Shares of Oberoi Realty fell sharply on Thursday, July 9, touching a low of Rs 1,820.70 on the NSE after a Gurugram project setback.

The Punjab and Haryana High Court has stopped Oberoi Realty from making any fresh allotments or creating third party rights in its ‘Oberoi 360 North’ project, also referred to as ‘Three Sixty North’, in Gurugram.

This restriction will stay in place until the Haryana Department of Town and Country Planning decides on a pending complaint that questions the validity of the project’s licence.

The order came while the court was hearing a plea filed by Advance India Projects Ltd, a company that has laid claim to the same project.

It wants the original licence cancelled and the sale deed in favour of Oberoi Realty scrapped. The petitioner argued that the licence transfer earlier this year did not follow proper foreign investment norms.

During the hearing, counsel for the petitioner told the court that the project is estimated to be worth around Rs 8,000 to 10,000 crore, and claimed that nearly 350 units had already been sold with about Rs 750 crore collected from buyers.

These figures came from the petitioner’s own submissions in court and have not been independently confirmed by Oberoi Realty.

Oberoi Realty has clarified that the order has no impact on ongoing construction or on sales already completed. The company says work at the site continues as planned, and existing buyers are not affected by the ruling.

The Haryana government told the court this matter remains pending before the DTCP director, with the next hearing scheduled for July 20.

Both sides will get a chance to be heard before any final decision is made. The stock recovered well through the rest of the session.

By the close, shares of Oberoi Realty were trading at Rs 1,873.20 on the NSE, up 0.17% for the day, well off the day’s lows.

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