TARC to invest Rs 230 crore in developing two land parcels in Delhi and Gurgaon

Delhi/NCR

Delhi-based real estate developer TARC ltd will invest over Rs 230 crore in developing residential units at two different land parcels in Delhi and Gurgaon, Amar Sarin, CEO and MD of the company told ET.

The company has planned 500 units in sector 63, Gurgaon and another 200 units in Rajokri, at the Delhi-Gurgaon border.

“We hold large land banks in Delhi and also in NCR towns and we now plan to monetise them in phases. In Delhi, where we don’t see much new development, we will come up with high-rises near the airport,” said Sarin.

The company has recently sold its warehousing asset in North Delhi to BREP Asia II EIP Holding (NQ) Pte. Limited, an affiliate of funds controlled by Blackstone for Rs 295 crore.

It will use the funds towards paying debts and fast track its residential projects, in Central West and South Delhi.

“While most of the projects we will develop on our own, we are also open to joint ventures. Since most of the land we hold are in prime areas of Delhi, we want to offer premier luxury housing,” Sarin said.

The Gurgaon land parcel is spread in 7-acre and TARC plans to start the construction of 500-units in February.

With total 5 lakh sqft of development potential, the construction is expected to cost Rs 130 crore.

The Delhi land is spread over 3-acre and the company has planned three towers of G+10 with plans to complete the construction within 30 months.

The company is expected to invest close to Rs 100 crore in the project.

“This financial year we expect to start these two projects and then gradually we will monetise other land also,” Sarin added.

In next 3-5 years, the company aims to complete 9-10 projects with 5-6 million square feet area.

“This is in line with making TARC a debt free company, develop its huge land bank as well as look for new developments in the National Capital Region,” Sarin said.

Faizan Haidar, ET Bureau

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