Released on: May 9, 2008, 4:34 am

Press Release Author: varma

Industry: Real Estate

Press Release Summary: PBEL has invested Rs500 crore and is actively pursuing more
investment opportunities in the real estate sector across south India, to build high
quality buildings and modern amenities in environment friendly surroundings.


Press Release Body: PBEL has invested Rs500 crore and is actively pursuing more
investment opportunities in the real estate sector across south India, to build high
quality buildings and modern amenities in environment friendly surroundings.

PBEL PROPERTY Development (India) Pvt Ltd, a joint venture of Israel based Property
and Building Corporation (PBC), Electra Real Estate (ERE) and INCOR infrastructure,
has invested Rs20 crore in Mysore to build a residential township.

Announcing this development, PBEL, executive director Anand Reddy said, "The Company
has invested Rs20 crore on a 10 acre plot of land at Devanoor village along the ring
road in Mysore to build a residential township. This is in tune with our strategy to
build a land bank in secondary cities across south India. The company, in addition
to Mysore, has short-listed Coimbatore in Tamilnadu and Vizag in Andhra Pradesh for
sizeable investments."

PBEL has invested Rs 500 crore so far and is actively pursuing more investment
opportunities in the real estate sector across south India. It intends to develop
and build high quality high-rise apartment buildings with modern amenities in
environment friendly surroundings. PBEL will be bringing internationally known high
quality products and consultants from abroad who have worked on renowned projects
world wide to ensure that international standards are met. The investment has seen
the company acquire 10 acres of residential land in Mysore. This is in addition to
58 acres in two land parcels in Hyderabad and 42 acres in Chennai for a mixed
township project.

PBEL Property Development (India) Pvt Ltd is the newest enterprise to enter the real
estate business in India. It is a joint venture of Israeli giants PBC, ERE and INCOR
Infrastructure. Over the last couple of months PBEL has purchased property worth
Rs500 crore across various cities in India.

Presently focusing on Chennai, Hyderabad and Mysore, PBEL will soon be developing
these properties into world class living and commercial space..........
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