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Old October 18th, 2014, 07:04 AM   #461
ramjisharma
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But no activities in the main site..its still covered with bush
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Old December 1st, 2014, 06:36 AM   #462
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When do they working on this again?
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Old December 1st, 2014, 07:52 AM   #463
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When do they working on this again?
last October look like star renovating now nothing , funny
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Old January 1st, 2015, 06:10 PM   #464
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http://www.wharf.co.uk/2014/12/alpha...bmitted-f.html

at least someone is using the building design for use
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Old January 2nd, 2015, 12:08 AM   #465
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http://thekrrishgroup.com/projects.html
http://www.krrishcolombo.com/

On the website of Krrish Colombo, there is no longer any mention of any towers being built, but only that the "The Transworks Square building will be transformed into an ultra luxurious hotel/commercial hub"

So it seems they are not going to build the towers after all?



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Old January 2nd, 2015, 08:03 AM   #466
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Another final warning to Krrish to pay up

The Krrish group In India has been warned that it should pay the balance of Rs. 639.5 million for the Colombo Fort Transworks Square land lease or face the risk of losing the land, a senior Urban Development Authority (UDA) official said. He said the Krrish group needed to complete payments for 70 perches for the lease agreement to be finalised.

“We will find a suitable investor if Krrish is not interested in making the payments,” the official added. He said that the value of the land had been increasing while the payments were pending from November last year. This is the third extension given to complete the payments. Earlier the group had paid Rs. 4.4 billion for the lease of the land

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Old January 2nd, 2015, 10:53 AM   #467
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Originally Posted by Godofpower View Post
The Krrish group In India has been warned that it should pay the balance of Rs. 639.5 million for the Colombo Fort Transworks Square land lease or face the risk of losing the land, a senior Urban Development Authority (UDA) official said. He said the Krrish group needed to complete payments for 70 perches for the lease agreement to be finalised.

“We will find a suitable investor if Krrish is not interested in making the payments,” the official added. He said that the value of the land had been increasing while the payments were pending from November last year. This is the third extension given to complete the payments. Earlier the group had paid Rs. 4.4 billion for the lease of the land

Sundaytimes.lk
It looks as if Krrish was trying to use customer deposits to settle payments to the government. I think a local investor like JKH, Nawaloka, Maga could do this better. I am happy if they kick Krrish out and offer it to a Sri Lankan reputed firm.
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Old January 2nd, 2015, 02:00 PM   #468
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It looks as if Krrish was trying to use customer deposits to settle payments to the government. I think a local investor like JKH, Nawaloka, Maga could do this better. I am happy if they kick Krrish out and offer it to a Sri Lankan reputed firm.
Everything was wrong with this project.
Krrish is a big lie and they probably bribed some officials when the deal was signed.Building two 90+ floor and one 60+ buildings costs insane amounts of money and it will take at least a decade for project like that can be profitable in Sri lanka.
Local guys does the job way better but they still lack the money to fund a huge project for now but they are expanding fast
Its time the Government start aiming for Korean,Japanese ,US and EU investors who have the money ,guarantees ,clear goals and can build safe,beautiful and modern buildings
most of all they have consumer trust which attracts investors with less questions to answer
a 100 floor buildings is a piece of cake for most of them if they consider it feasible
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Last edited by Godofpower; January 2nd, 2015 at 02:05 PM.
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Old January 9th, 2015, 02:18 PM   #469
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Now they are demolishing the older buildings behind transwork building.....hope they are gonna do something
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Old January 11th, 2015, 04:05 PM   #470
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I feel the new government of MY3 should cancel the agreement and get fresh bidders. He has other priorities but I am sure the relevent Ministry secretary will get this sorted.
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Old February 15th, 2015, 09:16 AM   #471
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“Our plans are still on,” says Krrish official at the office reception

By Raj Moorthy
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Officials at the controversial Krrish project in Fort, which is yet to receive the full payment for it to get off the ground, say their project is still on.
The project has been suspended for many years as a final payment amounting to 10 per cent of the full lease and interest payments thereafter for payment delays.


The Krrish site in Fort
With the entry of a new government and speculation about the future of this project which drew allegations of corruption by certain government officials, a charge strongly denied by the company, this reporter visited the Krrish office on Level 35, West Tower World Trade Centre Echelon Square in Colombo on Thursday.

This is the second visit since last year, and this is what the Business Times found:

“I visited the premises around 3.30 p.m. The entrance door to the Krrish office was half open and a receptionist was sitting right in front in the reception talking to someone on her mobile phone. As soon as she saw me walking towards her, she hung up the phone and asked me why I was there. I told her that I came to ascertain whether there has been any improvement in the progress of the project and whether she could provide me some details as to when it was planned to begin.

She responded saying that there is no one at the office to give information on my inquiry. ‘There is no one at the office at the moment to give any information to anyone regarding the project,”. she said. But I knew she was not entirely truthful as there was a lady sitting behind a glass partition on the right side who appeared to be at work.

When I asked the receptionist whether I could obtain any information from anyone else if I came the next day, she shook her head saying “NO” she took a note book and pen from her desk and asked me for my contact details including my name, email address and telephone number and said that she will forward any email related to the project such as brochures and leaflets of the new plans and description.

I asked her whether there are any changes in the plan, prices of the apartments and whether the project will happen someday or not. She said that the project is still on. “We are waiting till our final plan is finalised and then we will start the project,” she said.

It is unusual for a company handling such a mega project to allow a receptionist to take inquiries on the project and respond with a comment like “our project is on’.”

Krrish better pay up; no room for wheeler dealers – Ravi K says Finance Minister Ravi Karunanayake says that the much hyped multimillion Krrish Transworks Towers project will have to meet its dues and there will be no further discussion on this matter.
“Krrish hasn’t paid its due amounts. They will need to pay all the default payments including the interest payments,” he told the Business Times.

He said there will be absolutely no further negotiation to extend payment timelines with this company. “There will be no wheeler dealing in this government.”

Since March 2013, the project has been halted as the company has not honoured its payments to the Urban Development Authority (UDA) owing to a land issue with the Indian Investor withholding the balance payment for the land calling for clearance.

A Krissh official told the Business Times that the company is seeking fresh negotiations with the new regime. (DEC)

http://www.sundaytimes.lk/150125/bus...on-131468.html

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The Krrish should be kicked out and tell them to repay all the money
The land should be given to a Chinese/Japanese/Korean/US/EU or a company from any other country that can build a good skyscraper
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Old February 23rd, 2015, 04:52 PM   #472
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Stalled talks on Krrish resume tomorrow



Indian-based Krrish Group will be returning to Sri Lanka next week for discussions with the new government on the long delayed controversial multi-million rupee Krrish Transworks Tower project, a top official said.

Krrish, since May 2013, is yet to make a final payment of Rs.589. 7 million to close the four acre land lease deal. The total payment made by them was Rs. 4.4 billion while the total payment to the Urban Development Authority (UDA) to commence the project is Rs. 5 billion.

UDA Chairman Ranjith Fernando told the Business Times that Krrish representatives will hold talks with him next week on issues relating to the stalled project.

He noted that each and every detail of such mega projects need to re-examined before arriving at a decision.

The former Government before its collapse was working on five ‘strategic development’ deals – Krrish Transworks Colombo (Pvt) Ltd, Lanka Sugar Refinery Company Pvt Ltd, CHEC Port City Colombo Pvt Ltd, Avic International Holdings Lanka (Pvt) Ltd and Prosperity Place Lanka (Pvt) Ltd.

The deadline given to Krrish to make the balance payment with penal 12 per cent interest has been extended till end March, he added.

Krrish officials headed by CEO R. Gupta, will also meet Chairman of the Board of Investment (BoI) Upul Jayasuriya, BoI sources revealed.

The allegation of secret payoffs to keep the window open for payment and for various approvals ended with some unfortunate incidents. Names of several powerful members of the former regime figured in the allegation of secret payoffs by the Krrish Group.The former Rajapaksa government offered a 25-year tax holiday to the company but the gazette notification granting these concessions was not presented in parliament by former Investment Promotion Minister Lakshman Yapa Abeywardena due to the company’s failure to pay the balance money for the land under the lease agreement.

http://www.sundaytimes.lk/150222/bus...ow-136568.html
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Old March 1st, 2015, 10:55 AM   #473
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India's Krrish Group likely to recommence controversial Colombo project with new Sri Lankan government

Sun, Mar 1, 2015, 12:39 pm SL Time, ColomboPage News Desk, Sri Lanka.


Mar 01, Colombo: India's Krrish Group is likely to recommence its long delayed and controversial project in Colombo under the new government.

Officials from the Krrish Group who were in Sri Lanka last week have expressed interest in working with the new government on the multimillion rupee Krrish Transworks Tower project in Colombo Fort.

Representatives of the company met Board of Investment (BOI) Chairman Upul Jayasuriya last Monday.

Jayasuriya said that Krrish representatives have assured that the company will pay the due Rs.589.7 million with accumulated interest at 12 percent and commence construction work within two months.

Krrish has so far made a payment of Rs. 4.4 billion while the total due to the Urban Development Authority (UDA) is Rs. 4.995 billion. The final payment has to be made to close the 4-acre land lease deal in force since May 2013.

The US$ 650 million Krrish square mixed development project in capital Colombo was planning to construct four high-rises containing a luxury hotel, apartments, malls and office space, on a 4.3-acre land leased for 99-years from Sri Lanka's Urban Development Authority.

The Krrish project was marred with controversy with the allegation of secret payoffs to keep the window open for payment and for various approvals, which ended with some unfortunate incidents. Names of several powerful members of the former regime figured in the allegation of secret payoffs by the Krrish Group.
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Old March 2nd, 2015, 04:45 AM   #474
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for the god sake cancel this project.This is such a drag
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Old March 2nd, 2015, 02:34 PM   #475
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for the god sake cancel this project.This is such a drag
Plus there is a very high chance that the completed project won't be the original proposal.

Their press releases and websites show no indication of building 4 towers but rather making the Transworks site into something along the lines of Arcade and Dutch Hospital.

Put the original plan back on the table. The original plan would have been a incredible addition to the Fort skyline.
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Old March 27th, 2015, 12:14 AM   #476
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Have the government ordered a review of this project yet? Or are they too scared to upset India?
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Old March 28th, 2015, 06:33 AM   #477
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how come this project is not on the review.
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Old March 30th, 2015, 10:56 PM   #478
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how come this project is not on the review.
Since this is not a project ?😁 Hold the land for few years and sell it to another developer ?
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