The Hindu Business Line : ETA in talks with investors in US, Europe for township near Chennai

Chennai April 13 The Dubai-based ETA group proposes to build "a large, integrated township" on nearly 1,500 acres in the industrial area of Sriperumbudur, 40 km south of Chennai, the group's top officials told a press conference here on Thursday.

The group is in talks with a few investors in the US and Europe for partnering the venture. ETA is not averse to giving away up to 40 per cent stake in the project, Mr P.H.M. Syed Ismail, Managing Director of ETA Star Property Developers Ltd, said.

The five-crore sq. ft. township will have, apart from residential complexes — a school, a medical centre, a 18-hole golf course, a mini golf course and a cricket stadium, Mr Ismail said.

Land Procurement

The group has begun procurement of land and has so far bought about 250 areas. Mr Ismail said that land procurement would be completed in about six months. In about 18 months from now, the basic infrastructure for the township, such as roads, will be ready. But the project would take seven years from then on to complete, he said.

The Tamil Nadu Industrial Development Corporation (TIDCO), the investment-facilitating arm of the State Government, will take a small, 0.1 per cent stake in ETA Tech City, the SPV created for putting up the project. TIDCO will also assist ETA in land procurement and getting other approvals, for a fee, Mr Ismail said.

The ETA group has real estate projects worth about Rs 2,000 crore on the anvil in India, half of which are in Chennai. The biggest is the Rs 600-crore ETA Technopark project — a 27 lakh sq. ft. IT park on the Old Mahabalipuram Road.

Mr Ismail said that the group is putting up two projects in Mumbai too, in an equal partnership with Supra Estates Establishment Ltd. One of them is a 10 lakh sq. ft. residential-cum-shopping complex and the other is a health resort on Kandala Hills.

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