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TARC Ltd, a Delhi NCR-based real estate developer, is planning a prestigious luxury housing venture spread across 1.7 million sq ft. The project, named "TARC Kailasa," is located in central-west Delhi's Kirti Nagar. CEO Amar Sarin announced a substantial investment of Rs 1,200 crore for this high-end development located on Patel Road.
Positioned in the city's heart, the project entails constructing 411 luxurious apartments, featuring 3.5 BHK and 4.5 BHK units with ticket prices of Rs 9 crore and Rs 12 crore, respectively. These luxury residences, spanning 3440 sqft and 4246 sqft, are priced between Rs 28,000-29,000 per sq ft.
TARC Kailasa will be spread across six acres and will comprise five towers, each soaring 30-35 floors, promising a distinctive skyline in Central Delhi. Amar Sarin highlighted the strategic demolition of a shopping mall to make way for this residential endeavor. With construction already underway, the project anticipates completion within 42-48 months, demonstrating TARC Ltd's commitment to timely delivery.
TARC Kailasa has been designed by Andy Fisher Workshop in Singapore and embodies the company's commitment to high-quality construction. Arabian Construction Company, renowned for its expertise in high-rise construction across India and the UAE, has been appointed as the project's construction contractor.
The construction funding for TARC Kailasa will be sourced from internal accruals and revenues generated through sales. TARC has swiftly gained investor confidence, with 30% of the project's apartments, valued at Rs 1,200 crore, sold within just 3-4 days preceding the official launch. Amar Sarin expressed ambitious targets, aiming to sell approximately 65% of the remaining inventories within the next month. The company's previous luxury housing project, "TARC Tripundra," near Delhi International Airport, launched in October 2022 with a Rs 250 crore investment, further contributed to its revenue.
With an eye on diversification, TARC Ltd is set to introduce another luxury housing project in Gurugram, featuring over 400 apartments in February 2024. Amar Sarin envisions a combined revenue of Rs 7,500 crore from these three prominent projects.
The company secured Rs 1,330 crore from Bain Capital through non-convertible debentures, underlining its financial robustness. Notably, TARC Ltd's foray into luxury residential real estate aligns with the growing demand for upscale living in Central Delhi, providing an alternative to the conventional migration to areas like Noida or Gurgaon. TARC Ltd envisions TARC Kailasa as a transformative addition to the city's real estate landscape, meeting the discerning needs of Delhiites for sophisticated and centrally-located living spaces.
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