INCOR forms JV with 2 Israeli cos

Hyderabad: With an eye on the unfolding opportunity in the real estate sector in India, two Israeli real-estate companies, Property and Building Corporation (PBC) and Electra Real Estate (ERE), have joined with the Indian company INCOR to set up a joint venture company.

The joint venture company - PBEL - has lined up four projects worth Rs 4,000 crore in Hyderabad, Chennai and Mysore this year. These projects (two in Hyderabad and one each in Chennai and Mysore) would take off this year, Mr Meir Boukris, Founder-Director, said. Addressing a press conference here on Wednesday, he said the company invested Rs 500 crore in acquiring about 110 acres in these three cities to develop the properties. 'A majority of the area would cover residential projects,' he said.