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PBEL invests $5 Mn in Mysore
By siliconindia
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Wednesday, 18 June 2008, 17:39 IST
Bangalore: PBEL Property Development, (a joint venture of Israel-based Property and Building Corporation (PBC), Electra Real estate (ERE) and Indian Developer, INCOR infrastructure), has invested $5 million (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 $125 million (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 Israels largest business conglomerate with global assets in excess of $27 billion. Moreover, PBC is a major participant in the development of the new Plaza Las Vegas hotel.