ETA Star plans to invest over Rs. 13,500 crore in Chennai and its surrounding areas for developing property.
The company will establish an integrated township on 1,200 acres at Sriperumbudur with an outlay of Rs. 12,000 crore and five new projects with an investment of Rs. 1,350 crore.
Addressing a press conference here on Thursday, P. H. M. Syed Ismail, Managing Director of the company, said Chennai and its surrounding areas were buzzing with activity. He said after its successful launch of its Bangalore properties `Binny Crescent’ and `The Garden’ had now entered Chennai.
Mr. Ismail said ETA Star had already acquired 250 acres at Sriperumbudur. The integrated township would have a built-up area of five-crore sq. ft.
ETA Star would create a separate special purpose vehicle for the project in which it would hold 59.9 per cent, a foreign partner 40 per cent with TIDCO 0.1 per cent. ETA Star was talking to a few companies in the U.S. and Europe.
Mr. Ismail said the gestation period for the project was six to seven years from 2008 onwards. He said the Sriperumbudur project would be operated on the basis of FDI (foreign direct investment) norms.