ETA Star looks to north for pan-India play
Dubai-based ETA Star Property Developers, already active in the markets of south India over the past years, has decided to venture into North and Eastern Indian markets, reports Lalatendu Mishra.business Updated: Nov 25, 2007 21:16 IST
Dubai-based ETA Star Property Developers, already active in the markets of south India over the past years, has decided to venture into North and Eastern Indian markets for a countrywide footprint.
, Abid A Junaid, Executive Director, ETA Star Property said, "All these years we have been south centric in India and by 2008 we will have presence in NCR Delhi, Jaipur and possibly Kolkata."
In the NCR Delhi, the company is looking out for a minimum of 100 acres to maximum 500 acres of land in the Nioda and Gurgaon areas. In Jaipur ETA Star is open for joint development of smaller residential projects. Ideally, ETA Star is keen on residential developments at all these places but it would prefer developing integrated townships comprising of residential, commercial, hospitality and retail space. For the Mumbai market the company has entered into a joint venture with local realty firm Supra Developers to build a mall at Juhu with 1 million sq ft built up space and a resort at Khandala on a 60 acres land, Junaid said.
Worldwide the company is developing 30 million sq ft of premium property and will be adding 10 million sq ft every year. In India, the company has a huge land bank and is in the process of acquiring more. For example, it has 1,000 acres in Chennai and 400 acres in Bangalore where it will set up integrated townships. In India the per annum gross development value of company's projects are estimated at Rs 2,000 crore. At the moment, the gross development value of all undertaken projects in Chennai and Bangalore by ETA Star is Rs 11,880 crore. "We want to bring our international expertise that we have gained in the markets of Dubai, Turkey, Oman and Egypt into India. Each project will be known for unique architectural design and lower maintenance cost. We have already demonstrated it at our projects in south India," Junaid said.