Lodha Developers Targets Gurugram Housing Launch by End of FY27, Construction to Start in 'Coming Quarter'
Lodha to Begin Gurugram Construction, Eyes FY27-28 Launch
Construction for Lodha's inaugural Gurugram project is expected to commence in the coming quarter, with the official launch scheduled once the development reaches the desired stage. The timeline was disclosed during the company's FY26 fourth-quarter earnings call, where Lodha explained that the NCR projects have not yet been included in the company's official launch guidance because construction is only beginning.
Pilot-and-Scale Strategy for NCR Entry
According to Abhishek Lodha, CEO and Managing Director of Lodha Developers, the company is adopting a "pilot-and-scale" strategy for the National Capital Region (NCR), similar to the approach that helped establish a strong presence in other key markets. The company remains confident about introducing its first development within the current financial year or shortly thereafter.
The company believes Delhi-NCR presents a major growth opportunity due to its position as India's second-largest housing market. This mirrors Lodha's successful market entry pattern: Lodha's confidence stems from its success in Bengaluru, where it entered the market in FY23 on a pilot basis before rapidly scaling operations. Within three years, Bengaluru contributed approximately ₹24 billion in pre-sales, accounting for over 12% of the company's total sales.
MRG Partnership and Initial Revenue Potential
The company's entry into Delhi-NCR was formally initiated in December 2025, when Lodha partnered with Gurugram-based MRG Group to develop two residential projects across prime locations in the city. Together, these developments are expected to generate revenue exceeding ₹3,600 crore.
Gurugram's Market Position
According to the company, Gurugram has emerged as a strong and dynamic real estate hub, accounting for a significant portion of NCR's residential demand. Its established infrastructure, connectivity, and concentration of high-value homebuyers make it an ideal location for Lodha's first development in the region.
Delhi NCR recorded 9,677 new residential unit launches in Q1 2026, with Gurugram witnessing 73% of the quarterly launches. The Gurugram property market remains upbeat with infrastructure projects such as Dwarka Expressway, Southern Peripheral Road (SPR), metro extension, and ongoing demand for premium housing in 2026.
Company Background and Scale
Lodha Group, officially known as Macrotech Developers, is a prominent Indian multinational real estate company headquartered in Mumbai. Founded in 1980 by Mangal Prabhat Lodha, the company has developed numerous residential and commercial properties across Mumbai, Thane, Hyderabad, Pune, and London.
Lodha Developers' profit for the fourth quarter of the financial year 2026 grew by about 9.35 per cent year-on-year to Rs 1,007.9 crore on higher revenues and pre-sales. The company achieved record pre-sales of INR 205.3 billion in FY26, up 16% year-over-year. Net debt reduced to INR 53.8 billion, with net debt/equity at 0.23x, well below the 0.5x ceiling.