TARC Limited targets ₹1,500 crore revenue in FY23-24

Delhi-based real estate developer TARC Limited plans to triple revenue to ₹1,500 crore in FY23-24. The company, which has raised ₹1,330 crore from Bain Capital by way of NCD, is expecting a top line of ₹6,000 crore from its upcoming projects in Central Delhi and Gurgaon.TARC has achieved project sales value of ₹520 crore in FY23 and has already sold out its project in Gurgaon, TARC Maceo, which achieved a price appreciation of 45%. The company also registered cash in-flows of ₹250 crore in FY23, including compensation received from the government for land acquisition.“TARC will continue to aim at generating healthy cash flows in the current financial year which will be re-invested in our business and towards debt reduction. A strong project pipeline in the luxury and ultra-luxury space will ensure that we are committed to meeting our growth objectives in a sustained manner,” said Amar Sarin, CEO & Managing Director – TARC Ltd.The company is planning to launch two new projects in Central Delhi and Gurgaon in September-October 2023. These projects have a development potential of around 3 million sq ft and are expected to generate revenue of ₹6,000 crore.TARC is also expecting revenue from its luxury residential project ‘TARC Tripundra’ on the main Bijwasan Road in New Delhi, which it launched in 2022. The premium project offers 3 and 4-BHK homes priced Rs 4.5 crore onwards and the project has an approximate total sales value of over Rs 900 crore.TARC has a strong track record of growth and has consistently delivered on its financial targets. The company is well-positioned to continue its growth momentum in the coming years.Also ReadChennai Metro to revolutionise Old Mahabalipuram Road by 2027Railways to upgrade 1,275 stations