Property and Building Corporation Limited (PBC) and Electra Real Estate Limited, part of two leading Israeli business conglomerates, on Wednesday announced their plans to build Rs 4,000-crore real estate projects in three southern cities of Hyderabad, Chennai and Mysore through a newly-incorporated Indian joint venture company, PBEL Property Development (India) Private Limited.
Hyderabad-based Incor Infrastructure holds a 10 per cent stake in the JV.
PBC is a subsidiary of the IDB group, whose business interests range from telecom to real estate, while Electra Real Estate is a subsidiary of Elco Holdings of Israel. Both these companies hold 90 per cent of the equity in PBEL in equal ratio.
Announcing their plans, 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 which together would offer over 10 million square feet of built-up
The company has acquired 58 acres in two land parcels in Hyderabad and 42 acres in Chennai for a mixed township project and a 10-acre residential neighbourhood in Mysore.
While the high-growth potential being offered by Hyderabad and Chennai over other cities in India, besides their previous business relations with local cities have played a key role in announcing its first phase plans from south India, the company is open to exploring opportunities in other parts of the country as well, he said.
The company would invest another Rs 4,000 crore in various projects in the next 2-3 years in India, he added.
On the fund-raising exercise for the company's phase-I plans, Boukris said it would be decided during the course of working on each of these projects, which would be completed during this year.