OBEROI REALTY GETS 360 NORTH RELIEF, HC HEARING KEY

Oberoi Realty’s 360 North project in Gurugram received a favourable ruling from the Department of Town and Country Planning (DTCP), Haryana, although the Punjab and Haryana High Court hearing on August 19 remains important for further clarity on the matter. On August 13, DTCP Haryana upheld the licence granted for Oberoi Realty’s 360 North project and rejected the claim raised by Advance India Projects Limited, an unlisted company. According to Nomura, the DTCP’s order supports Oberoi Realty’s position that the restriction imposed by the High Court on further allotments and creation of third-party rights through its July 7, 2026 order has ceased to be operative. This could allow Oberoi Realty to resume sales at the project. DTCP also stated that Licence No. 69 of 2025, issued on December 5, 2025, order approving the change of developer in favour of Oberoi Realty remain legally valid and do not require any further action. The company has consequently indicated that the restrictions on further allotments and creation of third-party rights have ended, paving the way for the resumption of project sales. However, Analyst noted that the Punjab and Haryana High Court hearing scheduled for August 19 is expected to provide further clarity on the implications of the DTCP order and the ongoing dispute. Also highlighted the importance of a smooth execution of 360 North, as it is Oberoi Realty’s first project in Gurugram. A successful development, it said, would be significant for the company’s reputation as well as its future growth prospects in the Gurugram market. Oberoi Realty is currently trading at a 53% premium to its net asset value.