The latest to enter into the mushrooming Indian Real Estate Sector,
PBEL, a collaborative effort 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. Weinberg said the JV which had so far invested
$120 million would be looking at all options to extend its operations.