Mumbai-based Oberoi Realty has sold luxury homes worth Rs 8,109 crore in its newly launched project in Gurugram, marking the success of its first luxury residential development in the National Capital Region (NCR).
The strong sales come days after Oberoi Realty announced its foray into the Delhi-NCR market on June 29 with the launch of its first luxury housing project. The project entails a total investment of Rs 6,000 crore and has a revenue potential of Rs 16,000 crore.
In a regulatory filing, Oberoi Realty said it has “recorded gross bookings of approximately Rs 8,109 crore at ‘Three Sixty North’, after selling 13.52 lakh sq ft of RERA carpet area (23.10 lakh sq ft of saleable area) in the 14.8-acre project.
About Three Sixty North
Three Sixty North is Oberoi Realty’s first residential project in the NCR. The luxury development is spread across nearly 14.8 acres on Golf Course Extension Road in Sector 58, Gurugram.
The project is planned to include seven residential towers, landscaped open spaces, Club Three Sixty North, and a retail boulevard with cafés. The company said the development aims to offer an integrated luxury lifestyle experience.
Oberoi Realty bets on NCR with first luxury project
Vikas Oberoi, Chairman and Managing Director, Oberoi Realty, said, Our entry into NCR marks an important milestone in Oberoi Realty’s journey driven by philosophy rather than geography. As I have often said, growth is a by-product, we have to get the product right.”
Earlier, on June 29, Oberoi said at a press conference in Gurugram that the first phase of the company’s housing project in the city comprises 832 units across six towers. “We are launching our first project in Delhi-NCR. We feel confident now that our brand is transportable to the NCR market,” he had said.
The company launched the first phase at a base selling price of Rs 35,000 per sq ft, with apartment prices starting at Rs 18 crore.
About Oberoi Realty
Oberoi Realty, headquartered in Mumbai, is one of India’s leading real estate development company. It is focused on premium developments in the residential, office space, retail, hospitality and social infrastructure verticals. In the real estate space, Oberoi Realty is an established brand with an impeccable track record. The company has deliver 51
completed projects so far across Mumbai.
Oberoi Realty share price
The share price of Oberoi Realty has gained 2% in the intraday trading session. On year-to-date (YTD) basis the stock has gained 16.63%.