Mumbai realtor Lodha Developers plans to enter Delhi with ₹1,900 cr project

By Apoorva Ajith 

Lodha Developers Ltd., India’s number two realtor by market value, is planning a residential project in and around New Delhi next year, in signs of an intensifying turf war as it enters industry leader DLF Ltd.’s stronghold. 

The Mumbai-based developer is considering rolling out a project with an investment of as much as ₹1,900 crore ($220 million) in the year starting April 2026, Prashant Bindal, the firm’s chief sales officer said in an interview. The financial details are still being worked on and clarity will emerge closer to the actual launch, he added. 

The move shows a push among India’s largest real estate firms to seek a national footprint as they tap into the growing demand for premium and luxury housing. DLF on Friday said that it has sold all apartments, for more than 23 billion rupees ($266 million), in the first phase of their maiden Mumbai project. 

In May, Prestige Estates Projects Ltd. completed three projects totaling 2.8 million square feet in Mumbai, marking the Bengaluru-based realtor’s entry into the country’s financial capital.  

“Extraordinary growth is only achievable through expansion beyond their traditional local markets,” said Gulam Zia, senior executive director, Knight Frank India. “The pressure from stakeholders to scale is prompting these companies to explore new geographies.” 

Homes priced above 10 million rupees made up for about half of all residential sales in India in the first half of this year, according to a report by consultant Knight Frank. Delhi National Capital Region led the race with 16,416 units sold, closely followed by Mumbai at 15,270 units. 

‘Intensifying Competition’ 

The expansion into newer geographies “is also intensifying competition for prime land parcels, skilled talent, and institutional capital across new geographies,” according to Arvind Nandan, managing director of research and consulting, Savills India. 

The real test for this cross-country expansion, however, will come when the market cycle turns, Zia said.

“Even the largest real estate developers have had to retreat from wider markets and refocus on their core geographies during downturns,” he said.  

The company has lined up about seven to eight launches this year across Mumbai, Pune and Bangalore, according to Bindal. 

“We enter a city with the confidence that in next three years we will be in the top three players. That’s our approach,” said Bindal.