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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Krrish, Shangri-La projects in Colombo clear obstacles.

Krrish, Shangri-La projects in Colombo clear obstacles.

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
The Krrish square mixed development project tainted by scandalous financial deals is to finalise the land lease by making the final payment of Rs. 589.7 million by the end of next month, Minister of Investment Promotion Lakshman Yapa Abeywardena said on Tuesday.

The Delhi-based group paid Rs. 150.8 million to Urban Development Authority last week. The total payment made by them up now is Rs. 4,405.3 million, he said adding that the full payment for the leasing of the prime Transworks property at Colombo Fort is Rs. 4995 million.

In the circumstances the Board of Investment will take necessary action to grant strategic development project status providing tax incentives to the Krrish group to continue the construction work by presenting the relevant bill in parliament, Mr. Abeywardena told reporters in Colombo.

Informed sources said investigations into the alleged pay-off to a prominent official to facilitate the project have been completed and its report with findings of irregular payments is now with high government authorities and necessary action will be taken within the next two months.

The project is being changed from its earlier grand status. The plan to turn the Transwork House into an iconic mall with high-end products has also been shelved while the prices of the apartments are also to be drastically reduced, the sources said.

Mr. Abeywardena noted that the developer has the right to make changes in the building plan with the consent of the authorities and this was a normal practice the world over.

Krrish was planning to build four towers – the tallest tower with 85 floors, the second 80 and the other two – 55 floors each, in five million square feet of residential, commercial space and a hotel.

Meanwhile, Hong Kong-based Shangri-La Asia’s super luxury hotel project in Colombo will resume construction work next month after making some changes to building plan, he revealed.

Construction work on the 497-room Shangri-La Hotel Colombo located between the Galle Face green promenade and Beira Lake, has been delayed due to some bottlenecks which has now been sorted out, he said. (Bandula)
http://sundaytimes.lk/news/news/37645-krrish-shangri-la-projects-in-colombo-clear-obstacles.html

kas

kas
Manager - Equity Analytics
Manager - Equity Analytics
I don't see any clear obstacles here, obstacles are any where in any project. These writers are always trying to create fear. Its sad to see since most of the so called electronic media and journalist were silent about Thouchwood, CIFL, PC House, over priced IPOs or the milk powder issue until the cat is out of the box.

Sidath

Sidath
Manager - Equity Analytics
Manager - Equity Analytics
@kas wrote: since most of the so called electronic media and journalist were silent about Thouchwood, CIFL, PC House, over priced IPOs or the milk powder issue until the cat is out of the box.
good point. But there is no medicine for greed.

sriranga

sriranga
Co-Admin
More than one year has passed since the Indian property developer, Krrish Group, entered into an agreement, with the Urban Development Authority and the Board of Investment, to develop four acres of land in the heart of Colombo. So far the company has paid Rs. 4,405 million to the UDA.

The Investment Promotion Ministry, the Board of Investment and the Urban Development authority gave the company four grace periods to pay the balance amount, which was pending for a considerable time.

Minister of Investment Promotion Lakshman Yapa Abeywardena in September said that the company had agreed to pay the lease amount in full by the end of October, however no payments have been made so far after the September payment.

The Minister yesterday told Journalists, in Colombo, that his ministry and the BOI would process the Krrish project for tax breaks after receiving full payment and added that the delay in payment has been favorable to the country.

Krrish Group CEO R.P. Gupta, in early November, issuing a statement, said that the group had been making payments to the Urban Development Authority as agreed by both parties.

Krrish Group signed agreements, with the Board of Investment and the Urban Development Authority in August 2012, to establish a mixed development project on the Transworks House land located in Colombo Fort.

The company heavily advertised its entry to develop several towers on the land, including an apartment complex, shopping malls, restaurants and a star class hotel. However, the company has still not been able to break ground.

-MA
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=93331

http://sharemarket-srilanka.blogspot.co.uk/

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