High Income Groups(HIG) residential complexes in Chennai

April 12th, 2007

Two real estate companies on Thursday announced that they were coming up with residential complexes for the high income groups, particularly for IT professionals, in the city.

The Dubai based ETA Star property developers,which has constructed many residential complexes in Bangalore and other parts of the country, said it was coming out with its maiden project at Chennai on a 4.4 acre site at Porur at a cost of Rs.85 crore.

The company’s Managing director Syed Ismail told reporters that the company had planned to invest Rs.1,100 crore on various projects in Chennai, which included two IT parks, one office-cum-shopping complex besides some residential complexes.

Another property developer, Hiranandani group announced that it would come out with ‘huge residential complex’ at Old Mahabalipuram Road, where a number of IT companies were located.

The Company’s Managing Director Surendra Hiranandani told reporters that it would be constructing 2300 flats on a 200-acre site. The property would be developed in three phases and would have a CBSE school,sports complex and a gym.

This would be the company’s first project in the city. It had plans to develop more property, he said.