TARC Appoints Arabian Construction for Luxury Projects in Delhi and Gurugram
TARC appoints Arabian Construction Company to build two major luxury residential projects, totaling 4.60 million square feet, in Delhi and Gurugram.
by Damodharan N
Updated Jul 22, 2024
Table of Content
TARC, a prominent real estate developer based in New Delhi, has announced the appointment of Arabian Construction Company as the principal contractor for two major luxury residential projects.
The contract includes the construction of TARC Kailasa, a 2.80 million square feet development in Central West Delhi, and the upcoming TARC 63A in Gurugram, which will cover more than 1.80 million square feet.
Arabian Construction Company, headquartered in Abu Dhabi, UAE, will oversee the construction of both developments, which will feature high-rise buildings with 40 and 45 storeys, respectively. The firm is known for its expertise in delivering high-quality skyscrapers and iconic landmarks across the UAE and India.
The construction of TARC Kailasa and TARC 63A is expected to be completed within a time-bound schedule. The luxury developments will offer exclusive living spaces with panoramic views, landscaped gardens, and a range of world-class amenities such as spas, fitness centers, and concierge services.
TARC Limited's Managing Director & CEO, Amar Sarin, said that the company’s commitment to partnering with top industry experts to deliver exceptional residential projects. The detailed terms of the contract, including the exact completion date and total contract value, have not been disclosed but are part of a strategic initiative to enhance luxury living standards in these regions
Source: Here
Market Reaction
TARC Limited’s stock saw significant fluctuations following the company’s news release on the BSE at 9:40 AM. The share price initially increased from ₹193 to ₹194 by 9:42 AM but then fell to ₹190 by 9:45 AM.
After a period of stability, both the trading volume and stock price surged from 10:03 AM, with 3,069 shares traded and the price reaching ₹196. By 10:17 AM, the stock price climbed further to ₹197, before gradually decreasing.
The price peaked again at ₹198 by 11:07 AM and climbed down to 193 Rs and with gradual hiccups price started to rise and maintained a new level of Rs 198 by 12:14 PM, highlighting notable intraday volatility.
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TARC
TARC Limited, headquartered in New Delhi, is a leading name in luxury real estate development. The company focuses on creating high-end residential properties in New Delhi and Gurugram, aiming to redefine urban living through unparalleled quality and sophistication.
TARC’s projects feature modern high-rise towers and are backed by strategic partnerships, including financial collaboration with Bain Capital. The company is dedicated to blending India’s rich heritage with contemporary luxury, providing exceptional living experiences through meticulous planning and innovative design.
TARC’s commitment to excellence is evident in its approach, which integrates sustainability, innovation, and a deep respect for timeless luxury.
TARC Appoints Arabian Construction for Luxury Projects in Delhi and Gurugram - FAQs
1. What is the total size of the luxury projects TARC has contracted Arabian Construction to build?
The total size is 4.60 million square feet, comprising TARC Kailasa (2.80 million sq ft) and TARC 63A (1.80 million sq ft).
2. Which company has been appointed as the principal contractor for TARC’s luxury projects?
Arabian Construction Company has been appointed as the principal contractor.
3. Where are the luxury projects TARC is developing located?
The projects are located in Central West Delhi (TARC Kailasa) and Gurugram (TARC 63A).
4. What are the heights of the buildings planned for these projects?
TARC Kailasa will have 40-storey towers, and TARC 63A will feature 45-storey towers.
5. What is the expected completion timeframe for the TARC projects?
The projects are expected to be completed within a time-bound schedule, though exact dates have not been disclosed.
6. What amenities will the luxury developments include?
The developments will offer panoramic views, landscaped gardens, spas, fitness centers, and concierge services.
7. What was the initial stock price of TARC Limited before the news release?
The initial stock price was ₹193.
8. How did the TARC stock price react immediately after the news release?
The stock price rose to ₹194 but then fell to ₹190 before fluctuating again.
9. What was the peak stock price for TARC Limited during the day?
The stock price peaked at ₹198.
10. What was the stock price trend by 12:14 PM?
By 12:14 PM, the stock price reached ₹198, showing significant intraday volatility.