ETA Star to invest Rs 150 cr in Bangalore

ETA Star Property Developers, part of the $5 billion Emirates Trading Agency (ETA) group based in the UAE, plans to invest Rs 150 crore in its third project "" a 7.5 million square feet multiple-use development in Binnypet in Bangalore.

PHM Syed Ismail, managing director, ETA Star Property Developers, said, "The company, a few years ago, had inherited Binny Mills land as its share after the company came under the Board for Industrial and Financial Reconstruction (BIFR). On this land, we plan to invest Rs 150 crore for a project."

Of the total development,1.2 million sft is for office space, 1 million sft for shopping and retail, and the rest 5.3 million sft is reserved for residential use. The project is to commence in early 2009.

 

"It is in the conceptual stage and we are talking to an Australian architect firm," he added. The company's first project in Bangalore is in 'Binny Crescent' on Nandidurg Road in Benson Town. The second project "" The Gardens "" is on Magadi road being developed on an old Binny Mill property.