Electra to invest Rs 40,000-mn in real estate projects

Hyderabad: Property and Building Corporation (PBC) and Electra Real Estate, part of two leading Israeli conglomerates, along with Hyderabad-based Incor Infrastructure have announced plans to build Rs 4,000 crore worth of real estate projects in Hyderabad, Chennai and Mysore.

This would be done through a newly-incorporated Indian joint venture company called PBEL Property Development (India), in which the Indian partner holds 10 per cent stake. The two Israeli companies together hold the majority 90 per cent stake.

PBC is a subsidiary of the IDB Group, whose business interests range from telecom to real estate with its global assets pegged at over $27 billion, while Electra Real Estate is a subsidiary of Elco Holdings of Israel.

Announcing their plans in Hyderabad on Wednesday, Meir Boukris, director and founder of PBEL, said the company had already invested Rs 500 crore in acquiring 110 acres for building four projects, two in Hyderabad and one each in Chennai and Mysore over 10 million sqft of built up space, which is predominantly residential, and includes commercial and IT.

The company has acquired 58 acres in Hyderabad and 42 acres in Chennai for a mixed township project and a 10-acre residential neighbourhood in Mysore.