Oberoi Realty, a prominent Mumbai-based luxury developer, has made a significant foray into the National Capital Region (NCR) with the launch of its ambitious 'Three Sixty North' project in Gurugram. This marks the company's first major venture outside its home market, signaling a strategic expansion into one of India's fastest-growing real estate hubs.
Project Scope and Investment
Located on Gurugram’s Golf Course Extension Road, the ultra-luxury development represents a total investment of approximately Rs 6,000 crore across two phases. The first phase alone will see an investment of Rs 4,000 crore dedicated to constructing 832 high-end apartments. These residences are positioned at the pinnacle of luxury, with prices ranging from Rs 19 crore up to Rs 60 crore, based on area, and a launch rate of Rs 35,000 per square foot excluding GST and other charges.
The 'Three Sixty North' project offers a diverse range of spacious configurations, including 3 BHK plus Studio, 4 BHK plus Studio, duplexes, and penthouses. Saleable areas for these units will span from approximately 5,500 sq. ft. to over 13,000 sq. ft. The initial phase encompasses six towers, with the developer planning to expand beyond the currently approved 36 floors once requisite permissions are secured.
Transforming the Gurugram Skyline
The site of the new development was previously home to unfinished towers from the beleaguered Ireo Group, originally designed by the renowned British architect Norman Foster. Oberoi Realty is systematically undertaking the demolition of these existing structures floor-by-floor, paving the way for its new, cutting-edge luxury complex.
Leadership's Vision for NCR
Vikas Oberoi, Chairman and Managing Director of Oberoi Realty, expressed strong optimism regarding the Delhi-NCR real estate market. "The total revenue potential for the entire project is Rs 16,000 crore at the prices we have launched," Oberoi stated during a press conference at the launch. He further indicated the company's aggressive expansion plans, confirming they are actively seeking more land parcels in Gurugram with the aspiration for their NCR business to eventually match the scale and prominence of its Mumbai operations.
Market Dynamics and Strategy
Oberoi highlighted the evolving similarities between the Mumbai and NCR markets. He explained that while Mumbai's significantly higher land costs traditionally compelled developers to maximize every available square inch for returns, rising property prices in NCR are now narrowing this gap. He also noted the increasingly cosmopolitan nature of NCR's customer base, finding it very similar to Mumbai's, which he considers a substantial advantage for the developer's entry.
The company is also in discussions with potential hospitality partners, including Grand Hyatt, to provide premium services for 'Three Sixty North', drawing parallels to the Ritz-Carlton services offered at its highly successful 'Three Sixty West' project in Mumbai. Unlike common rapid sell-out strategies often seen in the NCR market, Oberoi Realty plans a more measured approach, aiming to "slip into the market" and build its presence steadily rather than immediately selling all inventory.