Lodha Developers, based in Mumbai, plans to start its first property project in Gurugram. This step marks the firm’s move into the Delhi NCR area, said Managing Director and CEO Abhishek Lodha. He added that the company is checking out other spots in the NCR too.
When asked if the NCR plan covers Gurugram, Noida, or both, Lodha replied on the October 31 investor call. “Right now, we plan to focus first on Gurugram. That said, we are not ignoring other NCR parts. We will likely begin in Gurugram,” he noted.
Gurugram makes up over half of the NCR real estate scene. Abhishek Lodha pointed out that Gurugram holds more than 50% of the NCR market today.
“Gurugram takes up over 50% of the NCR market at present. We expect Palava and Upper Thane near Mumbai to reach 3.5% of the Mumbai Metropolitan Region by decade’s end. This shows the big chances ahead compared to our current goals,” Lodha said of the firm’s Mumbai projects.
NCR test project set for 2026 launch. Lodha shared that the company eyes 20% growth each year.
“As we shift to our NCR test in 2026, we aim to cover four key cities: Mumbai, Pune, Bangalore, and the NCR pilot. This gives us a long path for growth. It helps us hit our mid-term goals of about 20% yearly growth and 20% return on equity,” Lodha explained.
In July 2025, Abhishek Lodha mentioned the firm expects to close one or more land deals in Delhi-NCR this year. This will lead to the first project start there next year.
“We plan to join Delhi NCR in the next 12 months and launch in fiscal 2027. Delhi NCR matters a lot to us. Like in Pune and Bengaluru, we will enter slowly. We start with a test phase, few projects, and fair investment. This lets us learn the market, set up supply chains for work and sales,” Lodha said on the July 2025 investor call.
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India’s property market has not yet taken off. On the October investor call, Lodha said India’s real estate is “still on the runway. It has not hit takeoff yet.” The market is just starting to pick up speed.
“We are like a plane on the runway. It has not reached takeoff. It is just rolling along. That is our view of the cycle,” Lodha said on the firm’s recent Q2 FY26 earnings call.
“Yes, there may be delays on the runway. The plane might stop for a few minutes, or quarters here. But we have many years left in this cycle,” Lodha added.
He pointed out that India’s home sector is in a rare shift from low-cost to middle-income homes.
In big economies, such shifts bring long property booms, often 15 to 20 years. We see India facing the same. We are just four or five years into that long cycle. Sure, we might have a tough year. We can face one,” Lodha said on the call.
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