ETA Star Property scouts for foreign partners for township project

13 April 2007

Chennai: Chennai''s ETA Star Property Developers Limited, part of $4 billion turnover ETA Ascon group based in Dubai, is holding discussions with two US and two European investors to offload an approximately 40-per cent stake. The stake sale will help finance its real estate development projects in the pipwline.

The Tamil Nadu Industrial Corporation Limited holds a 0.1-per cent in ETA Star, with the balance being held by the promoters.

According to managing director P H M Syed Ismail, the company needs funds mainly to execute its proposed Rs12,000-crore integrated township project at Sriperumbudur near Chennai.

"The project will be spread over 1,200 acres. Already we have 250 acre and the balance is in the process of acquisition." He hopes to complete the land acquisition process in six months, while the the entire infrastructure is scheduled for completion in one and a half years. "After that it will take around seven years for us to complete the entire township project. We can construct five-crore square feet."

At the launch of the company''s first residential apartment project in Chennai, Jasmine Court, Ismail said, the 4.4 acre residential complex will have six individual blocks of four floors with 219 apartments, with a total built up area of 2.87-lakh sq.ft. The two- and three-bedroom apartments are spread over between 1,100 and 1,557 sq.ft. "The launch price is Rs2,990 per sq.ft," he said.

The company is developing the property in partnership with Baashyam Constructions P Ltd, Chennai.