PNN
Gurugram (Haryana) [India], August 26: Indiabulls Limited has expanded its real estate development pipeline with a new premium residential project on the Dwarka Expressway in Gurugram, taking the company's total real estate portfolio Gross Development Value (GDV) to ₹27,308 crore.
The company has entered into a Development Management (DM) agreement with a private landlord for the project, which will be spread across approximately 10.84 acres and have around 21 lakh sq. ft. of saleable area. The project carries an estimated GDV of approximately ₹3,700 crore, according to the company's investor press release.
The latest mandate is also significant for Indiabulls' stated medium-term ambition of scaling its total real estate portfolio GDV to approximately ₹80,000 crore over the next two to three years. The company said the capital-light development model is central to this strategy, allowing it to manage developer-led execution on landlord-owned land without deploying capital for land acquisition.
Fifth Indiabulls Mandate Along Dwarka Expressway
The new project marks Indiabulls' fifth mandate along the Dwarka Expressway corridor. Its existing presence in the micro-market includes Indiabulls Estate & Club, the Sector 105 branded-residence project, commercial developments in Sectors 99 and 99A, and a commercial joint venture in Sector 103 announced in March 2026.
The company has indicated a mid-October 2026 launch for the new residential development, with Phase 1 and Phase 3 already RERA-registered under Haryana RERA. The project has an implied GDV of approximately ₹17,600 per sq. ft.
A company spokesperson said the project demonstrates the operating model Indiabulls intends to replicate across NCR, Mumbai Metropolitan Region and other Tier-1 markets, combining landlord-owned parcels with developer-managed execution.
Portfolio Crosses ₹27,000 Crore
Following the latest addition, Indiabulls' disclosed real estate portfolio comprises projects across Gurugram, Mumbai and Ludhiana, spanning owned, joint-venture and development-management structures. The company's release puts the aggregate portfolio GDV at ₹27,308 crore, compared with ₹23,608 crore in Q1 FY27.
The portfolio includes ₹9,623 crore-plus of GDV from owned projects and approximately ₹17,719 crore from joint-venture and development-management projects, according to the company's disclosed pipeline.
The company estimates that it needs to add roughly ₹52,700 crore of additional GDV to reach its ₹80,000 crore medium-term ambition. Its stated strategy includes additional development-management mandates and landlord joint ventures, particularly across NCR and MMR, along with select acquisitions and land tie-ups.
Capital-Light Model at the Centre of Growth Strategy
The Dwarka Expressway project reflects Indiabulls' growing focus on a capital-light real estate model. Under the Development Management structure, the land remains with the landlord while Indiabulls manages activities such as branding, marketing, sales and project execution.
The company said this approach enables it to pursue portfolio expansion without committing balance-sheet capital to land acquisition. The DM structure is expected to generate fee-based income through marketing and branding, project management and execution, along with potential performance-linked components.
However, the company has clarified that the specific commercial terms and fee quantum of the new mandate have not been disclosed. The fee ranges cited in the investor release are indicative industry benchmarks and should not be treated as a forecast of Indiabulls' earnings.
Dwarka Expressway Emerges as Key Growth Corridor
The company highlighted Dwarka Expressway's connectivity and infrastructure as key factors behind its continued focus on the corridor. The 29-km, eight-lane access-controlled road connects Delhi's Dwarka with NH-48 near Kherki Daula in Gurugram.
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Indiabulls said the corridor has benefited from connectivity to IGI Airport, large-scale infrastructure development and demand from Gurugram's IT and ITES catchment. The company also pointed to the performance of its existing projects in the area, including Indiabulls Estate & Club, which it said is more than 75% sold, and Indiabulls Heights, which was approximately 100% sold during its launch week.
Supporting FY27 Pre-Sales Ambitions
The upcoming project is also expected to contribute to Indiabulls' residential sales pipeline. The company has previously guided towards a ₹5,000 crore pre-sales target for FY27, supported by projects already launched, planned launches and its future development pipeline.
With approximately 21 lakh sq. ft. of saleable residential development targeted for launch in October, the Dwarka Expressway project could become an important addition to the company's FY27 launch calendar.
Indiabulls has positioned the latest mandate as another step towards building a larger, capital-efficient real estate platform. The company's stated strategy is to combine its existing execution and sales capabilities with development-management and joint-venture opportunities to expand its portfolio while maintaining a zero-debt real estate platform.
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