Mumbai-based Oberoi Realty on Monday announced its foray into the Delhi-NCR market with the launch of its first luxury housing project, involving a total investment of Rs 6,000 crore.
The company has launched the first phase of its luxury housing project, 'Three Sixty North', located on Golf Course Extension Road in Gurugram. The phase comprises 832 residential units spread across six towers.
Speaking at the launch event in Gurugram, Oberoi Realty CMD Vikas Oberoi said, "We are launching our first project in Delhi-NCR. We feel confident now that our brand is transportable to the NCR market."
The first phase has been launched at a basic selling price of Rs 35,000 per sq ft, with apartment prices starting at Rs 19 crore. Apartment sizes range from 5,600 sq ft to 8,500 sq ft, while penthouses measure 13,000 sq ft.
Highlighting the project's financial outlook, Oberoi said, "The total revenue potential of this project, including the two phases, is Rs 16,000 crore."
Asked about the investment involved, he said the project cost for both phases would be around Rs 6,000 crore.
Commenting on market competition and the company's growth plans in the region, Oberoi said, "We are here to build the best product. We do not fear competition."
He further added, "We want Gurugram business as big as Mumbai."
Oberoi Realty is among the country's leading real estate developers. The company has delivered 51 real estate projects spanning 17.3 million sq ft so far, while more than 34 million sq ft is currently under construction.
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