The Anant Raj Group launched its first project with the TARC Ltd brand in New Delhi. The new project on three acres of land is expected to be completed by the end of 2025. The developers are also coming up with 4-5 projects by next year.
The real estate firm will develop the ‘Tripundra’ project with a Rs 500-crore investment, said Amar Sarin, TARC CEO in an interaction with the media. TARC has a land bank of about 500 acres in Delhi, Gurugram and Manesar.
The new three-acre project, TARC Tripundra, located at Bijwasan Road in New Delhi, will have 190 apartments. This is the first project under the TARC Ltd brand name, although the Anant Raj Group has been into real estate for the past four decades.
Through this project, the company expects a sales realisation of Rs 1,000 crore, said Sarin. The apartments will be sold in phases at Rs 17,500 per sq ft after a rebate.
In May, the company raised Rs 1,330 crore from private equity firm Bain Capital in the form of secured long-term non-convertible debentures.
The company used part of the funding to pare debt and some part will be utilised for construction and creating land bank. TARC Ltd had sold a warehousing asset in North Delhi to global investment firm Blackstone for Rs 295 crore last September.
The company also plans to expand into commercial and retail segments in Delhi NCR for upcoming projects especially in the hospitality sector.