Mumbai-based listed real estate developer Oberoi Realty has indicated that it has not seen any cancellations by customers in its maiden Gurugram project, despite the Punjab and Haryana High Court restraining the company from making any fresh allotments.
Speaking on the company's earnings call, Chairman and Managing Director Vikas Oberoi said that even prospective buyers who were not allotted units have refused to refund the deposits paid against their Expressions of Interest (EOIs). Instead, they have opted to remain on the waitlist, hoping units become available due to cancellations.
"We have customers who refuse to take refund of the deposit that they have given, EOI deposit that they have given us. They want to wait if there is any cancellation," Oberoi said during the company's earrings call for Q1 FY26-27.
"We are pushing them to take their money back because we have no flats to offer, but people on the contrary are waiting," Oberoi said in response to a question on whether buyers were seeking refunds in the wake of the litigation.
Oberoi Realty's Gurugram project case
{{/usCountry}}Oberoi Realty's Gurugram project case
{{/usCountry}}In July, the Punjab and Haryana High Court order restrained Oberoi Realty from making fresh allotments in its newly launched luxury housing project, Three Sixty North, in Gurugram, would have no adverse impact on its business operations.
The company clarified that the court had not stayed construction of the project and that the order did not affect sales already concluded. It also said it would pursue the appropriate legal remedies.
Oberoi Realty launched Three Sixty North on June 29, announcing an investment of around ₹6,000 crore in its first residential project in the Delhi-NCR market. The developer expects the project to generate revenues of nearly ₹16,000 crore. On July 5, the company informed stock exchanges that it had recorded gross bookings of ₹8,109 crore.
The Punjab and Haryana High Court restrained Oberoi Realty from making any fresh allotments or creating third-party rights in the project until the Haryana Department of Town and Country Planning (DTCP) decides a pending complaint challenging the validity of the project's licence. The complaint alleges violations of foreign direct investment (FDI) norms and other statutory provisions. The court directed the DTCP to decide the complaint in accordance with the law, noting that the interests of existing and prospective homebuyers were involved.
In response to the order, Oberoi Realty said it does not affect existing sales and that construction at the project site continues. The company also maintained that the litigation would not have any material adverse effect on its business or operations.
The nearly 15-acre land parcel was acquired by Oberoi Realty from the crisis-hit IREO Group. Construction undertaken by the previous developer is being demolished as part of the site's redevelopment before the new project is built.
Oberoi Realty's Gurugram debut
Oberoi Realty entered the Delhi-NCR market with the launch of Three Sixty North in Gurugram on June 29. The project, located on Golf Course Extension Road in Sector 58, spans 14.8 acres and entails an investment of around ₹6,000 crore. Inspired by the developer's flagship Three Sixty West project in Mumbai, the development will comprise seven residential towers.
According to the company, Three Sixty North recorded gross bookings of approximately ₹8,109 crore, making it one of the biggest residential launches in the Delhi-NCR market.
The first phase comprises more than 800 residences across six towers, while the overall master plan includes seven towers. Apartments, priced from ₹18 crore onwards (excluding taxes), are available in 3 BHK + Studio, 4 BHK + Studio, duplex and penthouse configurations.