ETA Star Property to enter Coimbatore, Madurai and KolkataMarch 8th, 2008 - 10:29 am ICT by admin
By Venkatachari Jagannathan
Chennai, March 8 (IANS) City-based real estate property company ETA Star Property Developers Ltd has decided to enter Madurai, Coimbatore and Kolkata markets with big plans. The company is part of the $4-billion turnover closely held ETA Ascon group of Dubai and has promoted projects in Chennai and Bangalore. In Coimbatore, ETA Star has acquired 80 acres for an undisclosed sum.
“We will build an IT special economic zone (SEZ) on 50 acres. In the balance land, we plan to build a hospital, medical college and a shopping complex,” Ahamed Shakir, director of the company, told IANS.
In Madurai, the company will shortly start constructing two upmarket residential projects on five acres.
As for the company’s plans in Kolkata where it has 100 acres, he said the group headquarters is in the process of chalking out the plans.
Meanwhile, the group is scouting for a joint venture partner - financial and technical - for its ambitious 1,200-acre integrated township project at Sriperumbudur near Chennai.
The project includes development of an IT SEZ, residential houses and apartments, hospitals, schools, hotels and serviced apartments. It is promoted by a special purpose vehicle (SPV) ETA Startech City Pvt Ltd in which the Tamil Nadu Industrial Development Corp Ltd (Tidco) will hold one percent stake.
The company has acquired 350 acres and is in the process of buying the balance land.
While the search for a partner is on, Shakir said ETA Startech has decided to go ahead with construction of an SEZ, a star hotel, office space, shopping mall, and food court on seven acres to start with.
Speaking about the four million sq ft ETA Technopark, an IT SEZ project at Navallur near Chennai, he said that work on the remaining two blocks, each having 24 floors, will start in September. “We have built and handed two blocks to HCL Technologies amounting 600,000 sq ft.”
The company is also promoting a 79-villa and serviced apartment project on the East Coast Road near Chennai on a 20-acre property and two commercial buildings in the heart of the city - one on Greenways Road (one acre) and the other on the Mount Road (30 grounds).
The commercial building project is planned to cash on the dearth of quality office space in Chennai.
With the Indian stock markets in a state of flux ETA Star decided to shelve its public issue plans.
“We had preliminary discussions on taking the company public. But we have now postponed the idea,” Shakir said.
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