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NT Bureau
Chennai, Apr 15:

        Dubai-based ETA Star Property Developers Ltd, has announced a joint venture project with TIDCO to come up at Sriperumbudur.

        Detailing the integrated township project to mediapersons ETA Star Property Developers managing director P H M Syed Ismail said that the project is estimated to cost Rs 12,000 crore and the township would be set up spread over 1200 acre area and added that the project would be completed by seven years.

        Ismail said that ground work had already been commenced with the acquisition of 250 acre land and more area would be purchased in a phased manner.

        He said the plots would have individual bunglow, residential complex, commercial space, two golf course, a cricket stadium, basket ball court and other modern facilities.

        'The Tamilnadu Industrial Development Corporation (TIDCO) has already joined hands in the development project with an equity participation of 0.1 per cent,' he said and added that talks were going with 2 US and European companies for this project and an equity participation of 40 per cent will be offered to them.

        However, he made it clear that the land will be bought by the company and the TIDCO and and the foreign companies would just be an equity partner.

        On the up-coming project he said, ETS is setting up residential complex called Jasmine Court at Kattupakkam, near Porur at a total cost of Rs 80 crore to mark its maiden residential project in Chennai.

        Spread at an area of 4.4 acre area, the Jasmine Court comprises of 6 individual blocks of 4 floors each with a total 219 apartments in a built-up area of 287,465 sq ft. The apartments would be 2/3 bedroom ranging from 1100 - 1557 sq ft. The residential complex have 188 car parks in the stilt floor level planned along with an additional semi-open parking facility.

        The company has also planned to come up with more residential buildings on Old Mahabalipuram Road (OMR) and Greenways Road in Chennai.