Dubai: A Dubai-based property dealer, ETA Star, would invest $923 million to build an info-tech park in Chennai, a top official said.
The IT park, sprawling across 100 acres would house the offices of leading software companies like Microsoft, Intel and IBM and would be developed as part of a maga township project.
“This is part of a 350 acre IT township project, in which residential components will be spread across 200 acres,” Syed M Salahuddin, managing director of ETA-Ascon Group, parent company of the ETA Star, said.
The project would be implemented over a three year period by ETA Star Tech City Private Ltd and would include 17.5 million square feet for apartments, row houses, bungalows, shopping mall, hospitals, schools, hotels and service apartments.
The announcement takes the group’s total investment value in India to Dh16.44 billion so far. The company had recently launched its first residential project in Chennai as part of its Dh11 billion investment foray in Tamil Nadu.
“We are aggressively looking for more opportunities in India and once we have the right opportunities, we will go for them,” Salahuddin was quoted as saying in Gulf News.
Construction of the Dh800 million Jasmine Court residential development, will commence within next few months offering investors mixed-size apartments distributed over 4.4 acres of landscaped property near the Chennai International Airport, with facilities including a children’s play area, swimming pool, gymnasium and basketball court, the company said earlier in a statement.
The group has also involved in other infrastructure projects in India including metro rail, ports, power and roads.