TARC Ltd to invest Rs 500 crore to develop luxury housing project in Delhi
Realty firm TARC Ltd will develop a new luxury housing project in the national capital with an investment of Rs 500 crore, its CEO Amar Sarin said. TARC Ltd has a land bank of around 500 acres in Delhi, Gurugram and Manesar.
The new 3-acre project ‘TARC Tripundra‘, which is located at Bijwasan Road in New Delhi, will comprise 190 apartments. This is the first project under the TARC Ltd brand name, although the Anant Raj Group has been into the real estate business for the last four decades.
“We are launching a new luxury housing project. It will have 3 and 4 BHK homes,” Sarin told PTI. The construction work has started and the project will be completed by 2025.
When asked about investments, Sarin said the project cost will be around Rs 500 crore including the land cost. The construction cost will be met through internal accruals and advances from customers against sales.
Sarin said the company is expecting a sales realisation of around Rs 1,000 crore from this project. The company is selling apartments at Rs 17,500 per square feet in this project.
Apartment prices start from Rs 4 crore onwards. In May, TARC Ltd raised Rs 1,330 crore from private equity firm Bain Capital in the form of secured long-term non-convertible debentures.
The company utilised part of the funding to pare debt and some part of the funding will be utilised for construction as well as creating land bank. In September last year, TARC Ltd had sold a warehousing asset in North Delhi to global investment firm Blackstone for Rs 295 crore.
Sarin said the company would be launching 4-5 housing projects over the next one year. The company has a land bank for commercial projects as well.
Sarin said the demand for housing across all price-points is strong despite the rise in interest rates. TARC Ltd was formed in 2020 after the demerger with listed entity Anant Raj Ltd.