TARC Limited, one of the leading players in India’s real estate development, has released its Business Responsibility and Sustainability Report, or BRSR, for 2023-24. The report epitomizes the efforts of the company toward sustainable business conduct, ecological accountability, and governance with ethics, therefore providing full transparency to how TARC is working its way out in the fast-changing dynamics of real estate while adhering to its pledge toward long-term sustainability.
With New Delhi as the base, TARC Limited develops and manages projects involving residential and commercial sectors. The BRSR Report 2023-24 reflects TARC’s adherence to the philosophy of sustainability through effectively considering ESG factors: environmental conservation, social responsibility, and corporate governance. The company is on track with its strategic efforts aimed at enriching the urbanization process in India sustainably, along with efforts directed toward meeting stakeholder expectations.
One of the high points of the report is the company’s effort to ensure energy management and carbon footprint reduction. To this effect, TARC has invested in renewable energy solutions that ensure a huge chunk of its electricity consumption is derived from sustainable sources. Commercial property developed within the portfolio of the company boasts energy-efficient designs and systems that minimize energy wastage in line with international best practices. Also, TARC has pursued ways of ensuring water conservation through the installation of rainwater harvesting systems and water-efficient appliances across its projects to meet India’s increased demand for water due to its growing water shortage.
The report also pointed out the commitment of the company to increase social inclusion and gender diversity within its workforce. It has made significant steps in hiring policies and practices, particularly regarding increasing the number of female leaders and providing opportunities at all levels equally. It has also continued to contribute to the community through its CSR programs, which, in fact, basically encapsulate the education, health, and infrastructural development of poor communities. Finally, this collaboration with local governments and NGOs further amplifies the impact of the company on community welfare.
Governance is one of the strong pillars on which TARC operates. It details in its BRSR the core requirements of SEBI in carrying out operations transparently with ethical conduct. The company adopts zero tolerance for corrupt, fraudulent, and unethical practices and lays down a whistleblower mechanism through which employees can report the malpractices. Thus, the governance system at TARC ensures that decisions about its businesses are taken with integrity while striving for goals of long-term sustainable growth.
One of the key challenges being faced, and which indeed the BRSR addresses, is the growing intricacy in India’s urban development landscape. TARC emphasizes how proactive it is in adopting environmentally friendly construction methods, including sustainable building materials and eco-friendly technologies. This fits within the objectives of the company in reducing the environmental impacts of projects and contributing to an improved quality of life for the residents.
The financial performance of TARC during the year under review certainly underlines the company’s strategic course toward sustainable real estate development. The company recorded healthy growth in revenue and profitability on the back of demand for high-quality residential and commercial spaces. With a crystallizing focus on long-term sustainability, TARC is positioning itself to take advantage of emerging opportunities in India’s urban real estate market.
Conclusion
TARC Limited’s BRSR for FY 2023-24 articulates the commitment of the company towards sustainability, governance, and social responsibility. The real estate sector in India is also growing gradually; at the forefront, TARC itself is embedding ESG principles into the core operations of its business. With energy efficiency, conservation of water, diversity in gender, and ethical governance, TARC is striving to be well-placed to contribute toward the sustainable development goals of India while maintaining a competitive advantage within the real estate market.
Source: BRSR
Credit: TARC Limited