Oberoi Realty books ₹8,109 crore at Three Sixty North; Vikas Oberoi says Gurgaon can be equivalent to Mumbai in scale for the company in coming years
The Mumbai developer sold roughly half its debut NCR project in one launch window. It has now guided for FY27 sales value to more than double, and says it will operate as a two-city company.
Gaurav Gupta7 min read
MUMBAI / GURUGRAM, July 6, 2026. Oberoi Realty told the exchanges on July 5 that it had booked gross sales of about ₹8,109 crore at Three Sixty North, its first project outside the Mumbai Metropolitan Region. The bookings came a week after the June 29 launch and cover 13.52 lakh sq ft of RERA carpet area, or 23.10 lakh sq ft of saleable area, on a 14.8-acre plot in Sector 58 on Golf Course Extension Road, Gurugram.
At a two-phase revenue potential of about ₹16,000 crore, the ₹8,109 crore figure represents roughly 51 percent of the project sold in a single launch. Total capex across both phases is pegged near ₹6,000 crore, with about ₹4,000 crore going into Phase 1.
The math on realisation is steep. The ₹8,109 crore works out to about ₹35,100 per sq ft on saleable area and close to ₹60,000 per sq ft on RERA carpet, against a launch base price of ₹35,000 per sq ft. Loading, at 23.10 lakh saleable versus 13.52 lakh carpet, runs at roughly 1.71 times. Entry tickets start at ₹18 crore plus taxes.
Phase 1 spans 832 units across six towers, with configurations from 3 BHK plus studio and 4 BHK plus studio to duplexes and penthouses, sized between about 5,600 sq ft and 8,600-plus sq ft. The master plan runs to seven towers, a clubhouse branded Club Three Sixty North, and a retail-and-café boulevard. The product is benchmarked to Three Sixty West in Worli, and the company has said it is in talks with hospitality operators, including Grand Hyatt, for services.
Speaking to the media after the numbers were filed, Chairman and Managing Director Vikas Oberoi said Phase 1 was effectively sold out in about two hours and drew close to four times the available inventory in demand.
A two-city company
At the June 29 launch, Oberoi had kept his language measured, saying the brand looked "transportable" to the NCR and that the plan was to "slip into the market" rather than chase a sell-out.
"Gurgaon can be an equally, or even a bigger, market than Mumbai for Oberoi Realty," he said. He added that the company would now run as a twin-city business with equal focus on both cities for business development, and that he was willing to take big bets in Gurgaon.
The ambition extends to Noida. Oberoi said he is prepared to take large bets in both Gurgaon and Noida, and that the company will follow its Mumbai template of buying large land parcels and building self-contained, master-planned developments rather than standalone towers. It is the model that produced Oberoi Garden City in Goregaon and Sky City in Borivali, now aimed at the NCR.
For a company whose land bank has sat almost entirely in the MMR for four decades, that is a structural change, not a one-off launch. A net-cash developer with luxury pricing power becomes a standing bidder for marquee parcels in Gurugram and Noida, which changes the competitive math for incumbents such as DLF.
Priced low on purpose
Oberoi was direct about pricing. The launch, he said, came in below what the market would have paid.
"We came at a price much lower than we could have," he said. He indicated the next phase of Three Sixty North will open at a materially higher price point, and that the company does not plan to release fresh inventory at the project for at least the rest of this financial year.
On the sell-out theatrics common to NCR launches, Oberoi drew a distinction between capability and intent.
"We wanted to prove to stock investors that we can play the game of first-day sell-out, but we don't target it. We went for the volume because we had the margins," he said.
His read on the buyer was blunt: "Gurgaon has the right demographics for our price points." The NCR customer profile, he has argued, now looks much like Mumbai's, cosmopolitan and brand-led, which suits a developer selling on execution certainty. In the official statement he repeated his standing line that "growth is a by-product, we have to get the product right."
The investor case: a launch-light FY26, then a jump
The timing reframes a weak stretch. Oberoi Realty ran through much of FY26 without major launches. Q3FY26 pre-sales came in near ₹836 crore, down about 56 percent year-on-year and 36 percent sequentially, with collections down roughly 30 percent to ₹975 crore. Brokerages, including ICICI Securities, had read the softness as timing rather than demand, and pointed to a launch-heavy FY27.
Off the Gurugram response, Oberoi told Bloomberg the company now expects to more than double sales value to about ₹13,500 crore, near $1.4 billion, in the year to March 2027.
The balance sheet supports the ambition. Oberoi Realty runs net cash, with a cushion of roughly ₹2,800 crore, rare in Indian real estate and useful for funding land and launches without refinancing risk. For FY26 it reported consolidated net profit of about ₹2,507 crore, up 12.7 percent, on revenue of ₹6,009 crore, up 13.7 percent. Q4FY26 was stronger, with net profit of ₹703 crore, up 62 percent, on revenue of ₹1,750 crore, up 52 percent. Promoters hold 67.7 percent. The company has delivered 51 projects across 17.3 million sq ft, with more than 34 million sq ft under construction.
The plot, and the market
The site carries history. The 14.8-acre parcel was acquired in 2025 for ₹597 crore and previously held a set of unfinished towers, originally an Ireo Group development designed by architect Norman Foster, which Oberoi has been demolishing floor by floor.
Three Sixty North lands in a Gurugram luxury market that has stayed firm on demand from high-net-worth buyers, entrepreneurs, senior professionals and NRIs. It also fits a listed-sector pattern that Anarock has flagged, where branded developers expanding beyond their home markets are posting stronger pre-sales. Oberoi's debut is among the cleaner proof points that brand equity built in one metro can be moved to another.
What to track next
Watch the pricing at which Phase 2 and the seventh tower open, given Oberoi's guidance of a step-up and no fresh inventory this financial year. Watch for land in Gurgaon and Noida, since the large-parcel strategy means the next headline may be an acquisition rather than a launch. Watch delivery, because the trust premium buyers just paid rests on a clean RERA and construction record, on a plot that has already seen one luxury project stall. And watch the split of the ₹13,500 crore FY27 target between Gurugram and the Mumbai pipeline across Bandra, South Mumbai redevelopment, Thane, Goregaon and Borivali.
A company that took four decades to leave Mumbai has, in one weekend, turned Gurugram from a trial into a base.
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Reporting compiled from Oberoi Realty's July 5 exchange filing and press release, and coverage in media. Quoted statements are attributed to CMD Vikas Oberoi from launch and post-bookings media interactions. For information only, not investment advice.*