Oberoi Realty, which launched its first Delhi-NCR project, Three Sixty North, in Gurugram on June 29, 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, Vikas Oberoi, Chairman and Managing Director of Oberoi Realty, told Hindustan Times.
“Our strategy is sustenance, and we plan to slowly slip into the market,” Oberoi said.
Oberoi Realty has entered the Delhi-NCR market with the launch of Three Sixty North, its first ultra-luxury residential project in the region, entailing a total investment of around ₹6,000 crore. Spread across 14.8 acres on Golf Course Extension Road in Sector 58, Gurugram, the development draws inspiration from the company’s flagship Three Sixty West project in Mumbai.
The first phase comprises 432 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 inventory across the six towers will be sold in phases throughout the construction period rather than through an immediate sellout. “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, and we are speaking our heart out,” he said.
According to Oberoi, the company is getting a good response from the market. “Our fingers are crossed, we are confident about the product, but nervous about the outcome. It took us four decades to go outside the Mumbai Metropolitan Region (MMR) and our goal is to survive for the next 100 years,” Oberoi said.
Gurugram homebuyer profile now similar to Mumbai’s: Oberoi Realty CMD
According to Oberoi, both the Mumbai and Gurugram real estate markets have similarities and differences.
“Both markets have similarities and differences. For us, customers are more important and they teach us. Mumbai is very practical and wants to use every inch. This was not the case in NCR as pricing in the North was soft, but today it has gone up, and now the customer profile in Gurugram is almost the same as Mumbai,” Oberoi said.
According to Oberoi, Gurugram also has a cosmopolitan base when it comes to homebuyers. “This is a huge advantage for us. We worked in Mumbai, and we bring that efficiency here,” he said.
“In the future, we will have more coexistence when we go for projects across price and size segments. In Mumbai, we have apartments priced from ₹2.5- ₹3 crore to ₹200 crore. We will do that in Gurugram also,” Oberoi said.
Oberoi Realty targets Mumbai-scale presence in Gurugram
Oberoi said the company’s long-term ambition is to build a Gurugram business on a scale on par with its Mumbai operations. However, its immediate focus is on establishing a strong foothold and steadily expanding its presence in the Delhi-NCR market.
“I would love to have a business of a similar size in both Mumbai and Gurugram in the future. For now, our focus is to establish ourselves and expand in Gurugram after MMR. There is no thought beyond Delhi-NCR at this stage,” Oberoi said.
