Business

ETA Star to start work at Sriperumbudur SEZ

P.H.M. Syed Ismail

CHENNAI: ETA Star Property Developers Ltd., an offshoot of $6 billion ETA Star conglomerate, plans to kick-start work on the integrated township at Sriprembudur Special Economic Zone near Chennai with a pilot project.

The project will come up on 7.5 acres with a built-up space of 5.5 lakh sq. ft. and will house a hotel, an office building, retail and a multiplex complex.

The total cost of the pilot project will be Rs. 200 crore, according to P. H. M. Syed Ismail, Managing Director of ETA Star Property Developers.

Mr. Ismail said the integrated township would come up on 350 acres and would cost Rs. 7,500 crore.

The entire SEZ project would be completed in eight years from now and would house both commercial and residential complexes.

On the launch of ‘ETA Star Rosedale’, a 444-unit apartment complex on the Rajiv Gandhi Salai (Old Mahabalipuram Road) in Chennai on Thursday, Mr. Ismail told presspersons that the company was investing Rs. 230 crore on this project.

The cost of the flats would Rs. 3,500 per sq. ft. along with other charges.

The complex would have apartments with single, double and triple bedrooms. Prices of apartments would vary from Rs. 30 lakh to Rs. 60 lakh. The project would encompass a total built-up area of 6.5 lakh sq. ft. The project would commence on September first and was scheduled to be completed within two years.

About other projects, he said ETA Star Property Developers was having a land bank of 500 acres, mostly located in Sriprembudur and on the IT corridor.

At present, it had three commercial projects on hand, which include a 4.2 million sq. ft. IT Park on the IT corridor, a commercial office space on Anna Salai and a 2.2 lakh sq ft commercial space on Greenways Road.

The cost of the three projects would work out to Rs. 100 crore.

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