The 10.84-acre development in Gurugram will offer approximately 2.1 million sq. ft. of saleable space and is expected to launch by mid-October 2026.
Indiabulls Limited has entered into a development-management agreement with a private landowner for a major residential project on the Dwarka Expressway in Gurugram.
The proposed development will be spread across approximately 10.84 acres and is expected to provide nearly 2.1 million sq. ft., or 21 lakh sq. ft., of saleable area. Its estimated Gross Development Value, commonly known as GDV, stands at approximately ₹3,700 crore.
According to the company’s exchange filing, Phases 1 and 3 of the project have already secured registration under the Real Estate (Regulation and Development) Act. Indiabulls expects to launch the development by mid-October 2026, positioning it to enter the market during India’s festive home-buying period.
Development-management model supports capital-efficient expansion
The project is being undertaken through a development-management agreement rather than an outright land acquisition.
Under this model, ownership of the land remains with the private landowner, while Indiabulls uses its project-development capabilities to oversee areas such as planning, execution, branding, marketing and sales.
This structure allows the company to expand its real-estate pipeline without committing substantial capital towards purchasing the underlying land. Indiabulls is expected to generate income through development-related fees, although the commercial terms of the agreement and the fee structure have not been disclosed.
The arrangement also gives the company an opportunity to apply its brand and execution capabilities to a large residential development while maintaining greater financial flexibility.
Indiabulls’ project portfolio reaches ₹27,308 crore
The Gurugram development will add approximately ₹3,700 crore to the company’s project pipeline, taking the estimated GDV of Indiabulls’ overall real-estate portfolio to ₹27,308 crore.
At the end of the June 2026 quarter, the company had reported a portfolio GDV of approximately ₹23,608 crore. The latest agreement therefore represents a considerable addition to its development pipeline.
Indiabulls has indicated that it intends to explore similar partnerships with landowners across the National Capital Region, the Mumbai Metropolitan Region and other Tier-1 cities. The development-management approach could become an important component of this expansion strategy, allowing the company to add projects while limiting the capital required for land acquisition.
Stronger presence along Dwarka Expressway
The agreement further strengthens Indiabulls’ presence in Gurugram, particularly along the rapidly developing Dwarka Expressway corridor.
In March 2026, the company entered into a separate partnership with a private landowner for a 2.38-acre commercial project in Sector 103. That development, planned with office, retail, food and beverage spaces and serviced apartments, has an estimated GDV of approximately ₹600 crore.
Indiabulls also has residential interests in Sector 104 and proposed developments in Sectors 99, 99A and 105. Together, these projects indicate a growing concentration of the company’s real-estate pipeline in and around the Dwarka Expressway region.
The corridor has become an important residential and commercial development zone within the Delhi-NCR market, supported by improved road infrastructure, access to Gurugram’s employment centres and connectivity with Delhi and Indira Gandhi International Airport.
Several major developers are expanding their portfolios along the expressway, increasing the supply of premium and upper-mid-income housing. The scale of Indiabulls’ proposed project places it among the more substantial residential developments currently being planned in the area.
Launch expected in October 2026
With RERA registrations already received for two phases, Indiabulls is targeting a mid-October 2026 launch. Details regarding the project’s name, number of residential units, configuration, pricing, amenities and construction schedule have not yet been announced.
The timing could help the company benefit from seasonal housing demand while adding greater revenue visibility to its real-estate business.
The ₹3,700 crore project also demonstrates the increasing use of development-management agreements in Indian real estate. Such arrangements allow established developers to access strategically located land parcels, while landowners benefit from professional project execution, branding and sales capabilities.
For Indiabulls, the Gurugram agreement represents both a major addition to its residential pipeline and a potential template for future landowner partnerships across India’s leading property markets.
Sources: Indiabulls business update reported through its exchange filing, Moneycontrol, The Economic Times