ETA Star, a prominent Dubai-based free-hold land developer, has launched its first project in Chennai where it is developing ‘Jasmine Court’ as a residential project offering investors mixed-size apartments.
The residential project covers 4.4 acres of landscaped property near the Chennai International Airport, and includes regular upscale township facilities like children’s play area, a swimming pool, a gymnasium and basketball court.
ETA Star Property Developers LLC, a property development arm of the ETA-Ascon Group, has currently 5 million square feet under construction. The company is one of Middle East’s leading property developers and has executed high profile projects such as the Palm Jumeirah, Dubai Marina, International Media Production Zone, Jumeirah Lake Towers District, and the Dubai International Financial Centre.
The Jasmine Court project follows two other Indian projects – the ‘Binny Crescent’ and ‘The Gardens’ – both residential projects in Bangalore.
"Chennai is a great place for property investment at the moment as it is the third largest commercial and industrial centre in India and it attracts a large number of professional residents and also many tourists who come to visit the numerous sporting venues in the city," said Abid A Junaid, Executive Director, ETA Star.
"We are aiming to redefine the Indian real estate industry by offering investors projects like Jasmine Court, which promote the concept of affordable luxury by building better living environments at a lower cost," Junaid added.
Incorporating the Jasmine Court development, ETA Star has also recently announced its plans to invest in five additional projects in Tamil Nadu, including an integrated township in Sriperumbudur. Construction for the township project will commence in 2008, with up to $2.7 billion allocated for the 1,200 acre project.
The Dubai Group is also planning non-residential projects such as shopping malls and an information-technology park. The company has been building land banks over the last 10 years, and has budgeted up to $463 million for the development of real estate projects in other parts of India.