PBEL invests Rs 500 crore across 3 cities in India

Hyderabad, Feb 13 (UNI) The newest entity to enter the booming real estate business in India, PBEL, a joint venture of Israeli giants Property and Building Corporation (PBC), Electra Real Estate (ERE) and an Indian developer INCOR Infrastructure, today announced that the company has invested in property, worth Rs 500 crore, across three cities in India.

With the investment the company acquired 58 acres land in Hyderabad and 42 acres in Chennai for a mixed township project and a 10 acre residential neighbourhood in Mysore, PBC Chairman's Executive Assistant Alex Meinster, PBC international operations VP Ehud Elizur and ERE business development VP Shai Weinberg jointly announced this.

PBEL Director and Founder Meir Boukris said the company had planned to build one crore square footage of world quality space in these cities over the next 12 months.

Mr Weinberg said the JV which had so far invested US Dollar 120 million would be looking at all options to extend its operations.

PBEL was eager to build world-class quality homes, shopping centres and office spaces in India at affordable prices and had also planned to invest another Rs 4,000 crore over next three years, Mr Elizur added.

UNI DB GKT 1710