ETA Star Property Developers, a joint venture between the Dubai-based Al-Ghuriair and Hong Kong-based Amana Investments, is planning to develop an integrated township in Sriperumandur, 50 km from Chennai, at an investment of around Rs 7,500 crore.
H M Syed Ismail, managing director, ETA Star Property, said the Sriperumandur project would come up over 350 acres and be completed in eight years.
The first phase of the project is expected to commence in two months. It would involve the construction of a hotel, office buildings and a multiplex, and involve an initial investment of Rs 200 crore. The second phase, a residential project, will commence by March next year.
The entire project will be funded through internal accruals and debt, Ismail said.
The company is also developing two office buildings at Mount Road at an investment of Rs 100 crore.