Oberoi Realty has recorded ₹8,109 crore in gross bookings for its first luxury project in Gurugram. This initial success validates the company's expansion into the Delhi-NCR market. Investors may track future project phases and the company's ability to maintain these high sales figures amidst evolving luxury real estate demand.
Mumbai-based developer Oberoi Realty has officially marked its entry into the Delhi-NCR market with strong initial results. The company’s luxury project, named 'Three Sixty North,' located on Golf Course Extension Road in Gurugram, recorded gross bookings of approximately ₹8,109 crore in its first phase. This booking value represents the sale of 13.52 lakh square feet of RERA carpet area.
The project is spread across 14.8 acres and is planned to be developed in two phases. The initial phase launched consists of 832 units across six towers. According to the company's data, the pricing for these premium apartments started at ₹18 crore, with a base selling price of ₹35,000 per square foot. This launch is a significant part of the company's broader expansion plan, for which it had previously announced an investment of ₹6,000 crore, targeting a total revenue potential of ₹16,000 crore from the full development.
Oberoi Realty has historically focused on the Mumbai Metropolitan Region, where it built its reputation through 51 delivered projects covering 17.3 million square feet. The success of this Gurugram project is a key indicator for the company as it attempts to replicate its Mumbai-based business model in a new geographic area. The management has highlighted this performance as a validation of its brand's reach beyond its home market.
For investors, the primary area of focus will be the execution of this project and the demand trend in subsequent phases. While the initial booking value is substantial, the luxury real estate sector in Delhi-NCR is highly competitive, with several large national and regional players vying for space. Maintaining sales velocity in later phases will be important, as will the company's ability to manage construction costs and timelines for such a large-scale development.
Financial monitoring remains essential as the company continues to balance its ongoing pipeline, which includes 34 million square feet currently under various stages of development across its portfolio. Investors may watch for future updates on phase two progress, project cash flow realization, and whether this expansion strategy continues to support profit margins as the company scales its operations in the North Indian market.