Oberoi Realty, a listed developer from Mumbai, aims to start its first project in Gurugram, part of Delhi-NCR, this financial year. Vikas Oberoi, the chairman and managing director, noted that key approvals are set. The firm hopes to roll it out before the fiscal year ends.
Vikas Oberoi, CMD of Oberoi Realty, said the company has set up an office in Gurugram. This move signals their push into the NCR area. (Oberoi Realty)
Vikas Oberoi, CMD of Oberoi Realty, said the company has set up an office in Gurugram. This move signals their push into the NCR area. (Oberoi Realty)
Oberoi shared this during the Q2 FY25 earnings call. “We have opened our office in Gurugram. It shows our plans to grow in the NCR are ready.”
He added about Gurugram: “You’ll be glad to hear we have added all the TDR to the file. So, the full area should get approved at once. We hope to launch it this year.”
Oberoi explained the company started tearing down the old building. “We plan to have everything ready by early January, including RERA if we can,” he said.
He went on: “Without RERA, we wouldn’t have advertised the Gurugram project yet. I could have taken checks for both projects by now. Demand is high. People keep asking us to let them pay early. But RERA stops us. Still, without it, we’d have lots of checks already. Strong interest there.”
In April 2024, Vikas Oberoi revealed plans for a luxury project in Gurugram. It will offer apartments from 5,000 to 8,000 square feet.
Oberoi described it: “It’s like what we do now, but smaller than Three Sixty West. High-end, top quality, and smart design.”
Back in November 2023, the company bought 14.81 acres in Sector 58, Gurugram, for ₹597 crore. The site can hold up to 2.6 million square feet of space.
On future launches
Oberoi talked about projects for the second half of this year. Several are ready. The team watches the market closely.
“Gurugram is next. Worli might launch. We signed some redevelopment deals that could start. One more tower in Borivali is set. A new one in Thane works too. We have a tower in Goregaon not out yet. Plenty more. We just time them right. And we check the market.”
Price rise in Oberoi Realty’s Borivali project
Oberoi Realty’s Sky City in Mumbai’s Borivali sells units over ₹50,000 per square foot. Actor Akshay Kumar bought one. Oberoi said it beat their goals.
The firm raised prices there due to big demand.
“It’s not just the market. The project stands out. It sits on a nice mall. Metro access helps a lot. It went beyond what we planned. Little stock left, but demand matches. Our hikes follow resale prices. Some 20 or 30 units sold high on resale. With that pull, we upped our rates,” he said.
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Sky City Mall in Borivali draws crowds close to Goregaon Mall
Oberoi said their new Sky City Mall hit footfalls near the Goregaon one. “We knew it would work. But not this fast. We figured a year or two to get here. Yet in six months, it’s strong. We’re thrilled. Big upside ahead. Trading space is at 53%.”
Q2 FY25 results for Oberoi Realty
On October 15, Oberoi Realty posted a 29% jump in net profit to ₹760.26 crore for Q2 this fiscal. Higher sales drove it. Last year, same quarter was ₹589.44 crore.
Total income hit ₹1,844.84 crore in July to September of FY2025. That beats ₹1,358.62 crore from last year.
Also Read: Rains expose Gurugram’s infrastructure flaws, leaving residents frustrated in India’s luxury real estate hub