PTI

Jerusalem: Two Israeli real estate firms will jointly invest $400 million in developing a residential and commercial project in Chennai.

Electra Real Estate Ltd and Property and Building Ltd are in negotiations to buy a 37.5 acre plot in the southern metropolis zoned for a 426,000 square metre residential and commercial project for $58 million.

Total development costs of the project, including land, is pegged at $400 million. According to Chairman of Property and Building Ltd Rafi Bisker, “We consider India to be a strategic target and growth engine over the coming years,” Chairman of Property and Building Ltd Rafi Bisker, said.

The proposed project is located four kilometres away from a Tata Group’s high-tech under-construction park in Chennai.

Electra and Property and Building are also engaged in developing two projects in Hyderabad for which land has been procured early this year.

One project is a 260,000-square metre residential and commercial project and the other is a 300,000-square metre 2,300 unit residential project. In December 2006, the two companies founded a Mauritius-registered entity to develop income-producing projects in India.