As big branded listed developers are pivoting pan-India, expanding big time in Delhi-NCR, Mumbai’s leading listed developer, Oberoi Realty has entered this high potential real estate market by launching a mega ultra-luxury residential project,’ Three Sixty North’ in Gurugram’s high growth corridor of Golf Course Extension. Inspired by company’s Mumbai Project-Three Sixty West, this maiden project of Oberoi Realty outside Mumbai, will have 800-2000 residential units over 4 million sq ft spread across seven towers. To be built in two phases at a cost of INR 6000 crore, the project will have a revenue potential of INR 16000 crore.

In a media interaction, Vikas Obero, Chairman & Managing Director, Oberoi Realty talks about his company’s foray outside Mumbai into Delhi-booming NCR market, reason to choose Gurugram for NCR debut, USP of the project ,intense competition in the market, slowdown in the residential real estate  and Oberoi Realty’s further plans in the Delhi-NCR market.

Vinod Behl

How do you describe your entry in Delhi-NCR market- your first foray outside Mumbai ? Why did you choose Gurugram for your NCR debut?Our entry into the NCR market marks an important milestone in Oberoi Realty’s growth journey and reflects our long-term vision of building distinctive developments in India’s leading markets. Over the last four decades, we have established a strong track record of creating landmark addresses in Mumbai, guided by a steadfast commitment to design excellence, quality and customer experience. With Three Sixty North, we are bringing this philosophy to Gurugram through design-led development inspired by the vision that shaped Three Sixty West in Mumbai.

We have a key criterion of price point for entering micro markets. For us a price point of INR 20000-25000 per sq ft is comfortable enough to get into any market. This was an important criterion to select Gurugram market especially as Golf Course Extension Road is a high potential growth corridor of the city. Gurugram is a great market as it has good depth (high volume of transactions across all price points) and good width (a wide variety of properties and buyer types)

What are the standout  features of your Gurugram project?

Spread across 14.8 acres, our master-planned development will eventually comprise seven residential towers, landscape gardens, a state-of-the-art clubhouse and a wide range of thoughtfully curated amenities. The seamless living experience offered by the clubhouse will be further extended by the boulevard, a vibrant high street and curated retail, cafes, landscaped plazas- creating a lifestyle destination that integrates convenience, leisure and lifestyle offerings within the development.

Phase 1 of the launch offers 3 BHK + studio, 4BHK+ studio, duplex and penthouse configurations. These residences will range from nearly 5500 sq ft to 13000 sq ft in saleable area, with prices starting from INR 18 crore onwards excluding taxes.

What TG you are aiming for Three Sixty North and what’s the initial response?  

With its limited collection of spacious residences with thoughtfully curated amenities, Three Sixty North is expected to appeal to a target group of entrepreneurs, business leaders, global Indians and discerning home buyers, seeking an exclusive address in one of Gurugram’s most-sought -after neighborhoods. Considering the initial overwhelming response to the launch of our first phase, we are pretty confident that the project will resonate with buyers seeking expansive residences, privacy and a truly living experience.

Why did you choose Gurugram for your debut in Delhi-NCR?

Gurugram is a great market and I am very much attracted to it. It has both good depth (high volume of transactions across all price points) and good width (variety of properties and buyer types).  We have one major criteria for entering new micro markets – price point. For us a price point of 20-25 k per sq ft is comfortable. We applied the same yardstick for Gurugram. 

What is the USP of your offering? In a highly competitive Gurugram market, how have you differentiated your product?

The differentiation lies in the strength of our DNA of design, execution and quality.  Three Sixty North Gurugram is our best project- a 2.0 version of 360 West, Mumbai. It is not just inspired by the Mumbai project but we have applied all the learnings as well. Our Gurugram project personifies Oberoi Realty’s Vision for the future of ultra-luxury living. It brings together refined architecture, design-led expansive homes and lifestyle experiences.

Residential real estate market has been experiencing a slowdown. Do you think you made your entry into Gurugram at the right time?

We have been preparing for a long time to enter the NCR market. We thoroughly studied the Gurugram market and fine tuned our product accordingly.  We think not only the time is right, even the land, project location and the product is right. Moreover, we are very much confident about the strength of the Gurugram market.

There is no slowdown in the market. There is only temporary disruption due to the West Asia war. We do not see this as a challenge; it will blow over. We are here not for a short-term play but for a long haul . There is a rising demand for high quality luxury aspirational lifestyle residential products and even the economic growth fundamentals are favourable for the real estate sector.

After Three Sixty North launch, what are your next plans in Delhi-NCR?

We have great expectations from our operations in the NCR and expect this market to grow as big for us as the Mumbai market. We are looking at further growth opportunities in the NCR with an open mind -both in Gurugram and Noida micro markets. 

Going forward, we will be evaluating potential land parcels in the NCR and go for attractive land  holdings both  by way of outright purchase and through asset light models (joint ventures with land owners).