Shares of Oberoi Realty rose 3% on June 24 after the firm received RERA approval for its Gurugram real estate project, marking a key regulatory milestone.
The approval paves the way for project launch, sales bookings and revenue visibility from the Haryana market.
Expansion beyond its core Mumbai market strengthens the company’s geographic diversification strategy.
At 1:26 pm on June 24, Oberoi Realty shares were trading 3% higher at Rs 1,756.2 apiece.
HRERA website suggests the firm’s 360 North project in Gurugram has received approval, reported CNBC-TV18.
360 North project in Gurugram is Oberoi’s maiden foray into Gurugram market.
BofA Securities estimated first phase of the Gurugram project to have gross development value of Rs 2,500-3,000 crore and overall GDV of Rs 10,000 crore, the channel reported.
Inspired by the developer’s iconic Three Sixty West landmark in Worli, Mumbai, this project brings premium, hospitality-backed living to Gurugram. The project spans across 14.8 acres of prime land in Sector 58 of Gurugram. It offers massive 4- and 5-BHK residencies.
It is a low-density development featuring 7 high-rise towers housing roughly 600 total units. Phase 1 is expected to launch with a limited inventory of around 200 residences.
Oberoi’s brand premium is expected to command high per-square-foot realisations in the NCR market.
Source: Moneycontrol
