Mumbai-based Lodha Developers is set to make its long-awaited debut in the Delhi-NCR market, with Managing Director and CEO Abhishek Lodha confirming that the company’s first project in the region is expected to launch in Gurugram. The move marks a strategic expansion for India’s largest listed real estate developer, which is also evaluating opportunities across other NCR micro-markets.

Responding to a question on whether the company’s NCR strategy includes Gurugram, Noida, or both, Lodha said during the October 31 investor call that “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, but it’s quite likely that we will perhaps start off on the Gurugram side of the NCR.”

Abhishek Lodha also stated that the Gurugram real estate market is currently more than 50% of the NCR market, according to a report by The Hindustan Times.

“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,” Lodha said about the opportunities within the company’s MMR projects.

According to Lodha, 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.