Oberoi Realty eyes ₹16,000 crore from first ever foray into Delhi NCR's ultra luxury project

Oberoi Realty is making its first statement in the Delhi NCR with a planned investment of around ₹6,000 crore in an ultra luxury residential development in Gurugram, as the Mumbai-based developer looks to replicate its success beyond its home market.

The project, Three Sixty North, spread across 14.8 acres on Golf Course Extension Road in Sector 58, has a total revenue potential of about ₹16,000 crore at current launch prices, chairman and managing director Vikas Oberoi said during a press conference.

"So, at the price that we've launched it could be about ₹16,000 crore in the entire project. We obviously hope that going forward prices are going to go higher," he said, as the idea is not to be sold out at once.

The development will eventually comprise seven residential towers, landscaped gardens, a clubhouse and retail space. The first phase offers 3 BHK plus studio, 4 BHK plus studio, duplexes and penthouses, with apartments ranging from about 5,600 sq ft to 8,500 sq ft, while penthouses span nearly 13,000 sq ft. Prices start at ₹19 crore.

Eyes bigger NCR play

Calling Gurugram a long-term strategic market, Oberoi said the company wants its NCR business to eventually match the scale of its Mumbai operations.

"We want to do more in Gurugram. We want Gurugram business to be as big as Mumbai business for us. We see potential and we love the market," he said, adding that the company remains open to both outright land acquisitions and joint ventures across the region, including Noida.

Despite concerns over slowing luxury housing sales in Gurugram, Oberoi remained unfazed. "There's never a wrong or a right time. We are in for 100 years. This is the business we know and this is what we do. Product counts, quality counts. We will create our own niche and do well in any market," he said.

The company is also taking a measured approach to sales instead of aiming for a quick sellout.

"The strategy is not to sell out. The strategy is to slowly slip into the market," Oberoi said, explaining that the company prefers sustained sales over the construction cycle rather than exhausting inventory at launch.

The project also marks a complete redesign of an earlier development planned on the site. Oberoi said the previous design did not meet evolving customer expectations around privacy and space utilisation.

"Today what we have built is far superior with the knowledge of hindsight, with what customers want today," he said, adding that the demolition is being carried out in phases to maximise recycling of steel and concrete while minimising disruption.

On sustainability, Oberoi opined that environmental practices are also commercially rewarding. "ESG is a good business practice by itself. It's sustainable financially before it's sustainable environmentally," he said.

While competition in Gurugram's luxury housing market has intensified, Oberoi believes demand remains strong. "India is a story where people are making a lot of money. The first thing they want to improve is quality of life," he said, adding that the company is targeting a niche segment with significantly larger homes than what is commonly available in the market.