Indiabulls pipeline reaches ₹27,308 crore after Dwarka addition

Indiabulls Limited expanded its real-estate gross development value (GDV) to ₹27,308 crore in the second quarter (Q2) of financial year (FY) 2027 by adding a ₹3,700 crore development-management residential project on Dwarka Expressway, Gurugram. The portfolio now covers 13 launched, current and future projects with aggregate saleable area of 133.2 lakh square feet.

How did Indiabulls expand its development pipeline?

Indiabulls expanded its pipeline through the addition of a Dwarka Expressway project carrying ₹3,700 crore of GDV and 21 lakh square feet of sellable area. The company reported that the new development-management project was added during Q2 FY27, increasing total GDV from ₹23,608 crore as of 30 June 2026 to ₹27,308 crore.

The addition sits in the current-year project bucket rather than the launched or future pipeline. Indiabulls reported ₹11,714 crore of GDV from six current FY27 projects, compared with ₹3,650 crore from three launched projects and ₹11,945 crore from four projects planned for the next financial year and beyond. The presentation classifies the Dwarka Expressway project as residential and places it under the development-management structure.

How is Indiabulls’ ₹27,308 crore pipeline distributed by stage?

Indiabulls’ ₹27,308 crore GDV is concentrated in current FY27 projects and future launches, while already launched projects account for ₹3,650 crore. Current FY27 projects have the largest saleable area at 62.40 lakh square feet, compared with 42.11 lakh square feet for next-year and future projects and 28.68 lakh square feet for launched projects.

Luxury projects, which Indiabulls defines as homes priced from ₹4 crore to ₹6 crore, account for ₹19,666 crore of the total potential GDV. This includes ₹1,906 crore of launched projects, ₹8,165 crore of current-FY27 projects and ₹9,595 crore in future stages. Mid-income projects, defined as ₹2 crore to ₹4 crore homes, total ₹3,014 crore, while commercial projects total ₹4,628 crore.

Which ownership structures make up Indiabulls’ FY27 projects?

Indiabulls’ six FY27 projects comprise two owned projects, three joint ventures and one development-management project. The owned developments are Indiabulls Estate & Club, Sector 104, Phase 3 in Gurugram and Indiabulls Tower in Prabhadevi, Mumbai, with disclosed GDV of ₹2,548 crore and ₹1,654 crore, respectively.

The three joint ventures are a luxury residential project in Sector 104, Gurugram, a mid-income residential project in Ludhiana, and a commercial project in Sector 103, Gurugram. Their individual GDVs are ₹1,917 crore, ₹1,270 crore and ₹624 crore, respectively, against ₹3,700 crore for the Dwarka Expressway development-management project. Together, the six projects have 62.40 lakh square feet of sellable area and ₹11,714 crore of GDV.

Indiabulls also identifies four next-financial-year and future projects, all in Gurugram. They comprise the owned Sector 104 Phase 4 luxury project with ₹3,883 crore of GDV, plus joint ventures at Sector 105, Sector 99 and Sector 99A with GDVs of ₹5,712 crore, ₹1,099 crore and ₹1,250 crore. These four projects together have 42.11 lakh square feet of saleable area.

What do Indiabulls’ portfolio mix and locations show?

Indiabulls’ portfolio is 75% residential by sellable area, followed by commercial at 12%, mixed development at 10% and plotted land at 3%. This area-based mix accompanies a product-stage table in which luxury projects represent ₹19,666 crore of potential GDV, the largest disclosed category.

Gurugram is the most frequent location in the current and future portfolio. Four of six current FY27 projects are in Gurugram, including the 21 lakh-square-foot Dwarka Expressway scheme, and all four projects in the next-year and future pipeline are located there. The two other current-FY27 locations are Prabhadevi, Mumbai, where the commercial project has ₹1,654 crore of GDV, and Ludhiana, where the mid-income residential project has ₹1,270 crore.

The presentation separately lists execution updates for Indiabulls Estate & Club, Sector 104, Gurugram; Indiabulls Green Avenue, Kharkhoda in the National Capital Region; Indiabulls Heights, Estate & Club Phase 2, Gurugram; and Indiabulls Tower, Prabhadevi, Mumbai. It does not disclose completion percentages for these projects, but reports 23.85 lakh square feet sold and 1,018 units sold as of 30 September 2026.

What is Indiabulls’ stated timetable for launches and sales?

Indiabulls says its current-year launch pipeline is aligned with the festive season across upcoming quarters and covers six FY27 projects with ₹11,714 crore of GDV. Management also said booking momentum was expected to support and accelerate execution and launches of the six projects planned for FY27, without disclosing launch dates for individual schemes.

As of 30 September 2026, Indiabulls reported booking value of ₹3,060 crore and collections of ₹541 crore in the real-estate business. It describes sales as an early-cycle process in which bookings become unrecognised contracted sales, followed by construction milestones, revenue recognition and profit after tax. This sequence distinguishes the ₹27,308 crore GDV pipeline from revenue already recognised.

Conclusion

Indiabulls added ₹3,700 crore of potential GDV through the Dwarka Expressway development-management project, taking its disclosed real-estate portfolio to ₹27,308 crore across 13 projects. The portfolio spans 133.2 lakh square feet, has 75% of sellable area in residential development, and places ₹11,714 crore of GDV in the current FY27 project group.

The next disclosed milestone is festive-season-aligned launch activity across upcoming FY27 quarters. Readers can watch progress in the six current-year projects, including whether the reported ₹3,060 crore booking value and ₹541 crore collections advance through construction-linked milestones, as well as launches from the ₹11,945 crore future pipeline.