Mumbai, July 10 -- Oberoi Realty Ltd said it has sold luxury homes worth Rs81.09 billion (Rs81.09 bn) in its newly launched project in Gurugram, reflecting strong consumer demand. The company launched the development as its first luxury residential project in the Delhi-NCR market at the end of June. The launch was presented as the group's entry into the region and was followed by rapid bookings.
In a regulatory filing the developer reported gross bookings of about Rs81.09 bn at Three Sixty North, its 14.8 acre project on Golf Course Extension Road in Gurugram. The filing indicated sale of 1.352 million sq ft (1.352 mn sq ft) of RERA carpet area and 2.31 million sq ft (2.31 mn sq ft) of saleable area in the initial phase. The company launched the first phase comprising 832 units across six towers at a basic selling price of Rs35,000 per sq ft and noted that apartment prices start from Rs180 million (Rs180 mn).
Oberoi Realty had said on June 29 that total investment in the scheme across both phases would be about Rs60 billion (Rs60 bn) and that the total revenue potential of the project could reach Rs160 billion (Rs160 bn). The company characterised the project as its flagship foray into the NCR market and indicated confidence in porting its brand beyond Mumbai. The group expects the two phases to underpin a sizeable portion of near-term sales.
The developer has delivered 51 real estate projects to date, representing 17.3 million sq ft (17.3 mn sq ft) of completed space, while more than 34 million sq ft (34 mn sq ft) is under construction. Three Sixty North's first phase forms part of a broader expansion strategy for the Mumbai-based group. Management highlighted that the launch reinforces its growth plan in premium housing markets outside its home region.
Published by HT Digital Content Services with permission from Construction World.