NCR market will be as big or bigger than Mumbai for Oberoi Realty: Vikas Oberoi

Mumbai-based luxury home developer Oberoi Realty Ltd is off to a strong start in Gurugram. ₹8,109 crore sales bookings from the launch of Three Sixty North, his first project here.

This marks the company’s entry into the National Capital Region (NCR). Spread across 14.8 acres on Golf Course Extension Road in Sector 58, Gurugram, Three Sixty North follows the success of Three Sixty West, one of the country’s most valuable high-end residential projects in Mumbai’s Worli district, which has witnessed a number of big-ticket transactions in the last three years. It counts business leaders, entrepreneurs, start-up founders and many high-profile individuals among its buyers.

In recent years, Gurugram has emerged as the country’s fastest growing high-end luxury residential market. Oberoi Realty’s Gurugram project where flats are priced ₹18 crore, will eventually comprise seven residential towers, Club Three Sixty North and a boulevard with shops and cafes.

Chairman and Managing Director Vikas Oberoi said that the company will create a strong portfolio in NCR, including Gurugram and Noida. “The response to Three Sixty North has been overwhelming and unexpected. We asked for a much higher amount, ₹40 lakhs and ₹50 lakhs to book from potential buyers and wait for the allotment to happen. We had an order book ₹30,000 crore is four times what we want to sell. The demand was huge,” Oberoi told Mint in an interview.

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Gurugram, dominated by real estate firm DLF Ltd, has emerged as the latest luxury hotspot as developers from Bengaluru and Mumbai entered the market to meet the demand for high-end homes.

‘What DLF has done for Gurugram is extraordinary and has single-handedly brought the market together. It created an ecosystem. The Gurugram market is huge and a great opportunity for us. For us, we think NCR will be at least as big, if not as big as Mumbai,” Oberoi added.

The luxury real estate market remained strong in both direct sales and rentals. Saved in Gurugram ₹Transactions for houses worth 24,120 crore ₹10 crore and above by 2025, according to a February report by India Sotheby’s International Realty and CRE Matrix.

1,494 houses have been priced in Gurugram’s luxury residential segment. ₹10 crore and above were sold during the year. Total transaction value increased by more than 155 units ₹4,004 crore in 2023.

DLF sold 56 houses in its super luxury project called The Dahlias in Gurugram in 2025-26. ₹4,824 crore. The project is expected to produce alone ₹5000 crore-6000 crore DLF ₹20,000 crore sales target for FY27. Ace investor Madhusudan Kela recently purchased a 6,233 sq ft flat in Dahlias. ₹120 crore.