Punjab & Haryana HC restrains future allotments at "360 North" Quick Note

Research evidence excerpt

Punjab & Haryana HC restrains future allotments at "360 North" Quick Note

Global Markets Research

Oberoi Realty OEBO.NS OBER IN 9 July 2026

EQUITY: PROPERTY

RatingPunjab & Haryana HC restrains future allotments at “360 North” Remains Buy

Target price INR 2,090 RemainsQuick Note

Closing priceOberoi Realty had purchased the land parcel for its project “360 North”, Gurgaon from 8 July 2026 INR 1,870

IREO Residences (unlisted) in May 2024 for INR5.97bn. The company clocked pre-sales

revenue of INR81bn on 5 July during the launch of the project.

Historically, AIPL (unlisted) has contended that IREO unlawfully terminated the MoU and Research Analysts

transferred the licensed land, development rights and project to Oberoi Realty. AIPL has India Property

further alleged that the transfer violated the Consolidated FDI Policy, as IREO exited the Akash Gupta - NFASL

project without first completing the prescribed development obligations. Oberoi Realty and akash.gupta3@nomura.com

IREO, however, has maintained that the transfer was lawful, duly approved by DTCP + 91 22 40374043

(Department of Town and Country Planning), Haryana, and fully compliant with applicable

laws.

On 7 July, the Punjab and Haryana High Court through its order (link) restrained future

allotments in the “360 North” project and directed that no additional third-party rights be

created until the complaint is decided.

Key takeaways are:

1. The High Court asked the Director, DTCP, Haryana to decide on the complaint

by 20 July 2026. If the matter cannot be decided on the scheduled date, DTCP has

been directed to hear the case on a day-to-day basis and pass a reasoned order

within the following two weeks.

2. As per Oberoi management, the order does not impact any existing sales