ETA Star Property Developers Ltd, an offshoot of the Dubai-based $6 billion ETA Star conglomerate, is planning to set a mega integrated township in a sprawling 400 acres of land at Sriperumbudur near Chennai with an estimated cost of nearly Rs 7,500 crore, said P H M Syed Ismail, managing director, ETA Star Property.
“The company has more or less acquired the necessary land and will have Tamil Nadu Industrial Development Corporation (TIDCO) as a minority partner in this project,” he said. The company plans to develop over 3 crore sq ft of office-cum-residential-cum-commercial space in this area, he added. Speaking to FE here on Thursday on the occasion of launching its Rs 230 crore `Rosedale’, a residential project on the Rajiv Gandhi Salai (formerly OMR), Ismail said, “Of the equity part of Rs 1,500 crore, the company has already brought in Rs 500 crore and the rest will be pumped in a phased manner (as and when required). We plan to raise nearly Rs 2,500 crore as debt from the banks and financial institutions and the rest will be generated out of space sale of this project.”
As part of this project, the company will initially develop 10 acres of land to construct a hotel, multiplex and a shopping complex. “We are waiting for approvals and will commence work on the same once we are through,” he said. The company has roped in HOK of the US as a master planner for this project,” he added.
Of the projected 3 crore sq ft built-up area, nearly 70% would be towards residential and the rest will be for commercial and other purposes. The project will house IT SEZ, a medical college with a hospital, hotel, multiplexes, commercial space, school and all basic facilities. “The project will be developed over a period of eight years,” he said. “We will rope in partners to jointly develop different facilities of this project,” he said further. According to Fayaz Ahmad, in addition to the above project, the company is involved in developing Rs 3,500 crore worth projects in and around Chennai as well as in Bengaluru.
