By IANS,
Hyderabad : PBEL Property Development (India) Pvt Ltd, a joint venture between two Israeli firms and an Indian developer, Thursday announced the launch of second phase of PBEL City, its flagship project in India.
The Rs.12 billion residential project is coming up over 26 acres of land at APPA Junction near Outer Ring Road on the outskirts of Hyderabad.
Anand Reddy, executive director, PBEL, told reporters that the construction contract for the second phase was awarded to L&T for Rs.5.5 billion.
The first project, comprising 363 units, has already been completed and 320 units sold out. The second phase, which will have two towers comprising 394 homes with sizes ranging from 1,160 square feet to 1,788 square feet at Rs.2,975 per square feet, will be completed in two years.
PBEL, a joint venture between Israeli giants Property and Building Corporation and Electra Real Estate and INCOR Infrastructure from Hyderabad, is currently developing 11 million square feet of land in south India.
Anand Reddy said the firm would be launching the second project next month at Chennai. The Rs.15 billion residential project is coming up on 42 acres.
The company also plans mixed-use projects in Bangalore and Mysore.