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Oberoi Realty, based in Mumbai and well known for luxury projects, is preparing to enter the Gurugram real estate market. The company is now preparing to move into Delhi-NCR with a luxury residential project based on its flagship project, Three Sixty West, in Mumbai. This is an important step as this is Oberoi Realty's first move into the Delhi-NCR real estate market, and continues its expansion strategy to enter high-growth markets across India and exclusive offerings to premium buyers.
Oberoi Realty’s Vision for Gurugram
Oberoi Realty has recently entered Gurugram, which reinforces the Company's strategy of expanding its geographic presence and indication of the rising appetite for luxury real estate within Delhi-NCR. The new project will offer apartments with sizes ranging from 5,000 sq. ft. to 8,000 sq. ft.; high-quality design, ample space, and amenities will be the key focus of the project, just like the ultra-luxury project at Three Sixty West.
CMD of Oberoi Realty, Vikas Oberoi, described the vision for the project in a prepared statement:
"It is very similar to what we are doing, maybe a smaller version of Three Sixty West. It's high-end, high-quality, and very well designed."
The project site will locate in Sector 58, within one of the highly desirable Gurugram locations, where Oberoi Realty purchased 14.81 acres of land for ₹597 crores in November 2023. The proposed built-up area will be approximately 2.6 million sq. ft., an expected landmark for luxurious living in Gurugram.
Also Read: Delhi Master Plan 2041 Nears Implementation: 48 Villages Set for Urban Transformation
Strategic Importance of Gurugram
Gurugram has proven to be a outstanding market for luxury real estate, marking the highest sales value in Delhi-NCR for three consecutive years. The completion of infrastructure development, with convenient access to work hubs and a change in buyer behaviour, have made Gurugram a destination for buyers of luxury real estate.
Discussing the impact of Oberoi Realty entering the Gurugram market, Ritesh Mehta, Senior Director and Head (North and West) at JLL India indicated:
"For Oberoi Realty, entering Gurugram is an opportunity to strategically diversify its geographic reach to establish a presence in a growth-oriented, premium-driven real estate market. The changing buying profile and infrastructure are also significant drivers for development in Gurugram."
Project Details and Key Features
The Gurugram project is designed to cater to the premium segment, offering:
- Spacious Residences: Apartments ranging from 5,000 to 8,000 sq ft.
- Exclusive Design: A smaller version of the Three Sixty West project, blending elegance with functionality.
- Prime Location: Situated in Sector 58, a well-connected area with access to key urban amenities.
- Premium Quality: Emphasis on superior construction standards and luxury finishes.
Oberoi Realty aims to launch the project in the second half of the current financial year, with most approvals already in place.
Expanding Portfolio: Parallel Ventures
While the Gurugram project takes center stage, Oberoi Realty continues to make strides in other regions:
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Alibaug Luxury Villas:
- In December 2024, Oberoi Realty acquired 81 acres in Alibaug for developing a luxury hotel and branded residence villas in collaboration with Ritz-Carlton.
- The project includes sample villas, a Ritz-managed restaurant, and exclusive branded residences, showcasing Oberoi Realty’s commitment to creating unique luxury experiences.
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Sky City Mall, Borivali:
- Oberoi Realty recently soft-launched Sky City Mall in Borivali, Mumbai, part of a 25-acre mixed-use development.
- With a gross leasable area (GLA) of approximately 12.07 lakh sq ft, this mall complements Oberoi Realty’s retail expansion strategy.
Challenges and Market Dynamics
Oberoi Realty's arrival in Gurugram comes at a time when the luxury real estate market is buoyant but competitive. There is great opportunity in the market but developers need to establish distinctiveness through the unique product, quality of product and brand marketing approach.
It is important to note that the scarcity of entrenched local players in the ultra-luxury category opens the door wide for Oberoi Realty.
Market Implications
Oberoi Realty's entry into the Delhi-NCR market is set to impact the region in numerous ways:
- Raising the bar: Oberoi Realty project is poised to create new luxury living benchmarks in Gurugram.
- Enhanced confidence: The entrance of a trusted brand like Oberoi Realty will enhance investors' confidence in Gurugram's luxury segment.
- Increased competition: This project will invigorate existing players, enhancing their offerings.
Also Read: NCRTC Plans Gurugram-Faridabad-Greater Noida RRTS Corridor
Conclusion
Oberoi Realty’s introduction to Delhi-NCR through a high-end luxury project in Gurugram highlights the company’s strategy to expand into high-growth markets. Based on the famous Three Sixty West, this project aims to set new standards for luxury living to position Gurugram as a destination for high-end luxury real estate.
As Oberoi Realty continues to grow its pipe with innovative and high-quality projects, entering Gurugram demonstrates a vision to meet new buyer preferences and seize new market opportunities. With a solid base, strategically positioned in a premium location & design, Oberoi Realty’s project will become a key asset in the Delhi-NCR real estate market.
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Ans 1. Oberoi Realty is launching an ultra-luxury residential project in Gurugram, modeled on its flagship Mumbai project, Three Sixty West. The project will feature spacious, high-end apartments ranging from 5,000 to 8,000 sq. ft., located in Sector 58.
Ans 2. This is Oberoi Realty’s first entry into the Delhi-NCR market, marking a key step in its strategy to expand into high-growth real estate markets across India and offer premium luxury homes to affluent buyers.
Ans 3. The project is situated in Sector 58, one of Gurugram’s highly desirable locations, known for its connectivity and proximity to urban amenities.
Ans 4. Oberoi Realty acquired approximately 14.81 acres of land for this project, with a proposed built-up area of around 2.6 million sq. ft.
Ans 5. The project will offer ultra-luxury apartments sized between 5,000 and 8,000 sq. ft., designed with an emphasis on space, quality, and superior finishes.
Ans 6. The launch is planned for the second half of the current financial year, with most approvals already in place.
Ans 7. The Gurugram project is described as a smaller version of Three Sixty West but maintains the same high standards in design, luxury, and quality.
Ans 8. Gurugram has been the highest sales value market in Delhi-NCR for luxury real estate for three consecutive years, driven by strong infrastructure development, work hubs, and changing buyer preferences.