ETA Star to develop an integrated township in Sriperumandur

ETA Star Property Developers, a joint venture company between Dubai-based Al-Ghuriair and Hong Kong-based Amana Investments, is planning to develop an integrated township in Sriperumandur, 50 kms from Chennai. The company is planning to invest around Rs 7,500 crore. First phase of the project is expected to commence in the next two months.

Speaking to reporters after inaugurating a residential project called "Rosedale" in Old Mahabalipurm Road with an investment of Rs 250 crore, H M Syed Ismail, managing director, ETA Star Property, said that the Sriperumandur project would come up in 350 acres of land, land acquisition is already over. The project will be completed over 8 years in different phases. First phase of the project will commence in the next two months with an initial investment of Rs 200 crore. On the first phase a hotel, office building, retail and a multiplex will be constructed, he added.

On the second phase, which is expected to commence by March 2009, residential project will go on stream. The entire project will be funded through internal accruals and debt, said Ismail.

Speaking about the Rosedale project, he said that it will be 444 unit apartment complex. Each flat will range between Rs 30 lakh and Rs 60 lakh and it will depend on the area chosen by the customer. Rosedale project include single bedroom (784 sq.ft. to 905 sq.ft.), double bedroom (1,190 sq.ft. to 1,278 sq.ft) and triple bedroom (1,545 sq.ft. to 1,753 sq.ft). The project will come up in a total built-up area of 650,000 sq.ft. It is scheduled to be completed in two years, he added.

The company is also developing two office buildings in Mount Road with an investment of Rs 100 crore. Currently, the company have 500 acres of land bank, in and around Chennai, said Ismail.