Oberoi Realty says no buyers have cancelled bookings in its ₹8,109 crore Gurugram project, Three Sixty North, even after a High Court order restrained fresh allotments.
Here's a detail that says more than any earnings call script usually manages to. Speaking on Oberoi Realty's Q1 FY26-27 earnings call, Chairman and Managing Director Vikas Oberoi revealed that prospective buyers who weren't even allotted a unit in Three Sixty North are refusing to take their deposit money back. "We have customers who refuse to take refund of the deposit that they have given, EOI deposit that they have given us. They want to wait if there is any cancellation," Oberoi said. "We are pushing them to take their money back because we have no flats to offer, but people on the contrary are waiting."
That's an unusual position for a developer to be in, actively trying to return money that customers don't want back.
The Punjab and Haryana High Court restrained Oberoi Realty, along with the IREO Group entities involved in the project's history, from making any further allotments or creating third-party rights in Three Sixty North, until Haryana's Director of Town and Country Planning decides a pending complaint seeking cancellation of the project's licence. The order came from a bench of Justice Jasgurpreet Singh Puri and Justice Sanjiv Berry, passed while disposing of an application filed by Advance India Projects Limited, which alleged that IREO Group and Oberoi Realty acted in contravention of the law. The petitioner's core argument: Oberoi was never the legal "owner" of the land as required under Section 3 of Haryana's 1975 development law, since the land had already been transferred elsewhere before the licence changed hands. The court noted plainly that "the rights of various allottees/prospective allottees are involved," which is exactly why it stepped in rather than waiting for the DTCP process to run its course untouched.
The company has been consistent in its public position: the order doesn't touch construction, and it doesn't unwind sales that have already closed. Site work continues. Oberoi has said it will pursue appropriate legal remedies against the restraint itself.
It's worth remembering just how large this launch already was before the litigation. Oberoi Realty entered Delhi-NCR for the first time with Three Sixty North on June 29, on a 14.8-acre parcel on Golf Course Extension Road in Sector 58, an investment of roughly ₹6,000 crore, with total revenue potential pegged near ₹16,000 crore. By July 5, the company had already recorded gross bookings of ₹8,109 crore, roughly half its total revenue target, making it one of the largest single residential launches NCR has seen. The first phase alone covers more than 800 residences across six towers, out of a seven-tower masterplan, with pricing starting from ₹18 crore before taxes across 3 BHK+Studio, 4 BHK+Studio, duplex and penthouse formats. The land itself came from the crisis-hit IREO Group, and the earlier developer's construction is being demolished before Oberoi's own design goes up.
This case is a genuinely useful real-world example of something worth internalising: a court restraining fresh allotments doesn't automatically mean a project or its existing buyers are in trouble, but it does mean any prospective buyer today should be checking a project's licence and title history directly, not just its brand name. Hommea would flag this as a reminder that even a debut project from a major, established developer like Oberoi deserves the same paperwork scrutiny as any other launch, and anyone tracking this specific development can check current status and details on Oberoi Three Sixty North directly before making any decision.
