TARC Limited, a Delhi-based real estate developer, plans to triple its sales income to Rs 1500 crore in Financial Year 2023-2024, owing to strong demand for luxury residential developments, according to Amar Sarin, CEO & Managing Director – TARC Ltd.
The company has reached a project sales value of Rs 520 crore and plans two new launches in Central Delhi and Gurgaon in Financial Year 2023.
The company, which has funded Rs 1,330 crore via NCD from Bain Capital, anticipates a top line of Rs 6,000 crore from these projects.
“Both of the projects we intend to launch by September-October 2023 will have a development potential of approximately 3 million square feet.” However, we will launch phase one first, followed by following stages,” Sarin explained.
The company also anticipates earnings from the premium residential project ‘TARC Tripundra’ on New Delhi’s prominent Bijwasan Road, which it plans to launch in 2022.
The premium project provides 3 and 4-BHK residences starting at Rs 4.5 crore, with an estimated total sales value of over Rs 900 crore, which is much greater than the previously planned value of Rs 650 crore due to price appreciation.
The TARC Maceo, “our other project in Gurgaon, is completely sold out and has experienced a 45% price appreciation.” The current Financial Year saw financial inflows of Rs 250 crore, which included compensation from the government for land acquisition. As a result, we were able to meet our payment obligation ahead of schedule,” Sarin explained.
In the year 2022, the company has also clinched two transactions with famous overseas institutional investors like Blackstone and ESR.
“TARC will continue to strive for healthy cash flows in the present fiscal year, which will be re-invested in our future projects and used to reduce debt.”
“A strong project pipeline in the luxury and ultra-luxury space will ensure that we remain committed to meeting our growth objectives on a consistent basis,” Amar Sarin said.
Source-ET
