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Oberoi Realty has entered the Delhi-NCR residential market with the launch of its first luxury housing project, 'Three Sixty North', on Golf Course Extension Road in Gurugram. The two-phase development has a total revenue potential of INR 16,000 crore and will require an investment of around INR 6,000 crore. The first phase comprises 832 apartments across six towers, with prices starting at INR 19 crore. The Mumbai-based developer said the project marks a significant step in expanding its presence beyond its stronghold in the Mumbai Metropolitan Region.
Mumbai-based Oberoi Realty has made its entry into the Delhi-NCR residential market with the launch of its first luxury housing project, 'Three Sixty North', in Gurugram. The development, located on Golf Course Extension Road, is the company's first project in the region and reflects its expansion strategy beyond the Mumbai Metropolitan Region.
The company has launched the first phase of the project, which comprises 832 luxury apartments across six towers. The homes have been introduced at a base selling price of INR 35,000 per sq ft, with the starting price for apartments at INR 19 crore.
Speaking to reporters in Gurugram, Chairman and Managing Director Vikas Oberoi said the company had gained confidence that its brand could successfully expand into the Delhi-NCR market. He also stated that Oberoi Realty aims to build a business in Gurugram that is as significant as its operations in Mumbai.
The complete project, spread across two phases, has a total estimated revenue potential of around INR 16,000 crore. Vikas Oberoi said the company expects to invest nearly INR 6,000 crore to develop both phases of the project.
The apartments in the project range in size from 5,600 sq ft to 8,500 sq ft, while the penthouses measure around 13,000 sq ft. The project targets the ultra-luxury housing segment, where demand has remained strong in Gurugram over the past few years, driven by high-net-worth individuals, business owners and senior professionals.
Addressing competition in the premium housing market, Vikas Oberoi said the company remains focused on delivering the best product and is not concerned about competitive pressures. He added that the developer's priority is to establish a strong presence in Gurugram comparable to its position in Mumbai.
Oberoi Realty has primarily focused on the Mumbai Metropolitan Region since its inception and is among the country's leading listed real estate developers. The company has built a strong presence across residential, commercial, retail and hospitality segments, with several premium developments in Mumbai.
So far, Oberoi Realty has delivered 51 real estate projects covering about 17.3 million sq ft. The company currently has more than 34 million sq ft of projects under construction, as it continues to expand its development pipeline across key markets.
Source PTI
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