Released on: May 16, 2008, 2:34 am

Press Release Author: Veena D Souza

Industry: Real Estate

Press Release Summary: PBEL Property Development (India) Pvt Ltd, (a joint venture
of Israel-based Property and Building Corporation (PBC), Electra Real estate (ERE)
and Indian Developer, INCOR infrastructure), has invested Rs 180 crores in Chennai
to build a residential and commercial township.

Press Release Body: PBEL Property Development (India) Pvt Ltd, (a joint venture of
Israel-based Property and Building Corporation (PBC), Electra Real estate (ERE) and
Indian Developer, INCOR infrastructure), has invested Rs 180 crores in Chennai to
build a residential and commercial township.

Announcing this development, PBEL Executive Director Anand Reddy said, "The Company
has invested around Rs 180 crores to develop and build a hi-tech residential cum
commercial complex on a 42 acre plot of land at OMR, Chennai. We shall be starting
this project later this year shortly after launching our Hyderabad project. The
company has also short listed Coimbatore, in addition to Mysore in Karnataka and
Vizag in Andhra Pradesh, for sizeable investments."

PBEL has invested worth 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
environmentally friendly surroundings. PBEL will be bringing international know-how
of 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 2 land parcels in Hyderabad and 42 acres in Chennai for a
mixed township project.

PBC, a subsidiary of the IDB Group, is active in the realty space in three
continents: North America, Europe and Asia. The IDB Group is Israel's largest
business conglomerate with global assets in excess of $27 billion. PBC is a major
participant in the development of the new Plaza Las Vegas hotel. ERE is one of the
leading real estate companies in Israel, owning over 109 properties and 58 hotels
(Hilton, Marriott )in partnership in Europe and North America, is a subsidiary of
Elco Holdings, one of the main business groups in Israel.

ABOUT PBEL

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 Property and
Building Corporation (PBC), Electra Real Estate (ERE) and Indian developer INCOR
Infrastructure. Over the last couple of months PBEL has purchased property worth Rs
500 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.


PBC is one of the leading real estate companies in Israel established in 1961 and
has been a publicly traded company on the Tel Aviv Stock Exchange since 1961. The
company is rated AA by Standard & Poor. PBC has extensive experience in developing
and constructing residential neighborhoods and commercial properties in Israel and
the US. PBC a subsidiary of the IDB Group, is active in the realty space in three
continents: North America, Europe and Asia and is Israel's largest business
conglomerate with global assets in excess of $27 billion.

Electra Real Estate Ltd. is one of the leading real estate companies in Israel. The
company was established in 1994 and has been operating overseas since 1997, and the
major growth in the company's activities has taken place over the past three years.
Electra Real Estate is a public company listed in the Israeli TASE since 2005.

INCOR is 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 has projects in hand to construct 1.3 million sq. ft,
which includes a residential neighborhood, a shopping mall and an office center.
INCOR holds a land bank of 218,592 sqm to be developed for mixed use across various
locations in Hyderabad.


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