Hyderabad-based property developer PBEL India is building a township in the city at a cost of Rs 1,200 crore. Named PBEL City, the township will comprise 13 residential and two commercial towers.

PBEL City, a joint venture between PBC and Electra Real Estate, both from Israel, and Incor from India, will come up in Rajendranagar on the outskirts of Hyderabad.

Addressing the media, project executive director Anand Reddy said PBEL City was the company’s first offering in Hyderabad. It has spent about Rs 200 crore on the project for purchasing the land and creating infrastructure.

The company will raise the funds from internal sources and through banks. In the first phase, to be completed in 18 months, the project will have 500 units with a built-up area of 1,050-1,600 sft.

While the second phase will be ready in 24 months, the third phase will be completed in 36 months.The units will be priced between Rs 40 lakh and Rs 55 lakh each, Reddy said.

The company is planning mega projects across the city and in other parts of the country. Over the last couple of months, PBEL had bought about 110 acre worth Rs 500 crore across various cities.

Currently, it is focusing on Hyderabad, Chennai and Mysore, and plans to spend about Rs 4,700 crore over the next three years.

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