The project
Mumbai-based Lodha Developers has entered the Delhi-NCR property market with a commercial office project on Golf Course Road in Gurugram, the company's executive director for finance, Sushil Modi, told PTI in an interview carried by Hindustan Times and Business Standard.
The project, Lodha Pantheon, sits on 1.2 acres and will have about 4 lakh sq ft of saleable area across 27 floors. Mint, which also interviewed Modi, located the site in Sector 28. Lodha plans to sell the office space to buyers instead of keeping the building and leasing it out for rental income.
The numbers
Modi told PTI the total investment in the project would be around ₹1,100–1,200 crore. Mint separately described it as a ₹1,600–1,700 crore commercial project; the reports did not explain the difference between the two figures.
Floor plates — the usable area on a single floor — will be large, in two bands of about 13,000–15,000 sq ft and 20,000–25,000 sq ft. Business Standard described the development as Grade A++. Modi said the initial customer response had been good.
According to Modi, business houses in Gurugram are showing strong demand to buy prime office space rather than take it on long-term lease.
Part of a wider NCR plan
Lodha signed a joint development agreement with Gurugram-based MRG Group last year for two projects in the city, one commercial and one residential. Modi said the company aims to launch the housing project on Sohna Road in the fourth quarter of the current financial year, that is, by March 2027. He described the two Gurugram projects as pilots to understand the NCR market before a larger expansion.
The company's existing business is concentrated in the Mumbai Metropolitan Region, Pune and Bengaluru.
Lodha's move follows other developers from Mumbai and Bengaluru entering NCR. Mint noted that Oberoi Realty made its NCR debut earlier this year with Three Sixty North on Golf Course Extension Road, which recorded ₹8,109 crore in bookings, while Puravankara launched its first NCR project in Greater Noida in September with a gross development value of ₹5,200 crore.
Lodha's quarterly results
The announcement came alongside Lodha's results for the July–September quarter. Consolidated net profit rose 28% year-on-year to ₹1,013.5 crore from ₹789.8 crore, and total income increased to ₹4,584.9 crore from ₹3,878.9 crore, according to the PTI report. Pre-sales, or the value of homes and spaces booked, rose 10% to ₹5,037 crore in the quarter, and 7% to ₹9,670 crore for April–September.
The company is targeting ₹24,000 crore in pre-sales for FY27, against ₹20,530 crore in FY26. Mint reported that after launches worth about ₹4,000 crore in the first half, Lodha has a residential launch pipeline of about ₹20,000 crore for the second half of the year, and plans to start a self-funded data-centre rental business within six months.
What it means for Gurugram
Golf Course Road is among Gurugram's most expensive corridors for both housing and offices. Under a strata-sale model, individual floors or units in an office building are sold to separate owners. Lodha's choice to sell rather than lease means the project will add to the stock of owner-occupied and investor-held office space rather than to institutional rental portfolios.
For occupiers and investors, the entry of another large developer adds new Grade A supply in a central micro-market. The reports did not include unit pricing.
Sources
- Hindustan Times: Lodha Developers to invest ₹1,200 cr to build prime office complex on Gurugram Golf Course Road — published 1 November 2026.
- Business Standard: Lodha enters NCR with Rs 1,200 cr office project, plans Sohna Road launch — published 2 November 2026.
- Mint: Lodha Developers makes NCR market debut with ₹1,700 crore office project — published 31 October 2026.