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TARC Tripundra, located on Bijwasan Road in New Delhi, will include 190 3 BHK and 4 BHK homes in this luxury housing project. TARC Limited, a well-known real estate developer, said on October 14 that it would invest Rs 250 crore in constructing a premium housing project near Indira Gandhi International Airport, Delhi.
The corporation would invest Rs 250 crore in the project’s construction, with the funds coming from internal accruals. According to the company’s CEO, Amar Sarin, the present worth of the land is roughly Rs 250 crore.
The project is expected to generate approximately Rs 1000 crore in income for the company. TARC Ltd. has over 500 acres of land in Delhi, Gurugram, and Manesar.
He stated further that two basement levels are already constructed and that the rest of the project will be completed by 2025.
The apartments range in size from 2200 to 3000 square feet and cost around Rs 4 crore. The price per square foot for the units is Rs 17,500.
Sarin stated that the company would construct 4-5 home projects during the next year. The corporation also maintains a land bank for commercial developments.
TARC Ltd raised Rs 1,330 crore in secured long-term non-convertible debentures from private equity company Bain Capital in May. The corporation used some of the funding to pay down debt, and some of the funding would be used for construction and the creation of a land bank in NCR.
Despite the rise in interest rates, Sarin believes there is strong demand for housing in all segments. TARC Ltd. was formed in 2020 as a result of a demerger with the listed entity Anant Raj Ltd.
Source- ET
