Mr Anand Reddy, Director of PBEL Property Development India Pvt Ltd, an Indo Israeli joint venture, poses with a model of PBEL City, a township comprising thirteen residential and two commercial towers of nineteen storey each on a twenty eight acre area situated in Hyderabad development Corridor in Rajendranagar mandal.

PBEL, an Indo Israeli joint venture real estate company, has pronounced the launch of the first phase of the One thousand two hundred crore rupees PBEL City, a residential-cum-commercial venture, on the border of the city.

The phase-I would have two towers, housing five hundred flats with a cost tag of Rs 41-52 lakh.

Addressing a press conference, Mr Anand Reddy, Executive Director, said the project was expected to be completed in 18-36 months.

Stating that the project was aiming people in the age group of 25-40 and working in information technology, IT-enabled services, banks and airports. Situated near the second exit of the upcoming Outer Ring Road (ORR), the project would have a total of thirteen residential and two commercial towers.

The company had united with L&D, a Malaysian interior design solutions provider, to provide modern interiors. “The buyers, however, could opt out and have their own furnishings,” he added.

After Hyderabad, the company drew plans to take up projects in Chennai and Mysore.