Larsen & Toubro (L&T), the infrastructure major, has secured a Rs 552-crore order from PBEL, an Indo-Israeli joint venture real-estate developer, for the construction of PBEL City in Andhra Pradesh.

The PBEL City, which is coming up near the AP Police Academy, would have 13 residential and two commercial towers, each having 19 storeys, with 12 flats on each storey. 

L&T plans to deploy latest technologies to build the structures quickly and at a lesser cost. The total value of the project on completion of work was estimated at Rs 1,100.

Presently, PBEL is building a warehousing facility near the Shamshabad airport with 20 lakh sq ft. The company had lined up residential and commercial projects developing 1 crore sq ft in the next four to five years.

L&T expects that this new project would contribute Rs 500 crore this financial year to the parent company.