Oberoi Realty plans to launch the second phase of its Gurugram project, Three Sixty North, in the next financial year, said Vikas Oberoi, CMD of Oberoi Realty. The company, which launched the first phase comprising six towers on June 29, said it is fully sold.
The first phase, comprising six towers, had more than 800 apartments. “We have fully sold everything we had in the first phase,” Oberoi told Hindustan Times Real Estate.
The company had said the total revenue potential for both phases is expected to be around ₹16,000 crore. According to the company, it had 4x demand, meaning every apartment had four potential buyers.
“We have done sales worth ₹8,100 crore, but we had cheques; if we were to take everything, this would reach probably ₹30,000 crores. We literally had 4x demand, meaning for every flat, we had four people wanting to buy, and these are serious buyers because they put ₹50 lakh,” Oberoi said.
According to Oberoi, the buyer profile comprises professionals, CEOs, CFOs, and Non-Resident Indians (NRIs), among others. “We haven’t analysed the share of NRIs, but we’ve received strong interest from all fronts, including NRIs,” Oberoi said.
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Second phase launch in the next financial year
According to Oberoi, the company is certain to launch the second phase, consisting of one tower, in the next financial year. “The second phase will launch in the next fiscal, possibly in the first quarter; we are still deciding on the exact timing and finalising the topline for it,” Oberoi said.
While Vikas Oberoi had said last week that the company would release apartments in phases rather than pursue an immediate sell-out, Oberoi Realty eventually opened its inventory across all towers. The company said it chose to do so to ensure fairness to homebuyers rather than adopt a sales strategy.
“It is not fair, you know, like I cannot use strategy everywhere. Like I imagine, you know, we were able to only service one-fourth of the people who wanted an apartment if I would have held anything back. But that is not what we wanted, if people are respecting us so much, we know, at least give everything that we have. We didn’t apply strategy or anything like that, and we just gave in, in a way,” Oberoi said.
According to Oberoi, its order book in Gurugram will be bigger than Mumbai for the entire year’s sales. “As far as the order book goes, probably this order book (Gurugram) will be bigger than what we have in the Mumbai real estate market for the entire year’s sales. So, that also is very encouraging.”
Oberoi Realty reports bookings worth ₹8,109 crore for its first Gurugram project, Three Sixty North
Oberoi Realty said in a regulatory filing that it has “recorded gross bookings of approximately ₹8,109 crore at ‘Three Sixty North’, its first luxury residential development in the NCR.” The company has sold 13.52 lakh sq ft of RERA carpet area (23.10 lakh sq ft of saleable area) in this 14.8-acre project. The company has launched the first phase of its housing project on Golf Course Extension Road in Gurugram, comprising 832 units across six towers, with the overall master plan including 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.
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.
