Two Oberoi Realty launches missed prior schedules; NCR 360 North booked ₹8,000 cr but timing slipped
The NCR project that overshot expectations also missed its own timeline, while Adarsh Nagar shifted multiple quarters. Consistency on launches is weak.
What's new
- 360 North gross bookings exceeded ₹8,000 cr, with 1.4 msf sold out of 2.6 msf RERA-approved area.
- Residential margin slipped to 51-52% from ~55%, attributed entirely to project mix.
- Sky City Mall occupancy reached 82% after first year; near 100% hoped within this year.
- NCR business development now spans Gurugram and Noida, targeting ₹20,000-25,000 psf price points.
Themes from the call
Demand
360 North generated gross bookings >₹8,000 cr, confirming deep NCR demand for Oberoi's brand and product at Thane-like pricing.
Margins
Residential margin of 51-52% was lower than recent quarters due to project mix; commodity costs were not a factor.
Capital allocation
Value sold on 360 North already exceeds total construction costs; financial closure is complete. Balance area reserved for Phase 2.
Guidance watch
- Adarsh Nagar launch likely Q3 FY27, pending IOD and as-built approvals.
- Sky City occupancy expected near 100% within this year.
- 360 North Phase 2 and balance NCR area to be offered next year; volume and price undecided.
- New Mulund project possible by Q4 FY27 if approvals arrive in 3-4 months.
Risk flags
- Launch timeliness is deteriorating: two projects missed prior guidance without explanation.
- Q1 revenue recognition of ₹8.8B was well below ₹13-14B in preceding quarters; timing depends on possession and percentage-completion.
- Litigation and customer refund matters remain sub judice, limiting disclosure.
Key quotes
-
"We believe we have cracked the code for balancing volume and quality. As a company, we feel we can build more and build better than we did previously."
— Vikas Oberoi, Chairman and Managing Director -
"We wanted 360 North to be a Q1 launch but missed it by a few days."
— Vikas Oberoi, Chairman and Managing Director
The brief
The 360 North launch was a demand event. Gross bookings above ₹8,000 cr, all allotments completed, financial closure done. For a company that had never built outside Mumbai, that is a milestone. The project sold 1.4 million square feet in one go and established NCR as a genuine second market. Management now talks about scaling volume without sacrificing quality, citing 18 towers under construction and a reliable contractor network.
But the launch timing tells a different story. In July 2025, Vikas Oberoi said the NCR project would launch in Q4 FY26. This quarter he said it was intended for Q1 FY27 and missed by a few days. Adarsh Nagar slipped even more — from a possible Q4 FY26 to a hoped-for Q3 FY27. Two projects, two missed schedules, no explanation. That pattern erodes trust in future launch guidance, especially when that guidance hinges on approvals and internal readiness.
The rest of the portfolio is steady. Annuity assets are near full occupancy. Sky City Mall is ramping. Price increases in Goregaon and Mulund have been absorbed. Residential margins, while down to 51-52% from ~55%, are attributed to mix rather than cost pressure. The margin walk was clear on that.
The open question is whether Oberoi Realty can deliver on its pipeline without further slippage. The NCR success gives it optionality. But optionality is not the same as delivery. Three quarters in a row, launch timelines have shifted right. Until that trend reverses, guidance on Adarsh Nagar, Mulund, and 360 North Phase 2 carries a visible discount.
NCR validates the expansion thesis, but launch credibility needs repair before guidance is taken at face value.