Lodha has Rs 2 lakh crore unsold GDV for next five years

Lodha reports about Rs 2 lakh crore of unsold gross development value (GDV), excluding land held in LandCo, which it says can support growth for the next 60 months. Its development business, or DevCo, also has Rs 19,070 crore of launches planned for the rest of FY27 across 17 projects covering 11.1 million square feet.

How large is Lodha's unsold development pipeline?

Lodha's unsold GDV is about Rs 2 lakh crore, excluding land that forms part of LandCo, and the company says this represents a 60-month supply pipeline. The figure includes completed unsold homes, inventory under construction and planned future launches rather than only ready-to-sell units. In 1H FY27, Lodha also added 2.8 million square feet of saleable area through business development, with estimated GDV of Rs 7,100 crore.

Completed DevCo unsold inventory was valued at about Rs 3,900 crore as of September 2026, while ongoing DevCo unsold inventory was valued at about Rs 37,000 crore. These two categories total about Rs 40,900 crore, below the stated Rs 2 lakh crore pipeline, indicating that planned inventory contributes most of the five-year GDV figure. Residual collections from sold DevCo units were Rs 25,830 crore, separate from unsold inventory value.

What is Lodha launching in the rest of FY27?

Lodha plans to launch 11.1 million square feet with estimated GDV of Rs 19,070 crore during the rest of FY27. The programme comprises six new projects with Rs 7,850 crore of GDV and 11 new phases in existing projects with Rs 11,210 crore. New phases therefore account for more planned launch value than new projects.

Mumbai Metropolitan Region (MMR) accounts for Rs 10,780 crore, or more than half of the planned GDV, across nine projects. Its pipeline includes two new projects worth Rs 2,900 crore and seven phases worth Rs 7,880 crore. Bengaluru follows with Rs 3,810 crore, ahead of National Capital Region (NCR) at Rs 2,950 crore and Pune at Rs 1,520 crore.

How does the rest-of-FY27 pipeline compare with first-half launches?

Lodha's Rs 19,070 crore rest-of-FY27 launch pipeline exceeds the Rs 4,080 crore of launches completed in 1H FY27. First-half launches covered 3.5 million square feet across seven projects, compared with 11.1 million square feet and 17 projects planned for the remainder of FY27. The planned programme is therefore larger both by estimated GDV and by area.

In 1H FY27, Lodha launched one new Bengaluru project spanning 1.8 million square feet with estimated GDV of Rs 2,170 crore. It also launched six phases totalling 1.7 million square feet and Rs 1,910 crore, including five MMR phases worth Rs 1,410 crore and one Pune phase worth Rs 500 crore. The rest-of-year plan retains the emphasis on phases while adding six new projects across MMR, Pune, Bengaluru and NCR.

The company has FY27 pre-sales guidance of Rs 24,000 crore, after reporting Rs 9,670 crore in 1H FY27, up 7% year on year. The rest-of-FY27 launch programme is nearly five times the estimated GDV launched in the first half, although estimated GDV does not represent booked sales. The presentation does not provide sales targets or launch dates for individual projects and phases.

Which markets underpin Lodha's longer-term supply?

Lodha's longer-term planned DevCo supply is concentrated in MMR, where it lists about 600 million square feet of land bank and 56.8 million square feet of planned inventory for 12 to 60 months. That MMR inventory includes 46.8 million square feet on owned land and 10.0 million square feet through joint development agreement projects. In the next 12 months, MMR has another 9.8 million square feet of planned inventory.

Bengaluru has 6.3 million square feet of planned inventory for 12 to 60 months, consisting of 0.7 million square feet on owned land and 5.6 million square feet in joint development agreement projects. Pune has 5.2 million square feet planned for the same period, all on owned land. NCR has 1.1 million square feet planned in the next 12 months through joint development agreement projects, with no 12-to-60-month inventory shown.

Across DevCo, planned inventory totals 17.5 million square feet in the next 12 months and 68.3 million square feet from 12 to 60 months. The near-term total consists of 8.4 million square feet on owned land and 9.1 million square feet in joint development agreement projects. This 12-month measure is wider than the 11.1 million square feet scheduled for the remaining months of FY27.

What operating activity supports Lodha's pipeline?

Lodha reported Rs 9,670 crore of pre-sales in 1H FY27 and Rs 7,440 crore of DevCo collections. MMR contributed Rs 6,570 crore of first-half pre-sales, compared with Rs 2,060 crore in Bengaluru and Rs 750 crore in Pune. MMR collections were Rs 5,420 crore, ahead of Bengaluru's Rs 790 crore and Pune's Rs 820 crore.

In Q2 FY27, MMR generated Rs 2,490 crore of pre-sales and Bengaluru generated Rs 1,860 crore, while Pune contributed Rs 530 crore. Average sales price on saleable area was Rs 22,130 per square foot in MMR, Rs 12,997 in Bengaluru and Rs 10,221 in Pune. MMR, which is also the largest planned launch market, had the highest reported Q2 sales price among those three markets.

DevCo collections were Rs 3,330 crore in Q2 FY27, while construction spending was Rs 1,320 crore. For 1H FY27, DevCo collections were Rs 7,440 crore and construction spending was Rs 2,650 crore. Lodha reported total collections of Rs 7,650 crore in the first half, including Rs 220 crore of income from its rental business, RentCo.

Conclusion

Lodha's stated Rs 2 lakh crore unsold GDV combines completed stock, inventory under construction and a substantially larger planned supply base. Its Rs 19,070 crore rest-of-FY27 launch plan is concentrated in MMR, which contributes Rs 10,780 crore of estimated GDV and has about 600 million square feet of land bank.

The next measure to watch is progress toward management's Rs 24,000 crore FY27 pre-sales guidance after Rs 9,670 crore was reported in 1H FY27. Timing and sales conversion of the 17 planned projects, including 11 new phases, will determine how much of the Rs 19,070 crore launch pipeline contributes to FY27 pre-sales and future collections.