D TCP ruling positive but HC hearing on 19 August is key Quick Note

Research evidence excerpt

Oberoi Realty OEBO.NS OBER IN

Global Markets Research

18 August 2026

EQUITY: PROPERTY

DTCP ruling positive but HC hearing on 19 August is key

Quick Note

Rating

Remains

Buy

Target price

Remains

INR 2,090

On 17 August, Oberoi released an update that the Department of Town and Country

Planning ( DTCP) Haryana (via its order dated on 13 August) upheld the license issued to

Oberoi Realty’s “360 North” project in Gurugram, rejecting AIPL’s (Advance India Projects

Limited; unlisted) claim ( link ). Details regarding the dispute are in our note ( link ).

Closing price

17 August 2026

INR 1,931

As per the company, in view of the DTCP’s order, the restriction imposed by the

Honourable High Court (HC) on further allotments and further creation of third-party rights

via its order dated 7 July 2026 has ceased to be operative. As such, Oberoi can resume

sales for “360 North”.

India Property

Research Analysts

Akash Gupta - NFASL

+ 91 22 40374043

While the outcome is positive, Punjab and Haryana High Court hearing regarding the

DTCP order is stated for 19 August, which we expect to provide further clarity regarding

the conflict. Overall, considering that this is Oberoi’s first project in Gurgaon, we believe it

is important that the project moves smoothly from the perspectives of both the company’s

reputation and future growth in Gurgaon . The stock trades at a 53% premium to NAV (vs

our target of 70% premium to NAV). We maintain our Buy rating and TP of INR2090.

Our key takeaways from the update:

• As per the DTCP, Licence No. 69 of 2025 dated 5 December 2025 and the order

dated 17 June 2025 approving change of developer in favor of Oberoi Realty Ltd.

are legally intact and do not require any action.

• Further, as per the DTCP, the representation filed by AIPL seeking cancellation of

Licence No. 69 of 2025, the parent licences, and the change of developer approval in

favour of Oberoi Realty Ltd. was rejected.

• In view of the DTCP’s order, as per Oberoi, the restriction imposed by the Honourable

High Court on further allotments and further creation of third-party rights via its order

dated 7 July 2026, has now ceased to be operative, enabling Oberoi to restart project

sales.

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