Gurugram Success Re-rates

OBEROIRLTY

’s Growth Outlook

marked a highly successful debut in the National Capital Region (NCR) with its luxury residential project, Three Sixty North, located in Gurugram. The project clocked massive gross bookings of ₹8,109 crore, covering approximately 13.52 lakh sq. ft. of RERA carpet area. Outperforming Prior Financials: The revenue generated from this single Gurugram launch alone comfortably eclipsed the company’s cumulative bookings for the entirety of FY26, which stood at ₹5,447 crore. This previous fiscal year had seen a sluggish 3.6% year-on-year growth due to a sparse launch pipeline. Brokerage Upgrades and Re-ratings: Triggered by the stellar response, prominent brokerages have aggressively hiked their targets. HDFC Securities nearly doubled its full-year cumulative FY27 pre-sales estimates to ₹13,000–14,000 crore (up from an initial ₹7,000 crore projection) and raised its target stock price to ₹2,490 per share. Aggressive Launch Pipeline: To sustain this momentum, the management has mapped out multiple high-profile projects across FY27 and FY28. These include ultra-luxury residential ventures in prime Mumbai micro-markets like Tardeo, Malabar Hill, and Thane, alongside commercial sales and the expansion of its hospitality portfolio via premium partnerships with The Ritz-Carlton and Marriott. Concentration Risks & Market Growth: While experts anticipate a vastly accelerated compound annual growth rate (CAGR) for pre-sales over the FY26–FY28 period compared to a modest 8% in previous years, risks remain. Because the upcoming pipeline remains heavily skewed toward the Mumbai Metropolitan Region (MMR), any localized housing slowdown or affordability issues could challenge future project absorption.