PBEL Property Development (India) has announced the launch of Phase II of their flagship project located near the IT hub of Hyderabad and award of the Rs. 550 crore construction contract of the PEBL City to L&T.

PBEL Property Development is a Joint Venture between Israeli firms Property and Building Corporation and Electra Real Estate and INCOR Infrastructure from Hyderabad

L&T had earlier executed Phase I of project located near the ORR (outer ring road) at APPA Junction. PBEL City is spread over 26 acres facing a 35 acre natural Lake - Peeramcheruvu and heritage rocks.

The new phase will have two towers comprising 394 homes with 2 and 3 BHK flats of sizes ranging from 1,160 sft to 1788 sft at Rs 2,975 per sft. This Phase of the project is expected to be completed in two years and will offer flexi-payment pre-EMI options and 20 different floor plans to choose from.

All major amenities such as departmental store, crèche, gymnasium, salon, swimming pool and ATM etc. are ready as part of Phase I itself and will cater to Phase II as well.

“There is a sense of cautiousness among buyers. But end-users feel this is a good time to buy a home as prices are expected to rise. The Phase I of the project has received a very good response,” Mr. Anand Reddy, Executive Director, PBEL Property Development (India), said.

PBEL has plans to take up mixed-use projects in Hyderabad, Bangalore and Chennai in the next couple of months. PBEL is currently developing 11 million sq. ft of land in South India.

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