on its medium-term strategy of having the approximately 20% annual growth and 20% ROE,” Lodha said.
In July 2025, Abhishek Lodha stated that the company anticipates concluding one or more land deals in the Delhi-NCR region this fiscal year, paving the way for its first project launch in the area in the following financial year. “We expect to enter Delhi NCR in the next 12 months and hope to launch in fiscal 2027. The Delhi NCR is an important market for us to get into. We obviously, as we have done in Pune and Bengaluru, will only enter in a gradual manner. We will be starting off with a pilot phase with a moderate number of projects and a moderate level of investment with a view to understanding better how the market operates and how we build out the supply chain for operations as well as sales,” Lodha had said during an investors’ call in July 2025.
At the investors' call in October, Lodha had also said that India's real estate market is “still on the runway, it hasn’t reached the takeoff phase yet” and is only beginning to gain momentum. “We (India's real estate market) are still sort of, I would say, the plane is on the runway. It is not even gotten to kind of takeoff phase. It is just kind of moving along on the runway. That is how we think the cycle is,” Lodha said during the company’s Q2 FY26 earnings call recently.
He noted that the Indian housing sector is undergoing a “once-in-a-lifetime transition” from low-income to mid-income housing. “Wherever such transitions have happened in large economies, they have witnessed very long real estate cycles, typically 15 to 20 years. We think India will also have a cycle that long. We are only four or five years out of that very long cycle. It does not mean we never had a bad year; we can, of course, have a bad year,” Lodha had said during the call.
Lodha Developers, a leading real estate developer in India, has a strong presence in major cities like Mumbai, Pune, and Bangalore. The company’s strategic entry into Gurugram is expected to further solidify its position in the Indian real estate market and capitalize on the growing demand in the Delhi NCR region.
Frequently Asked Questions
What is Lodha Developers planning in the Delhi NCR market?
Lodha Developers is planning to launch its first real estate project in Gurugram, marking the company’s entry into the Delhi NCR market. The company is also exploring other areas of the NCR, with an initial focus on Gurugram.
Why is Gurugram important for Lodha Developers?
Gurugram is important for Lodha Developers because it currently constitutes more than 50% of the NCR real estate market. The company sees significant growth opportunities in this region.
What is Lodha Developers' growth strategy in the NCR?
Lodha Developers plans to achieve a 20% annual growth rate by covering major metros like Mumbai, Pune, and Bangalore, and starting a pilot project in the NCR. The company will gradually enter the market with a moderate number of projects and investment.
When does Lodha Developers expect to launch its first project in the NCR?
Lodha Developers expects to enter the Delhi NCR in the next 12 months and hopes to launch its first project in fiscal 2027.
What is the current state of India's real estate market according to Abhishek Lodha?
According to Abhishek Lodha, India's real estate market is still in the early stages of growth, akin to a plane on the runway. It is expected to enter a long cycle of 15 to 20 years, with significant opportunities for development.
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