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Oberoi Realty is preparing to launch the second phase of its luxury project, Three Sixty North, in the next financial year, according to Chairman and Managing Director Vikas Oberoi.
Gurugram real estate: Oberoi Realty plans to launch the second phase of its luxury housing project, Three Sixty North, in the next financial year, following the strong response to the first phase in Gurugram.
The company launched the first phase on June 29 and has already sold all the apartments that were released. According to Vikas Oberoi, Chairman and Managing Director of Oberoi Realty, the company now expects to introduce the next phase during the next financial year, possibly in the first quarter.
The first phase of Three Sixty North includes 832 luxury apartments across six residential towers. According to the company, all the homes released in this phase have been sold.
Oberoi Realty reported gross bookings of around ₹8,109 crore, making it one of the company's strongest project launches.
The developer also said buyers booked around 13.52 lakh sq ft of RERA carpet area, equal to nearly 23.10 lakh sq ft of saleable area.
Vikas Oberoi said the project received demand that was much higher than the available inventory.
According to him, the company received interest from nearly four buyers for every apartment launched.
He said Oberoi Realty recorded sales worth around ₹8,100 crore, but if every interested buyer had been accommodated, the value of bookings could have reached nearly ₹30,000 crore.
The company added that serious buyers had shown interest by paying booking amounts, reflecting strong confidence in the project.
According to Oberoi Realty, the buyer profile includes senior professionals, business leaders, CEOs, CFOs, and Non-Resident Indians (NRIs).
The company said it has received strong interest from buyers across different categories, including overseas Indians looking to invest in premium homes in Gurugram.
After the successful first phase, Oberoi Realty is preparing to launch the second phase, which will include one additional residential tower.
Vikas Oberoi said the launch is expected during the next financial year, with the exact timeline currently being finalised.
The company also expects the second phase to contribute significantly to the project's overall revenue.
Earlier, Oberoi Realty had planned to release apartments in phases instead of selling the entire inventory at once.
However, after receiving overwhelming demand, the company decided to open all available apartments in the first phase.
Vikas Oberoi said the decision was taken to ensure fairness for buyers instead of holding back inventory as part of a sales strategy.
According to him, limiting the number of available homes would have disappointed many genuine buyers who had shown serious interest in the project.
Also Read: Oberoi Realty Enters Delhi-NCR with Luxury Homes Starting at ₹18 Crore
Oberoi Realty has estimated that Three Sixty North will have a total revenue potential of around ₹16,000 crore after both phases are completed.
The luxury project is spread across 14.8 acres on Golf Course Extension Road in Sector 58, Gurugram.
Once completed, the master plan will include seven residential towers, landscaped gardens, Club Three Sixty North, retail spaces, cafés and other lifestyle amenities designed for premium living.
Homes in the project are available in 3 BHK + Studio, 4 BHK + Studio, duplex, and penthouse configurations, with prices starting from ₹18 crore, excluding taxes.
The company believes the strong response to Three Sixty North highlights the growing demand for luxury homes in Gurugram.
Vikas Oberoi said the Gurugram project has already created an order book that is expected to be larger than the company's annual sales in the Mumbai market, giving Oberoi Realty greater confidence about its future expansion in North India.
