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ETA Star to launch $250 mn housing project phase in India in 2010

ETA Star to launch $250 mn housing project phase in India in 2010
PTI
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First Published: Wed, Feb 03 2010. 05 23 PM IST
Updated: Wed, Feb 03 2010. 05 23 PM IST
Dubai: Dubai-based developer ETA Star Property is set to launch the first phase of an integrated township project worth $250 million in India this year and is looking to tap the housing demand in the country.
The real estate arm of ETA Ascon Star will launch an integrated township project near Chennai this year as it looks to tap strong demand for property in the country, company’s executive director Abid Junaid said.
The first phase of the project — one of three or four phases — is worth $250 million, he said.
“When it comes to property development itself, we are looking at India more aggressively and we believe there is potential,” he said.
He, however, declined to give the total value for the project, which will take five years to complete.
“There is demand for the middle-income housing in India. There are plenty of home loans available and the interest rates are regulated by the government and the economy is growing,” Junaid said.
The project will be funded by local banks and pre-selling of property, he said. The township will be in addition to similar smaller projects in Bangalore coming up this year, he said, declining to give further details.
ETA Star will hand over four projects in Dubai worth more than two billion UAE dirhams ($544.5 mn) to customers this year, but will not launch new projects, Junaid said. “Our focus is to deliver projects, which are under construction and have been launched earlier.”
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First Published: Wed, Feb 03 2010. 05 23 PM IST