TARC's luxury project in Delhi with sales potential of Rs 900 crore sees demand
“We have a lot of demand from NRIs based in Dubai, Singapore as well as UK. Also we are getting a lot of demand from HNIs in the city,” said Amar Sarin, the CEO of TARC, in an interview with CNBC-TV18,
Delhi-based premium real estate developer TARC claims to have clocked sales worth Rs 350 crore for its recently launched luxury residential project. The project has a potential of Rs 900 crore with a saleable area of 5 lakh square feet. One of the key selling points of the project is its location in Delhi, which has been driving demand from NRIs.
Amar Sarin, the CEO of TARC, in an interview with CNBC-TV18, said that “This is the project that we have recently launched in October. It is a Delhi-centric project, very near the airport. We have a total saleable area of 500,000 sq feet over here and we will be clocking the sales of between Rs 900 crore and Rs 1,000 crore between this project.”
“We have a lot of demand from NRIs based in Dubai, Singapore as well as UK. Also, we are getting a lot of demand from HNIs in the city,” he said.
From October, the company has already sold 40 percent of the project with two price increases, he added.
In addition to this, the company has received a significant investment from Bain Capital, which invested Rs 1,330 crore in TARC. This is one of the largest transactions in the company's history.
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Sarin explained that the money from Bain Capital's investment will be used for growth capital and debt reduction. In line with this strategy, TARC has started prepaying all of its NCDs. The company is aiming to achieve a debt reduction of Rs 700 crore over the next 18 months.
“The absolute debt on the books is close to Rs 1,150-1,200 crore. We are looking at roughly Rs 700 crore of debt reduction over the next 18 months,” he said.
Once the debt repayment is complete, TARC will be left with Rs 500 crore in cash. The company is now looking at ways to monetize its land assets going forward.
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In the near future, TARC is looking at launching three new projects with a total sales potential of Rs 5,500 crore. The company is aiming for a booking target of Rs 1,500-2,000 crore in FY24. With this new luxury project in Delhi, TARC is poised to continue its growth and success in the real estate market.
For the entire interview, watch the accompanying video
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