Dubai-based developer has a land bank of 20 million square feet in India
ETA Star, the real estate arm of the ETA Star-Ascon Group, is continuing with all its development plans for India and will not be reducing its land bank in the country, a senior company executive told Emirates 24/7.
"We are going full speed and are not selling any land in India," said ETA Star Executive Director Abid A Junaid.
An Indian media report said ETA Star was planning to sell around 35 acres of land near Binny Mills area in Bangalore.
"We are already developing 10 acres, which will have a mall with Carrefour as anchor tenant. As for the rest, we are considering joint development proposals."
The Dubai-based developer has a land bank of 20 million square feet in India and is planning to develop 500,000 square feet of land per year. It plans to launch the first phase of an integrated township project near Chennai, worth $250 million, in the third quarter, he added.
Eta Star has in excess of five million undeveloped gross floor area in the UAE. In January, Junaid had told this website that they had no launch to launch new projects in Dubai until the market was ready, while land plots in Abu Dhabi too will be developed at an appropriate time.
© Emirates 24|7 2010
