To build international quality residential space.
Bangalore, Karnataka, India, June 18, 2008 (PRESSbooth.ORG) -- PBEL Property Development (India) Pvt Ltd, (a joint venture of Israel-based Property and Building Corporation (PBC), Electra Real estate (ERE) and Indian Developer, INCOR infrastructure), has invested Rs 20 crore in Mysore to build a residential township.
Announcing this development, PBEL Executive Director Anand Reddy said, "The Company has invested Rs 20 crore on a 10 acre plot of land at Devanoor Village along the Ring Road in Mysore to build a residential township. This is in tune with our strategy to build a land bank in secondary cities across South India. The company, in addition to Mysore, has short-listed Coimbatore in Tamil Tadu and Vizag in Andhra Pradesh for sizeable investments."
PBEL has invested worth Rs 500 crore so far and is actively pursuing more investment opportunities in the real estate sector across south India. It intends to develop and build high quality high-rise apartment buildings with modern amenities in environmentally friendly surroundings. PBEL will be bringing international know-how of high quality products, and consultants from abroad who have worked on renowned projects world wide to ensure that international standards are met. The investment has seen the company acquire 10 acres of residential land in Mysore. This is in addition to 58 acres in 2 land parcels in Hyderabad and 42 acres in Chennai for a mixed township project.
PBC, a subsidiary of the IDB Group, is active in the realty space in three continents: North America, Europe and Asia. The IDB Group is Israel's largest business conglomerate with global assets in excess of $27 billion. PBC is a major participant in the development of the new Plaza Las Vegas hotel. ERE is one of the leading real estate companies in Israel, owning over 109 properties and 58 hotels in Europe and North America (Hilton, Marriott), is a subsidiary of Elco Holdings, one of the main business groups in Israel.
ABOUT PBEL:
PBEL Property Development(India) Pvt. Ltd. is the newest enterprise to enter the real estate business in India. It is a joint venture of Israeli giants Property and Building Corporation (PBC), Electra Real Estate (ERE) and Indian developer INCOR Infrastructure. Over the last couple of months PBEL has purchased property worth Rs 500 crore across various cities in India.
Presently focusing on Chennai, Hyderabad and Mysore, PBEL will soon be developing these properties into world class living and commercial space.
PBC is one of the leading real estate companies in Israel established in 1961 and has been a publicly traded company on the Tel Aviv Stock Exchange since 1961. The company is rated AA by Standard & Poor. PBC has extensive experience in developing and constructing residential neighborhoods and commercial properties in Israel and the US. PBC a subsidiary of the IDB Group, is active in the realty space in three continents: North America, Europe and Asia and is Israel's largest business conglomerate with global assets in excess of $27 billion.
Electra Real Estate Ltd. is one of the leading real estate companies in Israel. The company was established in 1994 and has been operating overseas since 1997, and the major growth in the company's activities has taken place over the past three years. Electra Real Estate is a public company listed in the Israeli TASE since 2005.
INCOR is founded by US returned NRI's in response to the need for a Professional Real Estate company, to meet the growing demand of quality housing and commercial space across India. INCOR has projects in hand to construct 1.3 million sq. ft, which includes a residential neighborhood, a shopping mall and an office center. INCOR holds a land bank of 218,592 sqm to be developed for mixed use across various locations in Hyderabad.
Contact:
Veena
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#96, 2nd Main Road, MLA Layout, R.T.Nagar, Bangalore - 560032
Tel: 91 80 23337344, Telefax: 080 - 23549354
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