ETA Star Property Developers Ltd, a joint venture between Dubai-based Al-Ghuriair and Hong Kong-based Amana Investments, is planning to invest around Rs 350 crore in commercial and residential projects.

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Speaking to Business Standard, Ahamed Shakar, director, ETA Star Property Developers Ltd, said the commercial complex would come up on 230,000 sft area on Mount Road here with an investment of Rs 230-250 crore.

The two residential projects are at Mevalur, near Chennai on 20 acres and at Madurai.

The Mevalur project would comprise around 500 apartments in two phases at an investment of Rs 80 crore. The first phase is likely to commence in August.

At Madurai, the company is setting up a 44-apartment project on 60,000 sft, work on which has already started. The Rs 20-crore project is scheduled to be completed in 18 months. The proposed projects will be funded through debt and equity.

The company had tied up with banks to fund the Mevalur project, said Shakar.

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