For the uninitiated, please expand on the four-decade long journey of TARC?
Four decades ago, Anil Sarin founded The Anant Raj Corporation (now known as TARC) with a dream, an aspiration and a clear vision to transform the capital city of India. Under his adept leadership, the organisation started its journey as a construction and contracting company and evolved to become one of the leading premium real estate developers and land bank holders in Delhi-NCR and got listed on the stock exchange as a Public Limited entity and its listing at NSE and BSE in its new avatar as TARC Limited w.e.f. December 18, 2020.
Tell us about the land bank in Delhi-NCR and about the projects?
TARC owns fully-paid land parcels and built-up assets inside the municipal limits of New Delhi which comprises more than 300 acres. The company also owns land parcels in Gurugram, in addition to Manesar and Greater Noida, where its total land holdings exceed 550 acres of prime land. Today, it has many projects in line, some of such projects are TARC Maceo, TARC Tripundra, TARC Residential Gurugram-Sector 63 (A), TARC Hauz Khas and TARC Central West Delhi.
Can you elaborate on the recent funding from Bain Capital? How much did you raise and how do you intend to utilise it?
Bain Capital, the US-based private equity firm invested Rs 1,330 crore in the form of secured long-term non-convertible debentures. It was the biggest deal ever closed by a real estate company in North India. The investment by a firm such as Bain Capital also demonstrates the quality of Projects and Land Bank in the company.
We are using the capital for the expansion of our business and utilized part of this infused capital to retire entire existing debt with multiple domestic lenders, thereby achieving the twin objectives of optimizing the cost of capital as well as substituting short term existing debt with patient long term capital.
This serves as fuel to the expansion and maintains the recently acquired growth momentum with the recently launched project in New Delhi, TARC Tripunda and extend it further by developing one of our strategically located land parcel in Sector 63(A) of Gurgaon. TARC is geared to launch its projects to bring a new wave of luxury residences in Delhi NCR.
How has been the performance of the company in the current fiscal year? What are the growth projections for the next year?
We witnessed a robust performance where we achieved sales worth approximately Rs 400 crore so far. We wish to continue the multi-fold growth momentum with our luxury residential project offerings in New Delhi and NCR region led by a customer-centric approach to experiential living and utilising the company’s current land bank. We believe that this trend will continue since Delhi‘s urban skyline is undergoing phenomenal transformation. Currently, we have projects worth Rs 5,500 crore under planning and execution, which have been or will be launched in the near future.
How has been the response to your recently launched TARC Tripundra?
TARC Tripundra is conveniently located within easy driving distance of commercial and social hubs across Delhi-NCR and located at an equidistance from Delhi and Gurugram. This gated township offers premium project including three and Four-BHK homes priced Rs 4.5 crore onwards. We closed 2022 on a high note with our sale price appreciating by almost 25 per cent. In addition, we have clocked sales worth approximately Rs 400 crore so far and about 50 per cent of the project has been sold in the nascent stage itself.
What are some of your expansion plans?
We are planning to develop a 1.6 million sq ft land in Central Delhi. We will develop projects in Chattarpur and Hauz Khas in the future. Additionally, the company will have another 200-key hotel in Rajokri near the Delhi airport on a 7-acre plot of land where we will develop serviced apartments and managed residences as well. We have primarily focused on Delhi-NCR and successfully developed a tenacious bond with consumers. It is an encouragement for us to look beyond this region.