News: Oberoi Realty: No Gurugram Cancellations Despite HC Curb-03-08-2026
Oberoi Realty has seen no cancellations in its first Gurugram project even after the Punjab and Haryana High Court barred it from making fresh allotments, Chairman and Managing Director Vikas Oberoi indicated on the company’s earnings call for Q1 FY26-27.
He said even applicants who were not allotted units have declined to take back the deposits paid with their Expressions of Interest (EOIs), preferring to stay on the waitlist in case of cancellations. The company is "pushing them to take their money back" because it has no flats to offer, he said, in reply to a question on whether buyers were seeking refunds after the litigation.
The court order
The High Court restrained the Mumbai-based listed developer from making fresh allotments or creating third-party rights in Three Sixty North 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 asked the DTCP to decide it in accordance with law, noting that the interests of existing and prospective homebuyers were involved.
The company has said the court did not stay construction, that concluded sales are unaffected and that the litigation will have no material adverse effect on its business. It said it would pursue appropriate legal remedies.
The project
Three Sixty North was launched on June 29 as Oberoi Realty’s entry into Delhi-NCR, with an investment of around Rs 6,000 crore and expected revenue of nearly Rs 16,000 crore. On July 5, the company told stock exchanges it had recorded gross bookings of Rs 8,109 crore, among the biggest residential launches in the region.
Located on Golf Course Extension Road in Sector 58, the project spans 14.8 acres and is inspired by the developer’s Three Sixty West in Mumbai. The master plan has seven towers. The first phase has more than 800 residences in six towers. Apartments start at Rs 18 crore (excluding taxes) and come as 3 BHK + Studio, 4 BHK + Studio, duplexes and penthouses.
The land was bought from the crisis-hit IREO Group, and construction done by the previous developer is being demolished.
