Oberoi Realty's Next Chapter in Gurugram

There are moments in a developer's history that quietly reveal ambition, and for Oberoi Realty, the launch of Three Sixty North in Gurugram was exactly that. The company unveiled the first phase of its premium housing project, 'Three Sixty North', located in Sector 58 on Golf Course Extension Road in Gurugram, marking its first residential development outside the Mumbai Metropolitan Region. It was a deliberate, carefully staged entry into a market the Mumbai-headquartered developer had watched from a distance for years, and the numbers that followed suggest the wait was worth it.

The story of this land begins earlier, in 2023, when Oberoi Realty had purchased the 14.8-acre land parcel on which it plans to build 'Three Sixty North' from Gurugram-based Ireo Group for Rs 597 crore. It was a quiet acquisition at the time, but one that carried the weight of a much larger statement. Vikas Oberoi, Chairman and Managing Director of Oberoi Realty, shared in an investor call that this Gurgaon project will be a smaller version of Three Sixty West, the mixed-use Worli development known as one of India's most premium properties, with apartment prices reaching approximately ₹1.50 lakh per square foot, and that the company aims to bring the same level of luxury to Gurugram. Under the prevailing development regulations, the land parcel carries a development potential of up to 2.6 million square feet of floor area, giving the developer ample room to build a flagship address.

When the project finally launched on June 29, the scale became clear. Spread over 14.8 acres, the project will be developed in two phases and comprise 832 apartments across six towers, with the total saleable area estimated at 4.5 million square feet and total project cost expected at around Rs 6,000 crore. Sales for phase one opened at a basic selling price of Rs 35,000 per sq ft, with phase one comprising 432 residences across six towers, while the overall master plan includes seven towers, with the seventh to be launched in phase two. Homes were priced to match the ambition: high-end apartments starting at ₹18 crore, with a total revenue potential of ₹16,000 crore once both phases sell out.

The market's response left little doubt about the brand's pulling power outside Mumbai. Oberoi Realty recorded gross bookings of approximately ₹8,109 crore from Three Sixty North, a response underscoring robust demand for premium housing in the National Capital Region and marking a significant milestone in the company's geographic expansion beyond its traditional Mumbai market. Within days of launch, the company had already sold 13.52 lakh sq ft of RERA carpet area, equivalent to 23.10 lakh sq ft of saleable area. For a developer making its first move into a completely new city, the velocity of sales was a validation few had predicted at this scale.

Speaking at the press conference marking the launch, Vikas Oberoi was candid about what this success means for the company's plans in the region. "We are launching our first project in Delhi-NCR. We feel confident now that our brand is transportable to the NCR market," he said. He went further, making clear that Three Sixty North is not intended to be a one-off experiment. The billionaire real estate tycoon is bullish on Delhi-NCR's realty market, saying, "We are looking for more land parcels in Gurgaon. We see potential." For a company that has spent four decades building almost exclusively within the Mumbai Metropolitan Region, this is a meaningful pivot, and one that suggests Three Sixty North is the opening move rather than the destination.

The journey has not been without turbulence. Days after the launch, the Punjab and Haryana High Court ordered the developer not to make fresh allotments of apartments to homebuyers until Haryana's Department of Town and Country Planning decides a pending complaint filed by local developer Advance India Projects Ltd. Oberoi Realty moved quickly to reassure buyers and investors. In a statement filed with the stock exchanges, the company said it will pursue the necessary legal course of action as advised by professional legal counsel, clarifying that the order does not impact any existing sales already concluded and that there is no stay on the construction of the project. The developer's own project disclosures echo this position, stating clearly that there are no adverse orders passed before the Punjab and Haryana High Court affecting Oberoi Realty's ownership and development rights.

For prospective buyers watching this space, the legal proceedings are worth tracking, but they do not appear to threaten the fundamentals of the project or the broader Gurugram strategy Vikas Oberoi has outlined. Tower registrations continue to move forward with the state regulator, and construction, by the company's own account, proceeds uninterrupted. If anything, the episode underscores how closely Gurugram's real estate ecosystem is now watching every move Oberoi Realty makes, a scrutiny reserved for developers who have genuinely arrived rather than merely visited.

What happens next will likely shape the Golf Course Extension Road corridor for years. A developer that priced its debut Gurugram tower to match its most storied Mumbai address, and then sold thousands of crores worth of inventory within days, is unlikely to stop at one land parcel. For homebuyers and investors in Gurugram's luxury segment, Vikas Oberoi's comments are less a passing remark and more an early signal of where the city's next landmark addresses may rise.