Realty developer TARC to fast track residential projects after selling warehousing asset to Blackstone

Delhi based real estate developer TARC ltd, which 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, will use the funds towards paring debts and fast track the residential projects, in Central West and South Delhi which is about half a million to two million sq.ft, Amar Sarin, CEO & MD of the company said.

Sarin said that the move is aligned to TARC’s strategy of maintaining focus on core development projects to unlock much higher value through its strategic and key land parcels in New Delhi.

In next 3-5 years, the company aims to complete 9-10 projects with 5-6 million square feet of 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,” said a company spokesperson.

The total value of the transaction of the asset will be paid in tranches, subject to the satisfaction of certain identified conditions and closing actions, including transfer of land parcels in villages Jindpur, Khera Kalan and Nangli Poona, North Delhi.