Amid reports of a broader slowdown in housing sales, Vikas Oberoi, Chairman and Managing Director of Mumbai-based listed developer Oberoi Realty, said the company is not witnessing any slowdown and that the softness in the market remains developer-, location- and product-specific. He also said that the company expects to receive plan approvals for its Gurugram project within the next 30-40 days.
Responding to a question on whether the company is seeing any slowdown in sustenance, Oberoi said, “Not really because like I said that we have increased prices in Goregaon (project), we have increased prices in Borivali (project), and we don’t see any slowdown there at all. So it’s developer-specific, it’s location-specific, and it’s product-specific, all three. And we tick all the boxes, I feel.”
Gurugram project launch
On the Gurugram project launch, he said that “In fact, it is more to do with the way we want the design to be. We have really worked multiple times, even in Delhi NCR. We have taken feedback from people with regards to what should be the depth of the deck. We started it with 8 feet and then we said no 8 feet probably would be too little. We pushed it to 10, then 12, and so on and so forth,” Oberoi said during the company’s earnings call for Q3FY26 on January 20.
“Let me tell you it’s a dream to work in Gurgaon, approvals are a breeze. I think like a state it really helpful in terms of approvals. It’s just that we kept bettering our product, which we do all the time. So we have to change our plans, and these days it’s not like you can simply launch; there is so much of a process,” he said.
Also Read: Oberoi Realty eyes Gurugram debut before fiscal year-end
“We are awaiting our plan approvals (for Gurugram project), and I am told that we will get that in the next 30, 35 days or 40 days. Once we have that in our hands, we will immediately apply for RERA. And once we have our RERA approval, we’ll immediately launch. So that’s what I can actually say. So really, it’s like a touch-and-go for us. We are desperately trying to speed up and get things going,” he said.
Oberoi Realty’s first project in Delhi NCR
In April 2025, Vikas Oberoi announced that the company would develop a high-end luxury project in Gurugram, featuring apartments ranging from 5,000 to 8,000 square feet.
“It is very similar to what we are doing, maybe a smaller version of Three Sixty West. It’s high-end, high-quality, and it’s very well designed,” Oberoi had said.
In November 2023, the company announced the acquisition of 14.81 acres of land in Sector 58, Gurugram, Haryana, for ₹597 crore. According to the company, the land has the potential to develop up to 2.6 million sq ft of floor area.
Also Read: Jab jaaago tab sawera, tension ki koi baat nai hai: Vikas Oberoi on Gurugram real estate market
Oberoi Realty’s Q3FY26 results
According to ICICDirect Research, Oberoi Realty reported a softening of pre-sales run-rate during Q3FY26, in the absence of new launches and lower traction from the Three Sixty West, Elysian, Enigma, and Sky City projects.
Also Read: ‘Buying a house will never go out of fashion,’ says Oberoi Realty’s CMD Vikas Oberoi”Consequently, collections were lower 30% YoY (down 28% QoQ) at ₹ 975 crore. Its commercial and retail assets, including Commerz II and III and Sky City Mall, saw sequential improvements in occupancy levels. Further, revenue booking and EBITDA margins broadly stayed in line,” it said.