Oberoi Realty bets big on NCR with Rs 6,000 crore investment in Gurugram project

New Delhi: Oberoi Realty expects the NCR market to rival Mumbai in scale as it invests Rs 6,000 crore in its first project in the region and scouts for land in Noida and Gurugram.

The company is also evaluating opportunities in southern India, chairman and managing director Vikas Oberoi told ET.

“Gurugram fits into everything that we want. It's a market that appreciates quality. It's a market that has both width and depth. And the price points are something that we really like. So, given all this, for us, this is a natural extension,” Oberoi said.


The company is developing an ultra-luxury residential project across 14.8 acres on Golf Course Extension Road in Sector 58, Gurugram.

In the first phase, it will develop about 3 million sq ft with a revenue potential of Rs 11,000 crore. The overall project has a revenue potential of Rs 16,000 crore.

“We eventually want to be a pan-India player, but that will be driven by opportunities. A lot of developers from NCR and Bengaluru have also come to Mumbai. We welcome them with open arms, and we expect the same from NCR as well,” Oberoi said.

The company is demolishing the existing structures on the site and will develop seven residential towers along with a boutique retail area.

“I feel there will be consolidation and, if you don't grow, you die. So we can't choose death as an option, and we want to grow. This is what we would do from here on,” Oberoi said.

The company has received RERA approval for six towers.

The project will have a hospitality partner to manage the residential complex. Oberoi said fashion brands add little value to residential developments.

In the first phase, the company has launched 3 BHK + Studio, 4 BHK + Studio, duplex and penthouse residences, with saleable areas ranging from about 5,500 sq ft to more than 13,000 sq ft. Prices start at Rs 18 crore, excluding applicable taxes.

The company said it does not intend to sell the entire project in one go.