ETA Star TechCity (P) Ltd., a joint venture of ETA Ascon Group of the UAE with minority holding from Tamil Nadu Industrial Development Corporation Ltd. (TIDC), has announced the development of an integrated township at Sriperumbudur.
The first phase of the project will house 2,000 residential units and come up on 82 acres. According to company officials, work on the first phase had already begun.
The residential project in the first phase will house flexi-sized flats ranging from 595 sq. ft. to 1,196 sq. ft. It is expected to go on stream in the next 18-24 months. The company has come out with an initial offer price of Rs. 2,200 per sq. ft. The first phase will involve an investment of around Rs. 600 crore. Top company officials told a press conference here on Tuesday that the first phase would have a debt-equity ratio of 1:1.2. ETA Star, according to Ahamed Shakir, Managing Director, had already initiated parleys with State Bank of India to raise the debt portion (about Rs. 140 crore) of the project cost. The land acquisition cost for developing 82 acres in the first phase worked out to Rs. 120 crore.
The residential component in first phase of the project would be around 80 per cent, a top official said. ETA Star had already acquired around 450 acres in that area at an estimated investment of Rs. 400 crore.
The proposed `Globevill Township' would have a full-fledged school, a hospital and business hotel. It would also have retail, recreational and shopping spaces for all its residents, said a company release.
