Mumbai-based Oberoi Realty on Monday announced its entry into the Delhi-NCR market with the launch of its first luxury housing project, 'Three Sixty North', located on Golf Course Extension Road in Gurugram. The company plans a total investment of ₹6,000 crore for the two-phase project and expects a revenue potential of ₹16,000 crore, according to a statement reported by PTI.
Market Entry and Investment
Oberoi Realty, a leading real estate developer based in Mumbai, is making its first foray into the Delhi-NCR region. The company's Chairman and Managing Director, Vikas Oberoi, told presspersons in Gurugram, "We are launching our first project in Delhi-NCR. We feel confident now that our brand is transportable to the NCR market." The total project cost is estimated at ₹6,000 crore for both phases, with the first phase already launched.
Project Details and Pricing
The first phase of 'Three Sixty North' comprises 832 units across 6 towers. The basic selling price is set at ₹35,000 per sq ft, with a starting price of ₹19 crore per unit. Apartment sizes range from 5,600 sq ft to 8,500 sq ft, while the penthouse is sized at 13,000 sq ft. The following table summarises key project metrics:
| Metric | Details |
|---|---|
| Project Name | Three Sixty North |
| Location | Golf Course Extension Road, Gurugram |
| Total Investment | ₹6,000 crore |
| Revenue Potential (both phases) | ₹16,000 crore |
| First Phase Units | 832 units across 6 towers |
| Basic Selling Price | ₹35,000 per sq ft |
| Starting Price | ₹19 crore |
| Apartment Sizes | 5,600 – 8,500 sq ft |
| Penthouse Size | 13,000 sq ft |
Company Background and Strategy
Oberoi Realty has delivered 51 real estate projects so far, totalling 17.3 million sq ft. The company currently has more than 34 million sq ft under construction. On the strategic importance of this launch, Vikas Oberoi stated, "We are here to build the best product. We do not fear competition." He further added, "We want Gurugram business as big as Mumbai." This signals the company's ambition to establish a significant footprint in the National Capital Region, competing with established local developers.
Competition and Outlook
The Delhi-NCR luxury housing market is highly competitive, with players like DLF, M3M, and Signature Global active in Gurugram. Oberoi Realty's entry with a premium product at ₹35,000 per sq ft positions it in the upper segment. The company's track record of delivering 17.3 million sq ft and having over 34 million sq ft under construction provides confidence in its execution capabilities. The ₹16,000 crore revenue potential underscores the scale of the project. Investors and analysts will watch for the pace of sales in the first phase and the timeline for the second phase launch.
The company's next milestone will be the construction progress and sales bookings for 'Three Sixty North', which will provide early indicators of demand in the Gurugram luxury market.
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