Business Daily from THE HINDU group of publications
Thursday, Oct 02, 2008
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Business Daily from THE HINDU group of publications Thursday, Oct 02, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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New Business States - Andhra Pradesh
Our Bureau Hyderabad, Oct. 1 L&T, the infrastructure major, has bagged a Rs 552-crore order from PBEL, an Indo-Israeli joint venture real-estate developer, for the construction of PBEL City here. The PBEL City, coming up near the Andhra Pradesh Police Academy, would have 13 residential and two commercial towers, each having 19 storeys, with 12 flats on each storey. The total value of the project was put at Rs 1,100 crore on completion. Current line-upAnnouncing the pact with L&T, Mr Anand Reddy, Executive Director of PBEL, said the company had lined up residential and commercial projects developing 1 crore sq ft in the next four to five years. “The Hyderabad project would have a built-up area of 40 lakh sq ft”, as would the Chennai project (on Old Mahabalipuram Road), he said. “Besides, we will be building a warehousing facility near the Shamshabad airport with 20 lakh sq ft,” he added. Project buildingMr A.L. Sekar, General Manager and Head (Residential Buildings Business Unit) of L&T, said the vertical was expected to contribute Rs 500 crore this financial year to the parent company. He said the company would deploy latest technologies to help build the structures quickly and at a lesser cost. Asked whether the slowdown would hit the schedule of the project, Mr Reddy said the ‘per sq ft’ price was pegged at a level that still had good potential. “We have already booked nearly 40 per cent of flats for the two towers we announced in the first phase,” he added. More Stories on : New Business | Real Estate & Construction | Larsen & Toubro Ltd | Andhra Pradesh
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