Real estate company TARC Limited announced on October 14 that it will be developing a luxury housing project located close to the Delhi International Airport with an investment of Rs 250 crore.
The project TARC Tripundra is located at Bijwasan Road in New Delhi and will comprise 190 3 BHK and 4 BHK apartments.
The company will be investing Rs 250 crore on the construction of the project and the amount would be met from internal accruals. The current value of the land is around Rs 250 crore, said the company’s CEO Amar Sarin.
The firm is expecting a revenue of around Rs 1000 crore from the project.
TARC Ltd has a land bank of around 500 acres in Delhi, Gurugram, and Manesar.
Two basement levels are already complete and the project will be completed by 2025, he said.
The apartments are of sizes 2200 sq ft to 3000 sq ft and are priced around Rs 4 crore. The per sq ft price of the units work out to be Rs 17,500 per square feet.
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.
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.
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