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Friday, Dec 17, 2004

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Residential project in Dubai — Hiranandani Constructions ties up with ETA Ascon

Moumita Bakshi

New Delhi , Dec. 16

HIRANANDANI Constructions said it has entered into a joint venture with ETA Ascon Group for an over 65-storied residential tower project in Dubai.

"A 51:49 joint venture company between ETA Ascon Group and Hiranandani Group has already been formed for this purpose," Mr Niranjan Hiranandani, Managing Director of Hiranandani Constructions, said here.

Mr Hiranandani said that the work on the project would commence in February 2005, subject to stipulated approvals, and added that the tower was expected to be completed in two years.

"Although the finer details are yet to be chalked-out, the residential tower would be anywhere between 65-80 storied, entailing 1.2 million square feet," he said adding that the company has already roped in a Dubai-based consultant for planning and designing.

He, however, declined to comment on the cost estimates saying that a qualitative analysis of the project would be done in a month. Hiranandani Group has projects worth Rs 800-900 crore in the pipeline, which includes residential, industrial, commercial and entertainment projects.

Amongst its most significant projects are the two townships in Powai and Thane in Mumbai. "The Powai project is amongst the most prestigious housing and commercial projects in Mumbai facing the famous Powai Lake in the central suburbs. It covers about 300 acres with other infrastructural facilities like school, hospital, forests, gardens, promenades, as well as malls and entertainment Centres," he said.

In the Thane township project, the facilities offered are similar to Powai with an additional objective of total town planning with the help of architects from the US. The project caters for tree-lined avenues, school, club-house, gardens, parks, power sub station, telephone exchange, sewage treatment plant with recycling facilities for gardens, playgrounds and forest areas.

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