NRI INCOR, PBEL, PBC & ERE invest Rs20 crore in Mysore

Mysore, May 08, 2008
Sudesh Sharma

INCOR, is a company founded by US returned NRI's in response to the need for a Professional Real Estate company, to meet the growing demand of quality housing and commercial space across India. INCOR strengths are local know-how such as working with governments, land bank, project conceptualization etc. INCOR brings diversified expertise in project execution, product positioning & marketing. INCOR has projects in hand to construct 1.3 million sq ft, which includes a residential neighbourhood, a shopping mall and an office center. INCOR holds a land bank of 218,592 sq m to be developed for mixed use across various locations in Hyderaba

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.

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, 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 India, promoted jointly by PBC, Electra and INCOR, is a Real Estate Company. PBEL builds and owns residential, office spaces, commercial centers, high-tech industrial parks and cargo facilities.

PBEL India is a professional driven company with strong real estate fundamentals. With focus on long-term growth prospects, PBEL develops and builds high quality properties, which excel in having a superior location, beautiful and modern design, lifestyle and amenities, and its investments are always preferred due to their superior location, design, quality and amenities.

Property and Building Corporation LTD (PBC) is a subsidiary of the Israeli based IDB Group the largest business conglomerate in Israel, and is one of the largest real estate companies in Israel. Its main business is to buy land, construct and sell/lease out the buildings. The company owns many income producing properties in Israel, Europe and USA totalling over 15 million sq ft. is a leading income producing Properties Company in Israel. Currently, the largest project with PBC is the development and construction of the Plaza Las Vegas Hotel & Casino, including conference centre, retail and residential towers, a $5 - $7 Billion project. PBC operates in 8 different countries viz. USA, UK, Switzerland, Ukraine, Romania, Germany, Israel and India. PBC is rated AA by Standard & Poor (Israeli affiliate Ma'a lot). The turnover and PAT of the company for the financial year 2007 (Ending December) was Rs 876.28 Crore and Rs 207.76 Crore respectively. The Net Worth as on December 2006 stood at Rs 1101.05 Crore. The IDB Group is a 27 Billion USD business conglomerate based in Israel with global presence in 6 continents, diversified into 6 major business areas: telecommunications, financial services, retail, real estate, information technology and.

Electra Real Estate Ltd. is a subsidiary of ELCO Holdings Ltd, Israel. The company is mainly involved in buying, leasing and selling properties. It currently owns 109 income producing properties across the globe. Its main presence is in Israel, US, UK, Canada, Switzerland and Germany. It is also involved in 6 ongoing development projects and owns 10% stake in 58 Hilton Hotels in UK. The turnover and PAT of the company for the financial year 2006 (Ending December) was Rs 2063.1 Crore and Rs 58.9 Crore respectively. The Net Worth as on December 31st 2006 stood at Rs 3386.4 Crore. ELCO Group holds major investments in various sectors in Israel and world wide, including electro-mechanical systems (air conditioning, elevators & escalators), construction property management and real estate.

Source: PBL