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Hindustan Times
20-05-2025
- Business
- Hindustan Times
Gurugram real estate: Oberoi Realty to enter Gurugram with high-end luxury project inspired by Three Sixty West
Mumbai-based Oberoi Realty is set to enter the Gurugram real estate market with a high-end luxury project, featuring apartments ranging from 5,000 to 8,000 sq ft, according to Vikas Oberoi, CMD of Oberoi Realty. Oberoi said the Gurugram project will be modeled after the company's flagship luxury development, Three Sixty West, located in Mumbai's Worli. There, apartments are priced at ₹1.50 lakh per sq ft. During an investment call last week, Oberoi mentioned that the company is focusing on the high-end luxury segment for its Gurugram venture. "It is very similar to what we are doing, maybe a smaller version of Three Sixty West. It will start with 5,000 (sq ft) or so, and will go up to 7,500, 8,000 (sq ft). So it's literally that sort of product, it's high-end, high-quality, and it's very well designed," said Oberoi. "Approval-wise, we constantly keep getting approval (for the Gurugram project), so there is really no challenge. We have got a few approvals in the past, maybe a few weeks ago, and the rest of them are also in place, so we are on a good wicket there,' he said. Oberoi Realty plans to launch its high-end luxury project in Gurugram in the second half of the current financial year. In November 2023, the company announced the acquisition of 14.81 acres of land in Sector 58, Gurugram, Haryana, for ₹597 crore. According to the company, the land has the potential to develop up to 2.6 million sq ft of floor area. Also Read: Oberoi Realty forays into NCR, acquires 14.8 acre land for luxury project "Over the past three years, Gurgaon has seen the highest sales value in Delhi NCR, making it a highly attractive market. With limited established local players, Mumbai developers see a clear opportunity to tap into the demand," said Ritesh Mehta, Senior Director and Head (North and West), Residential Services and Developer Initiative at JLL India, a real estate consultancy firm. According to Mehta, "For Oberoi Realty, entering the Gurugram market is a strategic move to diversify geographically and establish a presence in a high-growth, premium-driven zone. The city's evolving buyer profile and robust infrastructure development further enhance its appeal." In December 2024, Oberoi Realty announced its acquisition of 81 acres of land in the coastal town of Alibaug near Mumbai. The company plans to develop a luxury hotel and branded residence villas as part of the project. Speaking about the project launch, Oberoi stated that it could take place by the end of this year. "We would try to do it in, maybe the second half of this year also. But here we want to first do the sample villa. We want to do a restaurant, this is the Ritz-Carlton Hotel, and villas. So, we want to do a restaurant managed by Ritz, and then do a show villa, and then call people and all that give them a complete feel and flavour of what they will be buying into," Oberoi said. Also Read: Should you buy a home near the Metro station or a suburban local train station in Mumbai? Oberoi Realty has secured rental deals for space in the Borivali Sky City Mall at a rate of ₹1,000 per sq ft, according to the company. "We have rentals up to Rs1,000 a square foot on carpet area. So, between Rs400 and Rs1,000, it's something like that. So, it all depends on who is coming in, we have got a very nice gold souk, a kind of special area where we have got all the jewellers there. We have got very high-end watches in one segment, so they are very interesting. This is literally one of the best malls I would say in the country, the way it is designed, and the feedback that we get, it's really, really nice. And these are the deals signed at Rs1,000 carpet," said Vikas Oberoi. In March 2025, Oberoi Realty held a soft launch for its Sky City Mall in Borivali, marking its second mall in Mumbai after Oberoi Mall in Goregaon East. Also Read: 'Buying a house will never go out of fashion,' says Oberoi Realty's CMD Vikas Oberoi Sky City Mall, part of the 25-acre mixed-use development named 'Sky City,' features a gross leasable area (GLA) of approximately 12.07 lakh sq ft, with a leasable carpet area of around 7.24 lakh sq ft.
Fashion Network
12-05-2025
- Business
- Fashion Network
Indian retail grows by 169% in January to March quarter: JLL India
India's retail sector witnessed a 169% year-on-year expansion in the January to March quarter of 2025, driven by continued momentum in new store openings across major cities, according to a new report by JLL India. Retailers leased 3.1 million square feet of space in malls and high streets across the top seven cities during the January to March quarter this year, while 2 million square feet of new retail space was added. Gross leasing activity also rose by 9% quarter-on-quarter during the three months, Apparel Resources India reported. Apparel and fashion continued to dominate leasing demand, with both fast fashion and contemporary brands expanding their brick-and-mortar presence. Samantak Das, chief economist and head of research and REIS, India, JLL, said brands that catered to fast fashion and contemporary styles dominated the space take-up as both new and established players in the Indian retail scene quickly increased their brick and mortar footprint to meet the needs of the younger demographic. While demand across cities remained steady, the report noted that new retail space additions hit a record high. Bengaluru and Hyderabad accounted for 60% of total leasing activity, particularly in suburban micro-markets where demand from fashion, food and beverage, grocery, and daily needs retailers drove the need for larger stores. Domestic retailers accounted for 86% of space take-up, while eight international brands launched their first Indian stores during the quarter.
