Rs 600 cr residential cum commercial project near Chennai
Chennai: ETA-Star, part of USD 3 Billion ETA-Ascon Group in association with Tamil Nadu Industrial Development Corporation would set up its largest Greenfield residential cum commercial project near here at an investment of Rs 600 crore, a top official said today.
The 'Globevill Township', to come up on 350 acre in the Sriperumbudur-industrial belt would comprise 80 per cent residential and 20 per cent commercial units, Fayaz Ahmed (Director) ETA Star told reporters here.
"In the first phase, there will be around 2000 residential units. We will be investing around Rs 600 crore", he said.
In the first phase, to be completed by 2012, a total of 82 acres would be utilised, he said, adding that the township would also have commercial complexes, including restaurants, hospital and school.
ETA Star has also tied up with Ryan International School for setting up their school inside the township.
On their association with TIDCO, ETA Star Managing Director Ahamed Shakir said TIDCO holds minimal share in the township. "They have less than one per cent stake", he said.
Ahmed said they planned to complete the entire project in five years.
Priced at Rs 2,200 per square foot, bookings would start on August 14 and 15 here, he added.
The residential unit would comprise one, two and three BHK properties, ranging from between 600 sq ft to 1,196 sq ft. Besides this project, ETA Star is developing various properties in UAE and in India, he added.