Oberoi Realty Makes NCR Debut with ₹597 Crore Acquisition of 14.8 Acre Land in Gurugram

In November 2023, Mumbai-based real estate giant Oberoi Realty debuted in the National Capital Region (NCR) market by acquiring a 14.81-acre land parcel in Gurgaon for ₹597 crore. This prime land is near Sector 58, near the Gurugram Golf Course Extension Road. The company plans to develop a luxury residential project here, marking a significant move for Oberoi Realty Gurgaon's launch in one of India's most dynamic real estate markets.

Inspired by Mumbai's Iconic Three Sixty West, Worli

Oberoi Realty's Upcoming project in sector 58 Gurgaon will be designed based on the same principles as Oberoi Realty's prestigious Mumbai development, Three Sixty West. It will offer ultra-luxurious apartments sized between 5,000 and 8,000 square feet.

Vikas Oberoi, Chairman and Managing Director of Oberoi Realty, shared in an investor call that this Gurgaon project will be a smaller version of Three Sixty West but will uphold the same high luxury and design quality standards.

Three Sixty West, located in Worli, Mumbai, is a mixed-use development known as one of India's most premium properties, with apartment prices reaching approximately ₹1.50 lakh per square foot. Oberoi Realty aims to bring the same level of luxury and sophistication to discerning homebuyers in Gurugram.

Regulatory Approvals and Development Potential

The company has confirmed that the project in Sector 58 is progressing well with regulatory approvals. Oberoi said, "We have received several approvals recently, and the rest are also in place, so we are on track." Under existing regulations, the land parcel has a development potential of up to 2.6 million square feet of floor area. This gives Oberoi Realty a large canvas to create a flagship project that could redefine luxury living in Gurugram.

According To Oberoi Realty: Project Key Highlights

• Location: Sector 58, Gurugram, Golf Course Extension Road.
• Land Area: 14.81 acres
• Acquisition Cost: ₹597 crore
• Apartment Sizes: 5,000 to 8,000 sq. ft.
• Segment: High-end luxury residences
• Development Potential: Approximately 2.6 million sq. ft. of Floor Area
• Launch Timeline: Expected Second half of financial year 2024–25

Oberoi Realty's Strong Legacy in Mumbai

Oberoi Realty is well-known in Mumbai for its successful residential and commercial projects. Their portfolio includes Maxima, Oberoi Splendor, Oberoi Sky Gardens, and Sky City in areas like Andheri, Goregaon, Borivali, and Mulund. The company is also expanding in Alibaug with plans for a luxury hotel and branded villas, showing its substantial presence in both the residential and hospitality sectors.

Strategic Entry into Gurugram's Luxury Market

The Oberoi Realty Gurgaon launch is a strategic move to tap into the growing demand for ultra-luxury homes in NCR. Sector 58 enjoys seamless connectivity to Golf Course Extension Road and is located near rapidly growing commercial hubs, making it a prime destination for premium residential development.

This project will mark a new chapter for Oberoi Realty as it establishes itself in northern India. With its reputation and experience, Oberoi Realty is expected to raise the standards of luxury residential living in Gurugram.

Looking Ahead

As Oberoi Realty prepares for its first NCR project launch in the latter half of 2024–25, buyers and investors are keenly watching how the company will bring its signature luxury and quality to Gurugram. This entry by Oberoi Realty is expected to boost the luxury residential market and offer a new premium living experience in the city.

The Oberoi Realty Gurgaon launch is more than just a new project; it marks the entry of a reputed developer ready to redefine luxury living in NCR.