New Delhi, March 2 Listed realty firm TARC Ltd expects a total revenue of around Rs 4,500 crore from its ongoing ultra-luxury housing project in the national capital, amid strong demand and limited supply, a top company official said.
Delhi-based TARC Ltd launched a super luxury residential project 'TARC Kailasa' on 6-acre land in Kirti Nagar, the national capital, in 2024.
"We have sold around 275 units across four towers and are now launching a fifth tower comprising 110 units for sale," said TARC MD and CEO Amar Sarin.
The company will sell apartments in the price range of Rs 11-14 crore per unit in the newly launched tower.
Sarin said the company will develop an area of 17 lakh square feet in this project.
Asked about the project cost, Sarin said the total investment would be around Rs 1,500 crore, excluding land cost.
"The construction work is underway. We have already invested around Rs 250 crore on this project," he added.
The construction cost will be met through internal accruals.
"We are expecting a total revenue of Rs 4,500 crore from this project," Sarin said.
The project is expected to be completed in March 2030. TARC Ltd is developing this project after demolishing a shopping mall on this land parcel. On the overall company's performance this fiscal, Sarin said the company has achieved sales bookings of Rs 1,000 crore in the first nine months of this fiscal and expressed confidence that the number would reach Rs 2,500 crore for the full financial year.
Sarin said the launch pipeline for the next financial year is strong.
TARC Ltd has a huge land bank in the Delhi-NCR property market, and it will gradually launch projects to monetize the value.
Sarin said the company is looking to acquire more land parcels, through both outright and joint development arrangements with land owners.