Lodha targets over Rs 3,000 crore FY32 annual rental income

Lodha Developers Limited plans to raise annual rental income to more than Rs 3,000 crore by FY32, targeting tenfold growth from FY26. Its planned 1 gigawatt (GW) data-centre power-shell business is expected to contribute more than Rs 2,000 crore annually, while retail, office, warehousing and industrial assets are targeted to add Rs 1,000 crore.

How does Lodha plan to reach more than Rs 3,000 crore of rental income by FY32?

Lodha plans to combine 1 GW of data-centre capacity with 9.1 million square feet (msf) of retail, office, warehousing and industrial space to generate more than Rs 3,000 crore of annual rental income by FY32. As of September 30, 2026, 4.2 msf was leased and generated Rs 320 crore of annualised rental income.

The data-centre project represents the largest part of the proposed income mix, with more than Rs 2,000 crore of FY32 rental potential. Retail and office assets are targeted to generate Rs 600 crore, while warehousing and industrial assets are targeted to generate Rs 400 crore. Together, these two property segments account for Rs 1,000 crore of the FY32 target.

Lodha had not recorded data-centre rental income as of September 30, 2026, unlike its operating retail, office and logistics assets. The plan therefore depends on construction and leasing of the 1 GW power-shell capacity, for which the presentation estimates balance investment of Rs 10,000 crore to Rs 11,000 crore.

What will Lodha's data-centre power-shell business contribute?

Lodha expects the proposed 1 GW data-centre power-shell platform to generate more than Rs 2,000 crore of annual rental income by FY32. It plans to develop the facilities on about 90 acres on a build-to-suit basis, meaning the power shells would be developed for customer requirements.

The planned development forms part of Lodha's roughly 660-acre data-centre park around Navi Mumbai. The presentation states that the park has 5 GW of power availability from state and national grids, five existing optical-fibre routes and approval under the Maharashtra government's Integrated Green Data Centre Park policy.

Phase 1 covers 365 acres and 3.5 GW of the park's stated 5 GW potential. Lodha had sold 132 acres by September 30, 2026, and plans to monetise another 143 acres over the next three to four years for about Rs 9,000 crore, at about Rs 60 crore per acre. The company intends to retain a separate area of about 90 acres for the power-shell project.

Lodha identifies Amazon Web Services, ST Telemedia and Digital Edge India as operators at the park. Its presentation records a Digital Edge transaction at about Rs 42.5 crore per acre in June 2026, compared with about Rs 21 crore per acre for STT Global Data Centers in calendar year 2025. The June 2026 value was therefore about twice the calendar 2025 transaction value.

How will retail, office and logistics assets support Lodha's FY32 target?

Lodha targets Rs 600 crore of FY32 annual rental income from 3.9 msf of retail and office assets. As of September 30, 2026, 2.2 msf had been completed and 1.3 msf was leased, producing Rs 190 crore of annualised rental income from leased space.

The retail and office strategy focuses on premium high-street retail alongside residential developments and selected offices. Lodha reported Rs 1,910 crore of investment in this segment and estimates Rs 1,190 crore of further investment. The FY32 income target is Rs 410 crore above the September 2026 annualised income base, requiring further completion and leasing.

Warehousing and industrial assets are targeted to generate Rs 400 crore of annual rental income by FY32 from 5.1 msf across five locations. The portfolio had 2.5 msf completed and 2.8 msf leased as of September 30, 2026, generating Rs 130 crore of annualised rental income. The leased figure includes about 0.4 msf of pre-leased space in an asset under construction.

Lodha reported Rs 1,850 crore of investment in warehousing and industrial assets, with Rs 620 crore of balance investment. During the quarter covered by the presentation, it leased about 0.2 msf to Bluestar. The presentation also names Skechers, Tesla, Zomato, DHL, DP World and FM Logistics among tenants in the segment.

What investment and execution steps underpin Lodha's annuity plan?

Lodha reported Rs 3,790 crore already invested across data centres, retail and office, and warehousing and industrial assets as of September 2026. It estimates further investment of Rs 11,810 crore to Rs 12,810 crore, of which Rs 10,000 crore to Rs 11,000 crore is assigned to the proposed data-centre platform.

The planned monetisation of 143 data-centre park acres is part of the stated execution framework because it is expected to generate about Rs 9,000 crore over three to four years. The presentation does not identify customers, contracted rentals, lease tenures or a construction timetable for the 1 GW build-to-suit power-shell capacity.

Lodha also links the Palava location to planned transport upgrades. As of October 2026, it said Part A of the Mulund-Airoli-Palava freeway was completed and Part B was in finishing work. Following completion of Parts A and B, Lodha expects travel time from Palava to Airoli to fall to 15 to 20 minutes and travel to Mulund or the Eastern Express Highway to take about 25 minutes.

Conclusion

Lodha's FY32 plan would make data centres the main contributor to its recurring-income portfolio, with more than Rs 2,000 crore of planned rental income from the 1 GW power-shell platform. Its existing retail, office, warehousing and industrial assets generated Rs 320 crore of annualised rental income from 4.2 msf of leased space as of September 30, 2026.

The key developments to watch are Lodha's planned monetisation of 143 data-centre park acres over the next three to four years, deployment of the remaining Rs 10,000 crore to Rs 11,000 crore data-centre investment and progress in securing build-to-suit customers. Further leasing across the 3.9 msf retail and office portfolio and 5.1 msf warehousing and industrial portfolio will also affect delivery of the FY32 target.