ETA Property Developers, part of $6.5 billion ETA Ascon Star Group, is planning to invest around Rs 750 crore in various residential and commercial projects across Tamil Nadu and Bangalore.
Speaking to Business Standard Ahmed Shakir, managing director, ETA Property Developers, said the investment would be spread over the next three years.
“We are looking for joint venture partners for developing residential and commercial projects at Coimbatore and Tiruchy in Tamil Nadu. While the JV partner will have the land bank, we would take up the construction work,” he said.
The company is currently building a commercial complex at Mount Road here along with a joint venture partner. It has floated a special purpose vehicle — Anand City Centre — for the project, which spreads over 250,000 sft and is estimated to cost Rs 200 crore. The company expects to complete the project by July 2012.
Another Rs 160 crore worth of residential and commercial projects will be kicked off next month at Sriperumbudur, 50 km from Chennai. Here, the company is planning to build 400 flats targeting the mid-segment.
At Karanai, on the Old Mahabalipuram Road, ETA is developing a 516-unit residential project with an investment of Rs 150 crore.
“We are planning to foray into the high-end segment in Chennai,” said Shakir. The company has acquired a property on the Greenways Road junction and is planning to build 50-55 units with 15 floors. The project would cost around Rs 120 crore and each unit will be spread over 2,500-3,000 sft.
The company is also developing a similar project — Beau Monde -- in Bangalore with an investment of Rs 40 crore. Each apartment is priced at Rs 4 crore, he added.
