Oberoi Realty forays into NCR market with Rs 6,000 crore ‘Three Sixty North’ project in Gurugram

For years, a string of unfinished towers on Gurugram’s Golf Course Extension Road stood out like a sore thumb in the Millennium City’s gleaming skyline. Developed by beleaguered Ireo Group and designed by renowned British architect Norman Foster, these towers, spread across 14.8 acres, are now being demolished floor-by-floor by Mumbai-based Oberoi Realty as it forays into the National Capital Region (NCR), the luxury developer’s first project outside its home market.

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After shaping Mumbai's skyline for four decades, Oberoi Realty is now setting its sights on Gurugram with its flagship Three Sixty North project. The developer will invest about Rs 6,000 crore across two phases to build ultra-luxury residences. In the first phase, about 832 apartments are being built with an investment of Rs 4,000 crore. Launched at Rs 35,000 per square feet excluding GST and other charges, the price of a bare shell apartment starts from Rs 19 crore and goes up to Rs 60 crore, depending on area. The developer is offering 3 BHK plus Studio, 4 BHK plus Studio, duplex and penthouse configurations ranging from around 5,500 sq. ft. to over 13,000 sq. ft. in saleable area.

The first phase of the Three Sixty North includes six towers. While the developer has gotten approval only up to 36 floors, it plans to expand it after it gets the requisite permissions. The second phase will have the remaining floors and one more tower.

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“The total revenue potential for the entire project is Rs16,000 crore at the prices we have launched,” Vikas Oberoi, Chairman and Managing Director of Oberoi Realty, told reporters at a press conference on the sidelines of the launch.

The billionaire real estate tycoon is bullish on Delhi-NCR’s realty market. “We are looking for more land parcels in Gurgaon. We see potential. We love the market,” Oberoi said. “We want our Gurgaon business to be as big as Mumbai,” he added.

On the differences and similarities between the Mumbai and NCR markets, Oberoi said that while Mumbai's much higher land costs compel developers to maximise the use of every available square inch to extract the best returns, rising property prices in NCR are narrowing the gap between the two markets.

“In Mumbai, we want to use every square inch as we pay a lot more for land and hence, we want the maximum bang for the buck we spend there. Today, prices in NCR have also gone up. I see the NCR customer profile as very similar to what it is in Mumbai. Today, NCR is as cosmopolitan as Mumbai. That is a huge advantage for us,” Oberoi explained.

The developer is in talks with hospitality partners, including Grand Hyatt, for services. Three Sixty West in Mumbai is serviced by the Ritz-Carlton.

Oberoi Realty is not expecting to sell out all its inventory in one go, something which is commonly advertised on billboards in NCR. “All our projects get sold within the time we build them, and that’s the pace we typically keep. We are new to the NCR market, where launches are a big thing. We want to see how this plays out,” said Oberoi. “The strategy is not to sell out but to slip into the market. We took four decades to get out of the Mumbai Metropolitan Region,” he added.

The Three Sixty West project in Mumbai’s Worli overlooks the Arabian Sea and counts several celebrities as its residents. One will have to wait to see whether the Gurugram project, overlooking the Banjara flea market on one side and an upmarket retail hub with designer showrooms on the other side, will be able to live up to its predecessor’s name.