Gurugram Market Weakness Is Selective, Not Systemic: Oberoi

According to Vikas Oberoi, Chairman and Managing Director, the weakness in the market is only a matter of the specific developer, location, and product. Speaking during Oberoi Realty's Q3 FY26 earnings call in January 2026, Oberoi pushed back against broader market slowdown narratives, emphasizing that his company does not view the current environment as a systemic correction.

Oberoi noted that the company has increased prices in projects like Goregaon and Borivali with no slowdown observed, stating "it's developer-specific, it's location-specific, and it's product-specific, all three." His remarks come amid mixed signals in the Delhi-NCR property market, where Gurugram's housing market saw home sales value plunge 33% to ₹37,726 crore in the first half of 2026 even as the number of homes sold remained virtually unchanged.

The nuance matters for homebuyers. The average ticket size fell sharply from ₹4.65 crore to ₹3.15 crore, meaning the market's challenge lies primarily at the ultra-luxury end. Homes priced above ₹5 crore accounted for 52% of Gurugram's sales value, down from 66% a year earlier, while the ₹2-5 crore segment rose to 39%. This represents a compositional shift rather than a demand collapse.

Oberoi's confidence appears validated by his company's flagship Gurugram entry. Oberoi Realty recorded gross bookings of around ₹8,109 crore for Three Sixty North, its first residential project in the Delhi-NCR market. The project, designed for luxury buyers, launched on June 29, 2026. The stock rose 3% on June 24 after the firm received RERA approval for its Gurugram real estate project.

Broader market trends offer some perspective. According to market analysts, Gurugram is unlikely to see a price correction or crash, with the market entering a phase of consolidation rather than stagnation. Demand is structurally stronger and far more end-user driven than in previous cycles. Yet affordability pressure, higher borrowing costs, and supply in certain peripheral pockets may soften transaction volumes in the mid-income segment, though premium, well-connected micro markets with strong infrastructure are expected to hold value.

For prospective buyers, the message is clear: project quality, location connectivity, and product design matter more than ever. The ₹2-5 crore segment shows stronger depth, reflecting growing preference for larger homes in established locations with enhanced lifestyle offerings, with buyers increasingly evaluating design, amenities, connectivity, and overall living experience. Oberoi's strategy of releasing inventory in stages and maintaining design discipline aligns with this buyer evolution. The company's ability to attract ₹8,000+ crore in bookings for a debut NCR project underscores that when execution meets buyer expectations, slowdown concerns fade into the background.