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Friday, October 29, 2010

PBEL to Develop Housing-cum-Commercial Township Project in Chennai

PBEL Property Development (India) Ltd on Wednesday outlined plans to develop an integrated housing-cum-commercial township project in Chennai along Old Mahabalipuram Road. PBEL is a venture between Property and Building Corporation Ltd (PBC), a subsidiary of Israeli conglomerate IBD group, Electra Real Estate Ltd, a subsidiary of Elco Holdings Israel, and Hyderabad-based Incor, with the first two firms holding 45 per cent equity apiece and Incor (10 per cent).
The executive director of PBEL Property, Anand Reddy, said that the project will come up on 42-acre that the company has acquired. Of this, about 30 acres would be earmarked for residential and the rest of the 12 acres will be for commercial use, which would include large office and retail area too.

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