Mumbai-based, listed real estate developer Oberoi Realty has reported gross bookings of approximately ₹8,109 crore for its first project in Delhi NCR’s Gurugram named ‘Three Sixty North,’ according to a statement released by the company.
According to the company, the project has recorded bookings for approximately 13.52 lakh sq. ft. of RERA carpet area (23.10 lakh sq. ft. of saleable area), marking a significant milestone in Oberoi Realty’s expansion into North India.
Oberoi Realty, launched phase one, Three Sixty North, in Gurugram on June 29, comprising of over 800 residences across six towers, while the overall master plan will include seven towers. Homes, priced from ₹18 crore onwards (excluding taxes), will be offered in 3 BHK + Studio, 4 BHK + Studio, duplex and penthouse configurations, the company said. The project spreads across approximately 14.8 acres on Golf Course Extension Road, Sector 58, Gurugram.
“The overwhelming response to Three Sixty North reflects the strength of the development and also the trust that customers have placed in Oberoi Realty over the past four decades. Three Sixty North is the culmination of our experience in creating landmark developments in Mumbai. Our entry into NCR marks an important milestone in Oberoi Realty’s journey driven by philosophy rather than geography,” said Vikas Oberoi, Chairman and Managing Director, Oberoi Realty.
“As I have often said, growth is a by-product, we have to get the product right. The response to Three Sixty North reinforces our belief that trust, quality and disciplined execution transcend markets. It gives us tremendous confidence as we continue to build thoughtfully, with a long-term perspective and an uncompromising commitment to excellence wherever we operate,” Oberoi said.
According to the company, the project is a master-planned development that will eventually comprise seven residential towers, landscaped open spaces, Club Three Sixty North and a curated boulevard with retail and cafés, bringing together thoughtfully designed residences and a comprehensive lifestyle experience.
Mumbai sales strategy in Gurugram
Vikas Oberoi told Hindustan Times Real Estate on June 29, that it plans to adopt a calibrated sales strategy rather than selling the entire inventory at launch, replicating the approach it has followed in the Mumbai market.
“Our strategy is sustenance, and we plan to slowly slip into the market,” Oberoi said. The inventory across the six towers will be sold in phases throughout the construction period rather than through an immediate sell-out.
“The strategy is not to sell out, but to slowly slip into the market. We have not opened all the units in the six towers in phase one, instead, we are accumulating interest before opening the inventory,” Oberoi said.
“We do this in Mumbai as well; we like sustenance, and we know that all our projects get sold by the time we build them. We are new to this market, and we know that launch is a big thing in NCR, so I want to wait and watch,” Oberoi said. According to Oberoi, selling instantly means leaving a lot on the table. “We personally would like to sell it gradually,” he added.
