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{image-L&T logo_01102008.jpg news.oneindia.in}Hyderabad, Oct 1: PBEL India, a city-based property developer announced a technical tie-up with Larsen&Toubro (L&T), one of India's largest engineering and construction conglomerates, for the construction of 'PBEL City' comprising over 2,000 apartments spread over 47 lakh sqft.

The turnkey project is valued at Rs 552 crore, one of the largest ever in Hyderabad, Executive Director Anand Reddy told the media here. 'PBEL City' will be a fully contained township of 13 residential and two commercial towers. Each tower will be 19 stories high with 12 flats at each level. Mr Reddy said 'PBEL City' will come up in two phases over the next 48 months. L&T will construct 85 per cent of the Rs 850-crore project. With SBI being the major financier, the company raised Rs 150 crore for working capital. About 30 to 40 per cent of the two towers with two bedroom apartments were already booked, Mr Reddy claimed.

Other projects include 50 lakh sq ft commercial complex at Chennai and logistic and warehousing facility spread over 20 lakh sq ft at Shamsabad, near the International Airport here. The total outlay for both the projects was nearly Rs 400 crore.

The company also planned to create 100 lakh sq ft of residential and commercial space targetting middle income segment in Mysore City where it owned 110 acre of land bank.

Mr A L Sekar, Head, Residential Business Unit, L&T said they would be using the latest building technology which can cut construction time by a third and cement use by 15 per cent.


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