A deal to develop an IT SEZ in Chennai has been signed by ETA Star Properties of Dubai, in collaboration with the Tamil Nadu Industrial Development Corporation (Tidco) at an investment of USD 923 million. Spread over 100 acres, all IT giants including Microsoft, Intel and IBM would establish their offices within the campus.

The IT Park would be integral to a 350 acre township which would reserve 200 acres for residences. ETA Star has invested Dh 16.44 billion in real estate projects in India so far, of which Dh 11 billion is invested in a residential project in Chennai again.

Construction is due to start on the Jasmine Court project which offers a choice of apartments on 4.4 acres of property. Located conveniently in Kancheepuram district near the International airport, the township will provide for entertainment and fitness facilities for its residents.

Estimated to be complete by 2010, the IT Township will develop 7.5 million sq. ft of residential units, a shopping mall, hospitals, schools and hotels.

IT companies would have a dedicated space of 50 acres and accommodate almost 50,000 employees. Construction on this project would start by August, this year.

ETA Ascon, the parent company, has invested in infrastructure projects in India, including city transport, power and roads.

Besides Chennai, the company is present in Bangalore, Mumbai and Delhi . The company’s businesses include civil construction, real estate, road and power projects, trading, shipping, ports management, manufacturing, retail, automobiles, vertical transportation and building maintenance operating through 140 branches in 21 countries in the Middle East and Asia.

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