Brokerage Report
Oberoi Realty Gets Rs 2,151 ICICI Securities Target on Gurugram NCR Push
ICICI Securities has kept a positive view on Oberoi Realty with a target of Rs 2,151 per share, linking the call to the company's expansion into the National Capital Region through its 360 North project in Sector 58, Gurugram. The same period saw a Punjab and Haryana High Court order restraining fresh allotments at that project.
| Brokerage and rating | ICICI Securities, BUY rating, target Rs 2,151 per share (about Rs 782 billion), set at a 40% premium to FY27E NAV. Report dated 22 October 2026. |
|---|---|
| Sales bookings projection | About Rs 131 billion in FY27 and Rs 139 billion in FY28, compared with a roughly Rs 53 billion annual average in FY25 and FY26. |
| Annuity income (rentals and hotels) | Estimated at Rs 13 billion to Rs 15 billion, which the report says could help fund capital spending on new projects. |
| Net cash position | Brokerage expects a net cash position of Rs 5 billion by March 2027. |
| 360 North launch bookings | Rs 81 billion as quoted by ICICI Securities; some reports put the figure at Rs 8,109 crore recorded within days of launch. |
| Court order | Punjab and Haryana High Court restrained fresh allotments and creation of third-party rights at 360 North until the Haryana town planning department decides a licence challenge. |
| Stay extension | Oberoi told exchanges the stay on new allotments was extended until 25 September 2026. |
| Project scale | 14.8 acres, 7 towers, Sector 58 on Golf Course Extension Road; phase one has 6 towers with 832 units. |
| Land cost | Rs 597 crore paid in November 2023 for 14.81 acres in Sector 58. |
What happened
On 22 October 2026, ICICI Securities kept its BUY rating on Oberoi Realty Limited and set a target price of Rs 2,151 per share, equal to a target valuation of about Rs 782 billion. The brokerage based the target on a 40% premium to its FY27 estimated net asset value.
The brokerage links the view to Oberoi Realty's move into the National Capital Region. The company has historically focused on the Mumbai Metropolitan Region. Its 360 North project in Gurugram, which ICICI Securities says generated Rs 81 billion of sales bookings, opens growth opportunities in NCR.
The Rs 2,151 figure has also appeared in earlier coverage, including one dated 14 August 2026. ICICI Securities' result update of 21 July 2026 carried a target of Rs 2,200, which it said factored in a higher run-rate from NCR project sales.
Court order on new allotments
The Punjab and Haryana High Court has restrained Oberoi Realty from making any fresh allotments or creating third-party rights in the 360 North project. The restraint remains in place until the Haryana town planning department decides a licence challenge.
The petition was filed by Advance India Projects Ltd (AIPL). It alleged that the grant and later transfer of the licence were contrary to the Haryana Urban Areas Act, 1975, and that the transaction breached foreign direct investment conditions. The bench comprised Justices Jasgurpreet Singh Puri and Sanjiv Berry.
When the petition was filed, nearly 350 units had already been allotted and around Rs 750 crore had been collected from buyers.
In an exchange filing, Oberoi said the order "does not impact existing sales already concluded" and that there is no stay on construction. Later, the company informed exchanges that the court extended the stay on new allotments until 25 September 2026, and that existing bookings worth Rs 7,891 crore and construction activities remain unaffected.
ICICI Securities flagged an adverse outcome from the restraining order as a key risk to its view in its July 2026 report.
Company financial position
Oberoi Realty reported FY26 revenue of Rs 6,009.06 crore, up 13.67% year on year, and profit of Rs 2,507.43 crore, up 12.66%.
In the March 2026 quarter, net profit rose 62.35% year on year to Rs 703.28 crore, and revenue was Rs 1,749.83 crore, up 52.14%. Q4 FY26 bookings rose 96.13% to Rs 1,673 crore, covering 229 units against 78 units in Q4 FY25.
FY26 bookings were Rs 5,447 crore, up 3.14%, while units booked fell 24.86% to 698. The company said these booking figures are provisional and subject to final audit and verification.
The board approved raising up to Rs 4,000 crore through non-convertible debentures. ICICI Securities expects hotel openings, including a Marriott property (Sky City) in the first half of FY28 and a Ritz-Carlton in Worli in the fourth quarter of FY27.
The 360 North project in Sector 58
360 North is Oberoi Realty's project on about 14.8 acres in Sector 58, Gurugram, on Golf Course Extension Road. It has seven towers. Phase one comprises six towers with 832 units. The company paid Rs 597 crore in November 2023 for the 14.81-acre land parcel.
Brokerage estimates put total estimated sales from the full project at Rs 16,000 crore across two phases. A separate report puts total project investment at about Rs 6,000 crore.
Location and access
Golf Course Extension Road connects Golf Course Road with Sohna Road and the Southern Peripheral Road. Residents can reach Cyber City, Udyog Vihar and MG Road by road. Indira Gandhi International Airport is roughly a 30 to 40 minute drive away.
Sector 58 has no Rapid Metro station inside the sector. Reported distances to the nearest station vary, from about 1.8 km to about 5.5 to 6 km. A proposed 36 km metro corridor from Sector 56 to Pachgaon has been approved by HMRTC, but its timeline is not yet confirmed by an official source.
What it means for buyers, investors and the market
Existing buyers: Oberoi Realty says existing concluded sales are not affected by the order, and construction continues.
Prospective buyers: New allotments at 360 North are restrained while the court order stands, so new bookings at the project depend on the outcome of the licence dispute.
Investors: ICICI Securities describes NCR expansion as a growth driver rather than a validated run-rate. It expects pre-sales to be robust over the next two years, supported by the NCR launch, and says the same is likely to boost pre-sales in the first half of FY27, especially the second quarter.
Rental income: ICICI Securities expects rental income from retail and office spaces to grow at about 17% a year between FY26 and FY29.
What comes next
As of 26 October 2026, the latest date in the reports is 25 September 2026, the stay extension date, which has passed. Any further court direction is not yet reflected in company disclosures reviewed for this article.
A petitioner's representation seeking cancellation of the licence under Section 8 of the 1975 Act is pending before the Director, Town and Country Planning Department (DTCP), Haryana.
ICICI Securities expects Oberoi Realty's net cash position to reach Rs 5 billion by March 2027 and sales bookings to reach Rs 131 billion in FY27.
Frequently asked questions
What is the Rs 2,151 target on Oberoi Realty?
It is the target price per share set by ICICI Securities, which rates the stock BUY. The brokerage based the figure on a 40% premium to its FY27 estimated net asset value. The report is dated 22 October 2026.
Why is the court order on 360 North important?
The Punjab and Haryana High Court has restrained Oberoi Realty from making fresh allotments or creating third-party rights in the project until the Haryana town planning department decides a licence challenge. Oberoi says existing sales and construction are unaffected.
Are buyers who already booked at 360 North affected?
Oberoi Realty has said the order does not affect existing sales already concluded, and that there is no stay on construction. The company also reported that existing bookings worth Rs 7,891 crore remain unaffected.
How big is the 360 North project?
The project covers about 14.8 acres in Sector 58, Gurugram, with seven towers. Phase one has six towers with 832 units.
Is there a metro station near Sector 58?
Sector 58 has no Rapid Metro station inside it. Reported distances to the nearest station vary between about 1.8 km and 5.5 to 6 km. A proposed metro corridor from Sector 56 to Pachgaon has been approved by HMRTC, but its timeline is not confirmed by an official source.