Mumbai-based listed developer Oberoi Realty plans to launch its first project in Delhi-NCR’s Gurugram within the current financial year. Chairman and Managing Director Vikas Oberoi said most approvals for the project are already in place, and the company expects to launch it before the end of the fiscal year.
“We have opened our office in Gurugram, which shows our expansion plans for NCR are in place,” Oberoi said while speaking during the Q2 FY25 earnings conference call.
“On the Gurugram front, you will be happy to know that we have also loaded the entire TDR on the file. So, 100% of this area will be approved at one go. And we are hoping, we are really, really hoping to launch it within this financial year itself,” Oberoi said during the call.
According to Oberoi, the company has already begun demolishing the existing building. “Hopefully, by early January, we will have our plans in place, including RERA, if possible,” he said.
“I want to just tell you if not for RERA, we have not even firstly advertised (Gurugram project). If not for RERA, I would have collected cheques for both these projects. The kind of demand I see, people are already approaching us and telling us, whenever you open you, let me know, can I pay you now? And I say, no, we cannot because RERA does not permit you to do so. But I will just sum it up by saying this that if there was no RERA we would have like already collected a lot of cheques. So great demand,” he said.
All about 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.
On upcoming launches
Speaking about the launch pipeline for the second half of the current financial year, Oberoi said that several projects are lined up, while the company continues to closely monitor market conditions.
“Gurugram will come in, Worli can come in. There are a few other redevelopment projects that we have signed that will come in. We have one more tower to be launched in Borivali, that can come in. We can launch a new tower in Thane. So there is so much more, we just want to time it correctly. We have a tower in Goregaon, we haven’t launched. There are so many, and we are also watching the market,” Oberoi said.
Price hike in Oberoi Realty’s Borivali project
Speaking about Oberoi Realty’s Sky City project in Mumbai’s Borivali, where apartments have been sold at prices exceeding ₹50,000 per sq ft, including one purchased by Bollywood actor Akshay Kumar, Oberoi said the project has surpassed the company’s own expectations.
He said that the company has increased prices for the Borivali development in response to the strong demand.
“I would not say that it’s like the market in general. The project is unique, it’s sitting on a beautiful shopping mall, its connection to the metro is a huge advantage. And really, its exceeded our own expectations in terms of how we have gone about building it. We have very little supply available, and there happens to be enough demand for that. And if you see, our price hike has been at the back of what people are doing as resale. So there have been like whatever, 20, 30 resale apartments that’s really gone at a higher price. Looking at the demand there, we have increased our price,” he said.
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Sky City Mall in Borivali’s footfalls almost equal to Goregaon Mall
According to Oberoi, the company’s SkyCity Mall, which was recently opened, has already touched footfalls, almost equal to the Goregaon Mall. “We always knew it will do well, but not so well. We thought we will reach this stage probably in a year or two, but it’s like really accelerated, and we are within six months and super excited about it, huge potential going forward. The mall has a trading occupancy of 53%,” Oberoi said.
Q2 FY 25 results of Oberoi Realty
Oberoi Realty on October 15 reported a 29% year-on-year increase in its consolidated net profit to ₹760.26 crore for the second quarter of the current fiscal, driven by higher revenue. The company reported a net profit of ₹589.44 crore in the corresponding quarter of the previous year.
Total income rose to ₹1,844.84 crore during the July–September quarter of FY2025–26, compared with ₹1,358.62 crore in the same period of the previous fiscal.