Oberoi Realty touched a day high of Rs 1,960.70 after Haryana’s DTCP dismissed a rival developer’s challenge to its Gurugram project licence.

The move came after the state’s town planning department rejected a challenge to the company’s development rights for its Three Sixty North project in Gurugram.

The dispute centred on Advance India Projects Ltd, which had asked Haryana’s Department of Town and Country Planning to cancel Oberoi Realty’s licence and hand over developer rights for the project.

The DTCP director rejected the plea outright, calling it without merit. With that ruling in place, Oberoi Realty’s Licence No. 69 of 2025 stays intact, along with its approval as the project’s developer.

That also means the Punjab and Haryana High Court’s earlier restriction on fresh bookings and third-party rights, in place since July, is no longer active.

Three Sixty North is Oberoi Realty’s first project outside Mumbai and its entry point into the National Capital Region.

The company said last month it had already booked around ₹8,109 crore worth of sales at the project, against a total project value of close to ₹16,000 crore.

Oberoi Realty has called Gurugram a market it plans to treat with the same seriousness as Mumbai. The clearance follows a strong June quarter for the company too.

Consolidated net profit grew 29% year-on-year to ₹544 crore, while revenue from operations rose 31.7% to ₹1,301 crore. The company also declared an interim dividend of ₹2 per share during the quarter.

Despite the early gains, the stock gave up ground through the morning. As of 10:02 am, Oberoi Realty was trading at ₹1,904.90 on the NSE, down 1.35% from the previous close of ₹1,931.

Ready to invest like a pro? Tradz by EquityPandit app equips you with 100+ Free tools and knowledge you need to succeed. Download the Tradz by EquityPandit app and gain access to daily stock lists and insightful market analysis and much more!