Oberoi Realty’s Next Frontier: Gurugram Luxury Tower, Alibaug Ritz-Carlton Villas & Borivali Mall Success

Mumbai-headquartered Oberoi Realty is set to make its high-end debut in Gurugram’s real estate market with a luxury residential project on the lines of its iconic Three Sixty West development in Mumbai. The announcement was made by CMD Vikas Oberoi during a recent investor call, indicating a strategic expansion across geographies.

Luxury Living Heads to Gurugram

According to Oberoi, the upcoming Gurugram project will feature ultra-spacious apartments ranging from 5,000 to 8,000 sq ft, and will reflect the high-end, premium positioning of Three Sixty West. The Mumbai project is known for setting a benchmark with apartment rates around ₹1.5 lakh per sq ft.

He mentioned that approvals for the Gurugram venture are progressing smoothly and some have already been received in recent weeks, signalling readiness for a formal launch in the second half of the financial year.

Key Land Acquisition

The developer had acquired 14.81 acres in Sector 58, Gurugram for ₹597 crore in November 2023. This parcel has the potential to yield approximately 2.6 million sq ft of developable floor area, providing significant room for upscale residential development.

Consultants Weigh In

Commenting on the market potential, Ritesh Mehta of JLL India highlighted that Gurugram has clocked the highest sales value in Delhi NCR over the past three years. He noted that with limited strong local players, premium developers from Mumbai like Oberoi Realty see a clear market gap and demand opportunity.

Mehta added that the city's rapid infrastructure growth and changing buyer preferences make it an attractive destination for luxury housing ventures.

Alibaug Villa Project Eyes Year-End Launch

In addition to its northward expansion, Oberoi Realty is also developing a luxury hospitality and residential estate in Alibaug near Mumbai. Spread across 81 acres, the project will include a Ritz-Carlton-managed hotel and branded villas.

Vikas Oberoi stated that the company intends to first construct a model villa and a Ritz-managed restaurant to offer prospective buyers a firsthand experience of the lifestyle on offer, with the launch expected in the latter half of 2025.

Borivali Sky City Mall Achieves ₹1,000/sqft Lease Rates

Meanwhile, the group’s retail arm has made headlines in Mumbai with leasing deals at its recently soft-launched Sky City Mall in Borivali, where rental agreements have touched ₹1,000 per sq ft on carpet area. Oberoi noted that lease rates range between ₹400 and ₹1,000 per sq ft, depending on the tenant profile.

Premium Retail Mix

The mall includes a curated gold souk zone housing luxury jewellers and watch brands. According to Oberoi, it is already being recognised as one of India’s best-designed malls.

Sky City Mall spans a leasable gross area of approximately 12.07 lakh sq ft with a carpet area of 7.24 lakh sq ft. It forms part of the larger 25-acre mixed-use Sky City development.

Disclaimer: This article is based on publicly available statements and company announcements. Readers are advised to conduct their own due diligence before making any investment decisions.