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PBEL To Build Business Park At Shamshabad
Posted by Pradeep Sadanapalli | June 29, 2008 | 647 views
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Loading ...Anticipating demand for space for logistics companies around the Rajiv Gandhi International Airport here, PBEL Property Development (India), owned by Israeli companies IDB and ELCO Holdings, is planning to build a business park at Shamshabad at an estimated outlay of Rs 1,400 crore.
“We have acquired 32 acres there for Rs 90 crore. We are in talks with logistics and hospitality companies that eye airport-related business. We are likely to start work there by the year-end. We will build the facilities and lease them out,” Mr Anand Reddy, Executive Director of PBEL India, told Business Line.
While IDB group company Property and Building Corporation (PBC) and Electra Real Estate of ELCO Holdings held 85 per cent in PBEL, INCOR, the Indian partners, owned the remaining stake.
The company, floated a few months ago, had announced a South focus for developing residential and commercial space. It has so far invested Rs 500 crore in acquiring land and entering into agreements to buy land in the cities of Hyderabad, Chennai and Mysore.
“We have got 110 acres of land registered. We are looking at developing 10 million sq ft of residential and commercial space in the next three years. The outlay is put at Rs 4,700 crore,” he said.
First project
The Indo-Israeli joint venture has got approvals to launch its first project near AP Police Academy on a stretch of 25 acres. The 15-tower PBEL City project, each having 19 floors, had already got a Rs 200-crore SBI loan approved.
“We are looking at building 500 flats in three towers in the first phase. We will construct flats that will have more living space,” he said.
Citing findings of a survey they conducted, Mr Reddy said people spent much time in the living area and kitchen than in bedroom. So, the two-bedroom flats will have much larger living areas than in the usual flats,” he said.
The company is targeting the young couples working in the IT, ITES and multinational firms.
PBEL also acquired 43 acres of land on the Old Mahabalipuram Road in Chennai. “We will build commercial space in 13 acres, the rest will go to residential area,” he added.
In Karnataka, it bought 10 acres and signed Memorandums of Understanding for 200 more acres in Mysore.
SOURCES:
Business Line
Topics: Property Matters, Business News |
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