Shares of Oberoi Realty Ltd. gained over 2% on Monday, July 6, after the company said it achieved gross bookings of approximately ₹8,109 crore at Three Sixty North, Gurugram.
Brokerage firm Nomura is also positive on the stock after the strong response to the first phase of the Three Sixty North project. The brokerage has a "buy" recommendation and has increased its price target to ₹2,090 per share from its previous ₹1,850 apiece. This indicates an upside of 8% from its previous closing price.
The brokerage expects the company's FY27 pre-sales to grow 123% from the previous year. The new market entry and launch pipeline remain key re-rating triggers, it said.
Oberoi Realty in its exchange filing said its Three Sixty North project is its first luxury residential development in the National Capital Region (NCR). The project has recorded bookings for around 13.52 lakh square feet of RERA carpet (23.1 lakh square feet of saleable area), it said.
The project is spread across around 14.8 acre on the Golf Course Extension Road, in Sector 58 of Gurugram. The development will eventually comprise seven residential towers, landscaped open spaces, Club Three Sixty North and a curated boulevard with retail and cafes, the company added.
"Our entry into NCR marks an important milestone in Oberoi Realty's journey driven by philosophy rather than geography," Vikas Oberoi, the chairman and managing director of Oberoi Realty, said.
Of the 27 analaysts who have coverage on the Oberoi Realty stock, 17 have a "buy" rating, eight have a "hold" rating and two have a "sell" rating.
Shares of Oberoi Realty Ltd. were trading 2% higher at ₹1,972.9 apiece at 10.35 am on Monday. The stock has gained 23.3% in the past month and 16.3% this year, so far.