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A 1.7 million square foot luxury apartment project with a top line of Rs 4000 crore is being developed in central-west Delhi by listed real estate developer TARC Ltd, located in Delhi NCR.
TARC Ltd’s MD and CEO, Amar Sarin, said that the business will invest Rs 1,200 crore to build the opulent “TARC Kailasa” residential development, which is situated on Patel Road in Kirti Nagar, the nation’s capital.
“This project is located right in the middle of the city. In this project, we’ll build 411 flats. These will be luxurious 3.5- and 4.5-bedroom apartments, priced at Rs. 9 crores and Rs. 12 crores, respectively. Sarin stated at the project’s January 11 opening that a 3.5-bedroom home will be 3440 square feet, while a 4.5-bedroom one will be 4246 square feet.
According to him, the price per square foot of the apartments in this project will range from Rs 28,000 to Rs 29,000. He continued by saying that the project will bring in an estimated Rs 4000 crore in income, with a total investment of Rs 1,200 crore, discounting land costs.
According to Sarin, the project was started by the corporation following the demolition of a nearby mall. He indicated internal accruals will cover the building expense. The project is currently under development, with completion anticipated within the next 42–48 months.
Additionally, Sarin stated that even before to the inauguration, TARC had already sold 30% of the project units, valued at Rs 1,200 crore, in only the past three to four days. “We are targeting to sell around 65 percent of inventories in the next one month,” he stated.
With a Rs 250 crore investment, the real estate company has introduced the opulent “TARC Tripundra” project in October 2022, next to the Delhi International Airport on Bijwasan Road.
In February 2024, Sarin claimed, the business would also start construction on a premium housing complex with around 400 units in Gurugram.
According to him, the corporation anticipates earning about Rs 75oo crore from these three initiatives. The six acres of TARC Kailasa will be occupied by a tall building project consists of five 30- to 35-story buildings.
Source-ET
