Vikas Oberoi: Gurugram Real Estate Market is Just Waking Up

Vikas Oberoi, CMD of Oberoi Realty, addressed concerns about the saturation in the Gurugram real estate market with a reassuring message: 'Jab jaago tab sawera hota hai, koi tension ki baat nai hain' (It's morning when you get up, there is nothing to worry). Speaking during the Q1FY26 conference call on July 22, Oberoi emphasized that the company has purchased land prudently for its first project in Delhi NCR.

Oberoi stated that the company has all the necessary permissions for its first project in Gurugram and is gearing up for the launch. The project is expected to feature high-end luxury apartments ranging from 5,000 to 8,000 sq ft, similar to the successful Three Sixty West Project in Mumbai.

When asked about the demand for the Gurugram project, Oberoi remained confident. 'If the story of Gurugram is completely over, then I cannot say anything, I mean, if you say so. But otherwise, I mean, I'm just saying that it is like any other day. We are in our comfort zone, and we will build quality, and I'm sure we'll do it,' he remarked.

The company has already started the demolition work at the site and has established its office in Gurugram. 'We are formally and physically present there. Design work is complete. Contracts have been negotiated, ready to be issued—almost likely issued. So, all ready to roll now. And yes, the entire approval process is also complete. Today, we have the license in our name, and the land is in our name. So, the title for the entire property is clear,' Oberoi said during the call.

Oberoi Realty is not in a hurry and is focusing on establishing a strong presence in Gurugram before exploring new opportunities. 'We are currently focusing on Mumbai and NCR. We are in no hurry, and we want to establish our sales in Gurugram and then look at something new. And Mumbai, we continue to look at all the good suburbs where you do not have to push a product. There is a pull factor with location, with the quality of the product we make, and then buyers come in. We don't want to go into weak locations,' Oberoi added.

In April 2025, Oberoi announced that the company would develop a high-end luxury project in Gurugram, featuring apartments ranging from 5,000 to 8,000 sq ft. The company acquired 14.81 acres of land in Sector 58, Gurugram, Haryana, for ₹597 crore. The land has the potential to develop up to 2.6 million sq ft of floor area. '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.