Oberoi Realty’s first luxury residential project in the National Capital Region (NCR), Three Sixty North, clocked gross bookings of ₹8,109 crore for around 13.52 lakh sq. ft. of RERA carpet area, far higher than FY26’s ₹5,447 crore, which rose just 3.6% year-on-year thanks to a relatively light launch pipeline. With Gurugram adding a new market and several launches lined up across the Mumbai Metropolitan Region (MMR), Oberoi’s sales momentum can be expected to accelerate meaningfully.

“This single (NCR) launch alone re-rates our FY27 pre-sales assumption of ₹7,000 crore,” said HDFC Securities, adding full-year cumulative FY27 pre-sales could come in about ₹13,000-14,000 crore after factoring Gurugram’s bookings. After the recent success, the brokerage expects Oberoi to build deeper into the NCR market. “NCR as a market now adds valuation might to the sum-of-the-parts, and we increase our target price for Oberoi from ₹2,094/share earlier to ₹2,490/share now,” HDFC said. Oberoi’s shares have gained nearly 20% in the past month, and currently trade at around ₹1,866.

Successful new launches, rapid inventory absorption from existing projects, and strong demand across the MMR market are expected to drive a much faster pre-sales compound annual growth rate over FY26-FY28, PL Capital said. Oberoi’s pre-sales growth over FY22-FY26 was moderate at about 8% CAGR.

Besides NCR, in the Q4FY26 earnings call, the management had outlined a slew of other crucial launches: ‘Tower-D’ in Forestville and ‘Tower-A’ in Jardin, both in Thane; projects in Carter Road, Malabar Hill, Alibaug, Adarsh Nagar (Worli), commercial sale projects near Enigma, Mulund and Sky City, Borivali, Peddar Road and Tardeo. HDFC expects the ultra-luxury Tardeo project to be launched in FY27 and estimates it could contribute about ₹1,000 crore to pre-sales. Gurugram Phase 2, slated for FY28, could provide another leg of growth.

Timely launches may help sustain pre-sales momentum beyond Three Sixty North's initial success. But most of Oberoi’s upcoming pipeline is skewed towards micro markets of MMR. Lingering worries around the slowdown in housing sales and affordability concerns in MMR and Gurugram could hurt stock performance if customer response to these projects is weaker than anticipated.

Meanwhile, on the business development front, Oberoi emerged as the highest bidder for the Railway Land Authority of India land in Bandra East. It has also signed redevelopment agreements across South Mumbai. In hospitality, Oberoi plans to add The Ritz-Carlton at Three Sixty West in FY27 and Marriott Borivali in FY28, taking its hotel portfolio to about 1,100 keys over the next four to five years.

Oberoi Realty’s first luxury residential project in the National Capital Region (NCR), Three Sixty North, clocked gross bookings of ₹8,109 crore for around 13.52 lakh sq. ft. of RERA carpet area, far higher than FY26’s ₹5,447 crore, which rose just 3.6% year-on-year thanks to a relatively light launch pipeline. With Gurugram adding a new market and several launches lined up across the Mumbai Metropolitan Region (MMR), Oberoi’s sales momentum can be expected to accelerate meaningfully.

“This single (NCR) launch alone re-rates our FY27 pre-sales assumption of ₹7,000 crore,” said HDFC Securities, adding full-year cumulative FY27 pre-sales could come in about ₹13,000-14,000 crore after factoring Gurugram’s bookings. After the recent success, the brokerage expects Oberoi to build deeper into the NCR market. “NCR as a market now adds valuation might to the sum-of-the-parts, and we increase our target price for Oberoi from ₹2,094/share earlier to ₹2,490/share now,” HDFC said. Oberoi’s shares have gained nearly 20% in the past month, and currently trade at around ₹1,866.

Successful new launches, rapid inventory absorption from existing projects, and strong demand across the MMR market are expected to drive a much faster pre-sales compound annual growth rate over FY26-FY28, PL Capital said. Oberoi’s pre-sales growth over FY22-FY26 was moderate at about 8% CAGR.

Besides NCR, in the Q4FY26 earnings call, the management had outlined a slew of other crucial launches: ‘Tower-D’ in Forestville and ‘Tower-A’ in Jardin, both in Thane; projects in Carter Road, Malabar Hill, Alibaug, Adarsh Nagar (Worli), commercial sale projects near Enigma, Mulund and Sky City, Borivali, Peddar Road and Tardeo. HDFC expects the ultra-luxury Tardeo project to be launched in FY27 and estimates it could contribute about ₹1,000 crore to pre-sales. Gurugram Phase 2, slated for FY28, could provide another leg of growth.

Timely launches may help sustain pre-sales momentum beyond Three Sixty North's initial success. But most of Oberoi’s upcoming pipeline is skewed towards micro markets of MMR. Lingering worries around the slowdown in housing sales and affordability concerns in MMR and Gurugram could hurt stock performance if customer response to these projects is weaker than anticipated.

Meanwhile, on the business development front, Oberoi emerged as the highest bidder for the Railway Land Authority of India land in Bandra East. It has also signed redevelopment agreements across South Mumbai. In hospitality, Oberoi plans to add The Ritz-Carlton at Three Sixty West in FY27 and Marriott Borivali in FY28, taking its hotel portfolio to about 1,100 keys over the next four to five years.