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PBEL ropes in L&T for Rs 552cr project in Hyd

Submitted by on Sunday, 12 October 2008No Comment

BEL Property Development (PPD), promoted jointly by Israeli real estate majors Property and Building Corporation (PBC) and Electra Real Estate, and Indian player Incor Infrastructure, has tied up with engineering and construction company L&T for execution of its apartments project – PBEL City – on the outskirts of Hyderabad.

Under the agreement, L&T will build about 2,000 apartments for PBEL on a turnkey basis at an outlay of Rs 552 crore. The entire project will be completed in the next four years. L&T will execute about 85 per cent of the total project, which will house 13 residential and two commercial towers.

Each tower will comprise 19 storeys with each level having 12 flats, PPD director Anand Reddy told mediapersons here on Wednesday.

Reddy said PBEL was aiming at developing 10 million sft of residential and commercial space across Hyderabad and Chennai.

The PBEL City will make up for about 4.7 million sft, while the residential and commercial projects coming up in Chennai and the Logistics Park at Shamshabad will add 4 million sft and 2 million sft respectively.

“There is no denial that the market has slowed down. But it is now a more mature market with genuine buyers,” Reddy said, adding that about 40 per cent of its two-bedroom flats have already been booked.

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