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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Krrish to start construction of the Krrish Square by June 2013, says surprised about media reports

Krrish to start construction of the Krrish Square by June 2013, says surprised about media reports

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
WRITTEN BY BUSINESS EDITOR

CEO R.P. Gupta says surprised about media reports that raised doubt about Group's Commitment to the Iconic 'Krrish Colombo' project

Mar 12, 2013 (LBT) - The construction of iconic Krrish Transworks tower that is yet to change the picturesque Colombo Skyline will start from June 2013, Chief Executive Officer of Krrish Colombo R.P. Gupta told reporters.

Gupta who represented Krrish Group as a main sponsor of the Sri Lanka's iconic fashion event, HSBC Colombo Fashion Week further stated that his company has been working everyday of the week with internationally renowned consultants, in completing the design and planning process of the proposed legendary iconic complex.

He said Krrish Colombo is ranked one of the 10th biggest construction projects in the world, in terms of size and complexity and simultaneously Krrish Group had been paying the relevant fees to the Urban Development Authority (UDA) of Sri Lanka including the land lease premium ahead of agreed schedule of payments.

"We were rather surprised to see some reports raising doubt about the Krrish Group's commitment to the project" Gupta said adding that the everyone will be glad to know that the progress on the project both interms of of design and planning, as well as making agreed payments to UDA is ahead of schedule.

"The basic planning has been completed, test pile has casted, and results of testing would be available in about four weeks period.This will facilitate detailed structural design and and we hope to start the construction by June 2013" Gupta stressed adding that 'Contrary to Reports in some media publications, Krrish group have not sold a single unit so far to finance the cost of the project.

News industry sources note that earlier Sunday Newspaper owned by island's leading newspaper publisher who is also the official print media sponsor of 'Colombo Fashion Week 2013' event had pointed out in several media reports questioning the project's financing and development with regards to the development of Krrish Square in Colombo.

Delhi-based developer Krrish group late September last year launched its US $ 460 million, 4-tower mixed development project in Colombo Fort. The company will build four towers on a 10-floor podium block on a 4-acre land where Sri Lanka’s ‘Transworks House’, a British colonial era administrative building is located. The tallest tower will have 85 floors, the second 80 and the other two – 55 floors each, in five million square feet of residential, commercial space and a hotel.

The company has leased a 4-acre land from Urban Development Authority for 99 years at Rs. 5 billion and 10% of the total has been paid in the beginning and another Rs.1.4 billion totaling to Rs.2 billion had been paid by Krrish group as at late December 2012 according to reports.

Meanwhile Gupta also highlighted that Project Krrish Square would provide infrastructure and ambience, which would attract top fashion players of the world, inducing them to to setup their business houses in Colombo.

"This will naturally boost Sri Lankan Fashion Industry taking it to next higher level.Thus we would be adding more value to Sri Lanka." Gupta told the gathering at Colombo Fashion Week 2013 event adding that it is an important design platform for Sri Lankan fashion designers and with sincerity Krrish support the event which is doing utmost best to promote the Sri Lankan fashion industry. (By Jithendra Antonio)
http://lbt.lk/news/business/3882-krrish-to-start-construction-of-the-krrish-square-by-june-2013-says-surprised-about-reports-that-raised-doubt-about-groups-commitment-to-the-project

Hawk Eye

Hawk Eye
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
The latest budget proposal says foreigners cannot acquire any property in Sri Lanka. Who are they going to sell this to

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
NOP this is 99 year lease..............?

SL.Market

SL.Market
Vice President - Equity Analytics
Vice President - Equity Analytics
Interesting thing is highest tower of Krishsqure is 600m. Then it will become third highest building in the world. If then try to increase the height by another 2m It will become world world second highest building in the world..

anyway I made me to laugh with this krishsqure project.....

bullrun

bullrun
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Hawk Eye wrote:The latest budget proposal says foreigners cannot acquire any property in Sri Lanka. Who are they going to sell this to

See;

The company has leased a 4-acre land from Urban Development Authority for 99 years at Rs. 5 billion and 10% of the total has been paid in the beginning and another Rs.1.4 billion totaling to Rs.2 billion had been paid by Krrish group as at late December 2012 according to reports.[b]

Hawk Eye

Hawk Eye
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@bullrun wrote:
@Hawk Eye wrote:The latest budget proposal says foreigners cannot acquire any property in Sri Lanka. Who are they going to sell this to

See;

The company has leased a 4-acre land from Urban Development Authority for 99 years at Rs. 5 billion and 10% of the total has been paid in the beginning and another Rs.1.4 billion totaling to Rs.2 billion had been paid by Krrish group as at late December 2012 according to reports.[b]

Yes. The land is leased for 99yr by Krish. But the apartments built to be sold to someone. not to be given on 99year lease. 3BR apartment is 93.6mn, 2900sq.ft. Varners are the Company secretaries for Krish. And they have started already lobbying for changes. All these skycraper projects FDI will stop if some classification and clarification brought in to the term property. property leased by foreigners also subject to high taxes now

check the websuite http://www.lankapropertyweb.com/sale/property_details-56285.html

Krrish Colombo Sri Lanka Apartments Reservation. Contact us to send you all details to reserve your dream apartment in Sri Lanka.Spread over 4.3 acres,mixed use complex,Brought to Sri Lanka by Krrish group.Made up of four statuesque towers.Central, Well placed, Perfect, 3 saleable area: 2900sqft, 3450sqft and 4000sqft.7 star Hotel, Helipad, Sky Lounge, High-end retail complex, High tech security and more.Mail the sales agent now. Pay 10% and reserve your area.call (in Sri Lanka) 773 41 47 47 or email to krrishagent@gmail.com

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