Shares of Oberoi Realty Ltd. gained 3.2% on Wednesday, June 24, after the Haryana Real Estate Regulatory Authority (HRERA) website suggested that the company's 360 North Project in Gurugram has received approval. According to reports from CNBC TV18, the stock was trading at ₹1,759 apiece at 1.40 pm on Wednesday. The positive market reaction reflects investor confidence in the company's expansion into the Gurugram market with this maiden project, marking a significant shift from its exclusive Mumbai operations after four decades. The broader market rally was supported by strong performance across sectors, with Nifty Realty rising 2.27% and Nifty IT gaining 2.07% during the session.
Oberoi Realty reported robust financial results for the March quarter across all key parameters. As reported by CNBC TV18, the company's net profit increased 62.4% to ₹703.3 crore from ₹433.2 crore in the previous year. The company's revenue of ₹1,750 crore was 52.1% more than last year's ₹1,150 crore. The EBITDA increased 55.4% to ₹960.3 crore from ₹618.1 crore in the fourth quarter of the previous fiscal, while margins expanded to 54.9% from 53.7% in the year-ago period.
The 360 North Project represents Oberoi Realty's maiden venture in the Gurugram market and has attracted positive analyst sentiment. According to brokerage estimates reported by CNBC TV18, BofA Securities has estimated the first phase of the Gurugram project to have gross development value of ₹2,500 crore to ₹3,000 crore. Meanwhile, Kotak Securities said the 2.6 million square feet project has the potential of ₹10,000 crore sales value, highlighting the significant revenue potential of this new market entry. The project spans 14.81 acres with 2.6 million sq ft of developable area and features approximately 450 ultra-luxury residences priced at ₹38,000+ per sq ft.
The Gurugram project marks a fundamental shift in Oberoi Realty's business model, moving from a single-geography Mumbai developer to a pan-India luxury developer. As reported by Univest, approximately 30-40% of the expected buyer base for Three Sixty North is anticipated to be NRI buyers, adding a foreign currency inflow dimension to the company's revenue streams. The project is located in Sector 58, Golf Course Extension Road, one of Gurugram's most sought-after micro-markets with direct connectivity to Golf Course Road, NH-48, Sohna Road, and Cyber City. With L&T appointed as construction partner and expected possession in Q1 2031, the project offers significant execution credibility and multi-year revenue visibility.
