Oberoi Realty enters NCR with ₹6,000-crore project

What changed for Oberoi Realty in Delhi-NCR

Oberoi Realty has formally stepped into the Delhi-NCR residential market with the launch of its first luxury housing project, Three Sixty North, in Gurugram. The Mumbai-based developer said the project will involve a total investment of around ₹6,000 crore across two phases. The company also indicated a total revenue potential of about ₹16,000 crore for the full development. The announcement is significant because Oberoi Realty has operated exclusively in Mumbai for roughly four decades before this move into NCR.

The company launched the first phase at Golf Course Extension Road, Gurugram, describing it as a flagship entry into the region’s ultra-luxury segment. Its chairman and managing director Vikas Oberoi told reporters in Gurugram that the company is “launching our first project in Delhi-NCR” and that it feels confident its brand is “transportable” to the NCR market. Regulatory progress has also been a key catalyst, with HRERA granting RERA registration for the project in Sector 58.

Project overview: Three Sixty North in Gurugram

Three Sixty North is positioned as an ultra-luxury residential project on Golf Course Extension Road in Gurugram. The project is located in Sector 58, and the RERA registration has been granted by HRERA (Haryana Real Estate Regulatory Authority). The land parcel is reported at 14.81 acres, with a total developable area potential of up to 2.6 million sq ft.

On unit configuration, the information disclosed across updates varies. One disclosure around the phase 1 launch mentions 832 units across 6 towers. Another project snapshot linked to the RERA registration describes approximately 450 residences across 6-7 towers, and notes a low-density layout with one apartment per floor and private lift lobbies. Investors and homebuyers typically treat such early-stage numbers as evolving until final approvals and tower-wise sanctioned plans are fully reflected in public filings and RERA documents.

HRERA registration and why it mattered to the stock

Oberoi Realty’s share price (NSE: OBEROIRLTY) was up about 3% on the day the market digested the HRERA RERA registration update for Three Sixty North. RERA registration allows a developer to proceed toward formal launch, open bookings, and take the project to market within the regulatory framework.

A research note cited in the provided material attributed the share price reaction to investors pricing in both the regulatory clearance and the project’s multi-year revenue visibility. The same note pointed to the project’s scale, with up to 2.6 million sq ft of development potential and pricing in the range of ₹38,000 to ₹45,000 per sq ft (depending on configuration and finish), as factors that can influence the gross development value over the project lifecycle.

Pricing, ticket size, and apartment mix

For the first phase launch, the company indicated a basic selling price of ₹35,000 per sq ft. Other project details in the material describe Phase 1 “bare shell” pricing at around ₹38,000 per sq ft, and finished units at around ₹43,000 to ₹45,000 per sq ft. As is common in ultra-luxury projects, final realized pricing can vary by tower, floor, view, and specification.

Ticket sizes are positioned at the very top end of the Gurugram market. In the phase 1 description, the starting price was cited at ₹19 crore. Another set of project specifics mentions a starting price of ₹20.9 crore for a 4 BHK of around 5,500 sq ft, while a 5 BHK of around 8,000 sq ft is cited at about ₹30.4 crore. Apartment sizes mentioned range broadly from about 5,000-5,600 sq ft up to 8,500 sq ft, and a penthouse size of about 13,000 sq ft was also cited.

Investment size and revenue visibility

Oberoi Realty has guided to a project cost of around ₹6,000 crore for both phases. Separately, the company has indicated the project’s total revenue potential at about ₹16,000 crore across both phases.

Some market commentary included in the provided text also referenced a gross development value (GDV) estimate in the range of about ₹10,000 to ₹15,000 crore or more over the project lifecycle, based on developable area and price assumptions. This is presented as an estimate rather than a company-provided number, and it sits alongside the company’s stated revenue potential figure.

Land acquisition and partners

The Sector 58 land parcel was acquired in November 2023 for ₹597 crore, according to the details included. The site is cited as having development potential of nearly 2.6 million sq ft.

On execution, L&T (Larsen and Toubro) is mentioned as the construction partner in one project snapshot. The expected possession timeline cited is Q1 2031, positioning this as a long-gestation, high-value project where sales velocity and construction progress will be tracked over several years.

Timeline cues and approvals narrative

Some of the background in the material suggests the launch timing hinged more on product refinement and final approvals rather than a fundamental regulatory roadblock. Vikas Oberoi has also said the company opened an office in Gurugram, signalling that expansion plans in NCR are operationally in place.

There is also a mention that the company expects to launch the Gurugram project within the current financial year, subject to approvals and the launch process. With RERA registration cited as granted, the near-term focus shifts to launch execution, booking ramp-up, and the pace at which inventory is released across towers and phases.

Key facts table

Market impact: what investors are reacting to

The immediate market cue was regulatory validation through RERA registration, which typically lowers execution uncertainty for a launch. For a listed developer, a large NCR project can also change the narrative from a single-city premium player to a multi-market operator, though the financial outcomes depend on launch discipline, absorption, and delivery timelines.

The numbers disclosed create a framework for investors to model multi-year cash flows: a stated revenue potential of about ₹16,000 crore, a project cost of about ₹6,000 crore, and an area potential of up to 2.6 million sq ft. Pricing references between ₹35,000 and ₹45,000 per sq ft underline that the business case is built around the ultra-luxury band, where demand can be deep but more selective.

Why the NCR entry matters: a grounded view

Oberoi Realty’s move into Delhi-NCR is strategically notable because it tests whether the company’s brand positioning, product quality, and premium pricing can translate outside its core Mumbai market. Vikas Oberoi’s comment about brand “transportability” is a direct acknowledgement that the company is betting on its Mumbai playbook working in Gurugram’s luxury micro-markets.

Execution risk and timelines remain central. A Q1 2031 possession marker implies long duration, making regulatory compliance, construction progression, and phase-wise sales strategy important signposts. The market’s early response is positive, but future re-rating typically depends on booking momentum, collections, and clarity on how much inventory is launched in each phase.

Conclusion

Oberoi Realty’s Three Sixty North marks its first NCR project, supported by HRERA RERA registration and a stated investment plan of about ₹6,000 crore with revenue potential of about ₹16,000 crore. The stock’s roughly 3% rise reflects the market’s focus on launch readiness and the scale of the Gurugram opportunity. Next milestones to watch are the formal launch process, booking traction, and further tower-wise and phase-wise disclosures as the project moves from approvals into execution.