TARC records pre-sale of ₹1,350 Crore from Gurgaon project

28 Nov 2024 , 02:47 PM

TARC Ltd, a real estate developer, has reported a pre-sale of ₹1,350 Crore, accounting for 50% of the TARC ISHVA project in Gurgaon. 

The corporation initiated the project in September of this year.

The transaction will help TARC meet its fiscal year goals, and the company is sure that the remaining inventory will be sold soon.

The project is for 1.35 million-square-foot luxury home development.

We have seen end-user-driven demand for our projects. We are highly sure that this momentum will continue, and we intend to deliver more similar advances to our valued customers in the near future, stated Amar Sarin, Managing Director and CEO of TARC Limited.

TARC Ltd recorded presales of ₹1,012 Crore, a 900% year-on-year increase for Q2 FY25, as it launched TARC Ishva, a 1.35 million square foot development in Sector 63A, Gurugram, with a total revenue potential of ₹2,700 Crore.

The company also executed a ₹1,000 Crore debt refinancing at a significantly reduced borrowing cost of 12.75%, down from upwards of 18% throughout the quarter.

The company’s concentration remains on ultra-luxury residential buildings.

TARC Kailasa has received a total prepayment of ₹1,824 Crore as of the end of H1FY25, and the business has begun foundation work for the project following the conclusion of the excavation activities.

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