NCR market will be as big or bigger than Mumbai for Oberoi Realty: Vikas Oberoi

Mumbai-based luxury home developer Oberoi Realty Ltd has made a strong debut in Gurugram, with ₹8,109 crore of sales bookings from the launch of Three Sixty North, its maiden project there.

This marks the company's entry into the National Capital Region (NCR). Spread across 14.8 acres on Golf Course Extension Road in Sector 58, Gurugram, Three Sixty North follows the success of Three Sixty West, one of the country's most valuable high-end residential projects in Mumbai's Worli neighbourhood, which has seen a string of big-ticket transactions in the past three years. It counts business leaders, entrepreneurs and startup founders, and several high-profile individuals among its buyers.

In recent years, Gurugram has emerged as the country's fastest-growing high-end luxury residential market. Oberoi Realty's Gurugram project, where apartments are priced from ₹18 crore, will eventually comprise seven residential towers, Club Three Sixty North, and a boulevard with retail and cafés.

Chairman and managing director Vikas Oberoi said the company will build a strong portfolio in the NCR, including Gurugram and Noida. “The response to Three Sixty North has been overwhelming and unexpected. We asked for a much higher amount, ₹40 lakh and ₹50 lakh, from prospective buyers to book and wait for an allotment to happen. We had an order book of ₹30,000 crore, four times of what we wanted to sell. The demand was huge,” Oberoi, told Mint in an interview.

New hotspot

Gurugram, dominated by real estate firm DLF Ltd, has emerged as the newest luxury hotspot, with Bengaluru and Mumbai developers entering the market to tap the demand for high-end homes.

'What DLF has done to Gurugram is exceptional and has single-handedly put the market together. It has built an ecosystem. The Gurugram market is massive and is a great opportunity for us. We think NCR will be as big if not bigger than Mumbai for us going ahead," Oberoi added.

The luxury property market has remained strong both in outright sales and rentals. Gurugram recorded ₹24,120 crore in transactions for homes priced at ₹10 crore and above in 2025, according to a February report by India Sotheby’s International Realty and CRE Matrix.

Gurugram’s luxury housing segment saw 1,494 homes priced at ₹10 crore and above sold during the year. The total transaction value surged from 155 units sold for ₹4,004 crore in 2023.

In 2025-26, DLF sold 56 residential units in its super-luxury project named The Dahlias in Gurugram for ₹4,824 crore. The project alone is expected to generate ₹5,000 crore-6000 crore of DLF's ₹20,000 crore sales target for FY27. Veteran investor Madhusudan Kela recently bought a 6,233 sq ft flat in The Dahlias for ₹120 crore.