Oberoi Realty, an Indian developer known for premium properties, expects to “more than double” its sales value to 135 billion rupees ($1.83 billion) in the financial year through March, its billionaire owner said, reflecting robust demand for luxury homes in the South Asian nation.
The first phase of a high-end project by the company in Gurugram near New Delhi was sold out in “two hours”, chairman and managing director Vikas Oberoi says in an interview. It received four times the demand, he adds.
Oberoi Realty, which counts BlackRock and Vanguard Group among its investors, generated 81 billion rupees in gross bookings, according to a separate update to stock exchanges on July 6.
Each unit at its Three Sixty North project was sold for between 200 million rupees and 300 million rupees. Buyers had to make a 5 million rupee payment to reserve their bid and pay 10% of the apartment value within a week. The units will be delivered by December 2033.
India’s residential property market has been driven by luxury apartment sales since the pandemic. Developers anticipate the demand to sustain even after a recent dip. Prestige Estates Projects’ billionaire founder Irfan Razack told Bloomberg News recently that the company is targeting a 43% jump in sales value this fiscal year.
“Even in the biggest of slowdowns, you’ve never seen luxury getting corrected whether it is real estate, watches, bags or art,” Oberoi says. “There is very little of what is available for high-end luxury.”
