Elbit Medical Imaging, a diversified company from Tel Aviv, Israel, with interests in construction, real estate and magnetic resonance imaging, is developing a mega housing project in Bangalore through a joint venture with a local partner. Elbit Medical proposes to invest $180 million in buying the land.
The project, likely to come up on about 190 acres, could command sales amounting to $3 billion, the company said. The Indian developer will provide another 100 acres, through a third party, close to the 190-acre land. The total area to be developed will be in the region of 290 acres.
Elbit Medical is planning to build a luxury project consisting of cottages and high-grade apartments, totalling more than two million sq. metres, a hotel, an "apartotel" (hotel of apartments), a mall, and other facilities such as country club, gyms, a golf course and swimming pools.
Work on the project is slated to commence within a year and take three to five years to complete.
Last month, Projectmonitor had reported Elbit Medical's plans to invest more than $1 billion in Indian ventures such as hospitals, hotels, malls, and office and residential complexes. l

Contact: Elbit Medical Imaging Ltd, Europe Israel Tower, 2 Weitzman Street, Tel Aviv, Israel 64239. Tel: 972 3 608 6015; Fax: 972 3 608 6050; Website: www.emitf.co.il