Oberoi Realty Expands into Gurugram with a Premium Luxury Residential Project

By entering the Gurugram market, Mumbai-headquartered Oberoi Realty is moving beyond its core geography, using a luxury residential project as a strategic step to diversify operations and tap into new high-growth markets through premium developments.

Oberoi Realty expects a launch of the Gurgaon project in the latter half of current Financial year. It is expected that the new project will provide the same branding, positioning and design as Three Sixty West, its flagship project located in Worli (Mumbai), which is widely considered to be one of the finest luxury residences in that city.

Oberoi Realty Moves Beyond Mumbai to Enter the Gurugram Real Estate Market

The Gurgaon project will be significantly smaller in size than Three Sixty West but will target the high-end market, with units measuring between 5,000 and 8,000 square feet on average.

Oberoi Realty plans to launch its high-end luxury project in Gurugram in the second half of the current financial year. In November 2023, the company announced the acquisition of 14.81 acres of land in Sector 58, Gurugram, Haryana, for ₹597 crore.

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The company’s ability to secure regulatory approvals for this project is on track and moving ahead steadily, significantly reducing uncertainties associated with execution and allowing the company to effectively prepare for launch within its established timeframe.

In addition, there has been a growing interest by many Mumbai-based builders to enter the Gurugram region due to the area’s rapid growth in sales volume and value over the last three years from the Delhi-NCR to Gurugram area.

Compared to previous years where there were only a few established builders in Gurugram, the demand for Luxury Residential Real Estate in this region creates tremendous opportunities for National Developers with significant brand equity.

According to real estate experts, Gurugram continues to attract the New Luxury Buyer due to its changing buyer profile, the continual improvement of its infrastructure, and the concentration of many Corporate Hubs in and around Gurugram.

For Oberoi Realty, the Gurugram Project will provide geographic diversification while still focusing on Design-Led and Luxury-Led projects. Additionally, the introduction of a presence in the Northern India Region on a premium basis will enable the Company to leverage its experience creating Large-Lifestyle Oriented Projects for a new segment of Wealthy Buyers.

Oberoi Realty Strengthens Luxury Portfolio with Alibaug Hospitality Project

Beyond Gurugram, the developer is also expanding its luxury portfolio closer to home. In December 2024, Oberoi Realty acquired an 81-acre land parcel in Alibaug, near Mumbai, where it plans to develop a luxury hospitality-led project comprising a high-end hotel and branded residence villas.

The proposed development will include a premium hotel along with branded residences. The Alibaug development is envisioned as an experiential destination and may include a number of experiential offerings including a showcase villa and curated dining options prior to a full sales push.

Oberoi Realty is planning to launch this project by the end of the year based on the completion of all construction milestones and development timelines in accordance with its project launch plan.

Sky City Mall, Borivali Showcases Strong Leasing Momentum

Oberoi Realty has recently announced the strong leasing activity associated with its newly soft launched Sky City Mall located in Borivali. Rental contracts for the mall have been executed at rates as high as ₹1,000 per square foot for the carpet space which is indicative of the high demand for premium retailers including luxury jewelry and high-end watch brands that are locating their stores in the new shopping center.

The Borivali Mall represents Oberoi Realty’s second retail property located in Mumbai following the creation of their first retail property, the Oberoi Mall, in Goregaon East. With this property, Oberoi Realty continues its mixed-use development strategy.

In summary, Oberoi Realty intends to solidify its position as a leader in luxury real estate and retail by strategically growing its presence into new areas that offer significant future growth opportunities.