Urban Development Authority Chairman Nimal Perera has said that the Krrish Group chairman Amit Katyal has assured government authorities that the work on the ‘Krrish Square’ will be commenced soon.
Perera has said that according to Katyal, Ritz-Carlton Hotels of the US had agreed to partner this project.
“The Krrish Group owes the UDA another Rs. 640 million for the land. He agreed to settle all these payments before beginning work on the project,” he had added.
This 85 storied tower project with luxury homes, shopping complexes, a seven star hotel and an additional four towers raised a huge controversy during the recent past. The reason for the controversy included the inability of the Krrish Group to begin its construction work by the stipulated time period.
The UDA has offered the 04 acres and 37.10 perch plot of land where the Transworks Building in Colombo stands now bordered by Chatham Street, York Street and lotus Road, at a cost of Rs. 4,995 million to Krrish Group on a 99 year lease agreement.
This is considered the first foreign project by the Krrish Group.
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EXCLUSIVE: A special meeting on the beginning of the work on the ‘Krrish Square’ proposed to be constructed on a four acre plot of land in Colombo Fort was held between the chairmen of the Urban Development Authority (UDA) and the Krrish Group in Colombo this morning (12 August).
During this meeting, Krrish Group chairman Amit Katyal has informed the UDA that work on this project could begin in October this year.
While commenting on this, UDA chairman Nimal Perera told adaderanabiz.lk, “The chairman of the Krrish Group arrived in Sri Lanka and held a discussion with us this morning. He told us that this project could begin in October this year. The Krrish Group owes the UDA another Rs. 640 million for the land. He agreed to settle all these payments before beginning work on the project.”
This 85 storied tower project with luxury homes, shopping complexes, a seven star hotel and an additional four towers raised a huge controversy during the recent past. The reason for the controversy included the inability of the Krrish Group to begin its construction work by the stipulated time period.
During a recent media conference in Colombo, Investment Promotion Minister Lakshman Yapa Abeywardene stated that the Krrish Group has been told to begin this project as a joint venture if it is unable to bear the cost alone.
“The Krrish Group chairman told us that the Ritz-Carlton Hotels has agreed to partner this project. He also showed us the relevant agreement,” added the UDA chairman.
The Ritz-Carlton Hotels operates 84 super luxury hotels in 26 countries.
The UDA has offered the 04 acres and 37.10 perch plot of land where the Transworks Building in Colombo stands now bordered by Chatham Street, York Street and lotus Road, at a cost of Rs. 4,995 million to Krrish Group on a 99 year lease agreement.
This is considered the first foreign project by the Krrish Group.
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India’s Krrish which has been given city centre land in Sri Lanka’s capital Colombo is expected to settle its balance payments in three months, an Urban Development Authority official said.
UDA chairman Nimal Perera said Krrish had already paid 87 percent of 4,995 million rupees for state land.
“They have promised to settle the balance amount with the legal interest within the next three months,” Perera said.
Krrish had run into controversy over repeated delays on paying for the land with earlier reports saying the latest deadline was May 26.
Perera said Krrish had recently signed an agreement with a construction contractor, which had been shown to them, they he was confident that the project will start.
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