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Old September 27th, 2012, 02:54 AM   #1
lordvader
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Colombo | Krrish Square | Approved

Ambitious $ 460 m 4-towers Krrish Square at Fort to start selling units from today

Published : 4:35 am September 27, 2012

What is tipped to be the biggest single largest sole foreign investor project the $ 460 million Krrish Square at Transworks House in Fort will start selling luxury condominium units from today, the Indian promoters disclosed last night.

Launching to media and corporates separately, the Krrish Square on the four-acre land area is a mixed development project comprising four towers, three of which will have luxurious residential units and the other a seven-star hotel apart from a boutique hotel in the preserved confines of the Transworks House, declared as a heritage building in the city.
Krrish Group, which has interests in distilleries, breweries and real estate development in India, promised its first overseas venture will be an “engineering marvel” in Colombo whilst the mixed development will also be one of Asia’s most iconic. It will be completed in 2016.
The Urban Development Authority (wUDA) which has got an advance of 10% for the Rs. 5 billion worth lease for 99 years, described the project will be a key component in making Sri Lanka the ‘Wonder of Asia’ though the mega venture was an outcome of an unsolicited proposal.

“The project is one of the most significant milestones in urban development in Sri Lanka,” UDA Chairman Nimal Perera declared.
He said UDA had to seek unsolicited proposals because the land in the area had been under utilised over the years as there were no investor interest due to many issues as it was encumbered with several buildings including the existence of an electrical substation occupying 40 perches and the heritage building of Transworks House.
“Krrish Group India expressed their willingness to undertake the development in a manner which will overcome the hindrances as well as preserving the heritage building and proved their financial and technical capacity,” Perera added. Following Cabinet approval, the UDA signed a MoU with the Indian investor whilst separately a BOI agreement too was signed.
Krrish Group is currently undertaking six different projects with a total built up area of 8.3 million square feet in Greater New Delhi area (Gurgaon) with a combined investment of $ 400 million with receivables from those projects over the next five years amounting to over $ 1.4 billion. Krrish Group said it boasts of an annual turnover of $ 100 million.
The structures for the proposed Krrish Square have been designed by multi-award winning architecture firm C.P. Kukreja Associates whilst Wilson Associates, New York was announced as the interior partner and Dandi Living Ltd., London as landscape partner. The preservation and redevelopment of Transworks House will be undertaken by Paris based architect Edward Francois who shared some of his ideas. He was responsible for the makeover of the former Samaritaine Department Store building in Paris which is now home to the Louis Vuitton store among many others.
Krrish Square will have the base of 10 floor podium for car parking, high end retail stores, shopping complexes etc. The four high rise towers will be built as a vertical city. One of the residential sky scrapper will have the height of podium (10 floors) plus 80 floors and other two would be of podium plus 55 floors. The fourth tower will have the height of podium plus 85 floors and will house the seven-star hotel, commercial office spaces etc.
The Indian company said the latter will be a key attraction for Fortune 500 companies which are keen to set up offices in Colombo. Krrish Square will have a total built up area of five million square feet.
Krrish Group CEO R.P. Gupta said ground breaking is expected to be within two months whilst the entire project will be completed in five years. A Krrish Square office has been opened on the 35th floor of the West Tower of World Trade Centre in Fort.

http://www.ft.lk/2012/09/27/ambitiou...ts-from-today/

Last edited by lordvader; August 26th, 2013 at 09:57 AM.
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Old September 27th, 2012, 06:31 PM   #2
Shakeel
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Thanks for the update Lordvader. The URL for this project...

http://krrishcolombo.com/
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Old September 27th, 2012, 09:39 PM   #3
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Krrish Square, Colombo










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Old September 28th, 2012, 11:01 AM   #4
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another ambitious project by an indian company. we've seen many pictures of amazing looking designs in the past that supposed to be built by indian companies but even a single project got up and finished . so i have no confidence in this project what so ever.
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Old September 28th, 2012, 04:55 PM   #5
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Quote:
Originally Posted by lordvader View Post
A Krrish Square office has been opened on the 35th floor of the West Tower of World Trade Centre in Fort.

http://www.ft.lk/2012/09/27/ambitiou...ts-from-today/
Considering the track record of Indian projects in SL, most potential apartment buyers will probably take a wait and see attitude. I'm wondering how many people will be willing to risk their money and put down a deposits for an apartment in this complex. And in the case that deposits don't meet expectations, will the developers abandon the project?
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Old September 28th, 2012, 11:36 PM   #6
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Well its a fact most of their real estate projects never came thru. They have had some success in the recent times with http://110parliamentroad.com and probaly some other unknown projects.
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Old September 29th, 2012, 03:50 PM   #7
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The concept pics look good.
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Old September 30th, 2012, 06:06 AM   #8
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Gota will monitor the progress of this project. Therefore this would be a success.
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Old October 1st, 2012, 02:42 AM   #9
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Looks so nice! I hope it gets built.
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Old October 2nd, 2012, 07:15 PM   #10
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Quote:
Originally Posted by Nuwan Malala View Post
Gota will monitor the progress of this project. Therefore this would be a success.
Gota can only monitor, the developers have to find the funding and the Sl economy has to be sound enough to receive such mega projects
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Old October 2nd, 2012, 07:17 PM   #11
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Quote:
Originally Posted by Shakeel View Post
Well its a fact most of their real estate projects never came thru. They have had some success in the recent times with http://110parliamentroad.com and probaly some other unknown projects.

The Indians are also building two projects for the GOSL helping them to relocate the under privileged, one by B J Shirke and the other by a Hyderabad based developer
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Old October 3rd, 2012, 06:32 PM   #12
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Thanks tallbuilder..hope some more details of these projects with url will help..
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Old October 4th, 2012, 10:50 PM   #13
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Cabinet approves ITC’s $ 140 m hotel deal

On the back of the lucrative Krrish Group deal, Cabinet has approved a US$ 140 million hotel project by the Indian Tobacco Company (ITC) to tap into the post-war tourism boom.


ITC announced the intention of leasing out land on the premier seaside strip of the capital earlier this year and paid US$ 73.5 million to the Sri Lankan Government in May. However, the ITC deal is far lower than the US$ 550 million project by Shangri-la, which will be next door. Both ventures are on former Army Headquarters premises.
This will be the second large-scale Indian hotel development project announced in a month, with Krrish Group signing a US$ 460 million mixed development project in September.
“The ITC venture will include luxury residencies and shopping malls as well as the hotel,” Cabinet Spokesman and Media Minister Keheliya Rambukwella told reporters. In July the Government gave sweeping tax concessions to ITC including a 10-year tax holiday starting from the first year of profits or three years after operations.
The firm will also get a tax concession of six per cent or half the rate of tax for hotels, whichever is lower, within the next 15 years.
ITC’s hotel business comprises over 100 owned and managed properties spread across India and started with its own hotel chain ITC-Welcomgroup Hotel Chola.
This is the latest investment since Sri Lanka’s tourism took off after the end of a three-decade war in 2009.
Several international brands including Shangri-la, Sheraton, Hyatt and Sun City have already signed on to invest around US$ 2 billion in hotel projects.
During the first eight months of 2012 arrivals rose 15.8 per cent to 622,661, with August numbers increasing 9.7 per cent from a year earlier. Sri Lanka has set a target of one million tourists for 2012.

http://www.ft.lk/2012/10/05/cabinet-...-m-hotel-deal/
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Old October 5th, 2012, 03:54 PM   #14
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Quote:
Originally Posted by tallbuilder View Post
Gota can only monitor, the developers have to find the funding and the Sl economy has to be sound enough to receive such mega projects
Havelock City is still not completed, but it is being completed step by step successfully. Likewise this would also get completed.
But the difference is Havelock City consists separate buildings.
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Old October 9th, 2012, 07:13 AM   #15
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From their website:


Floor Plan

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Old October 10th, 2012, 12:13 AM   #16
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It is really shocking for me to see the maids room. The rooms has no windows. In Montreal, our National Building Code wouldn't allow bedrooms with no windows unless the views is to an atrium.

On the plus side, I guess you don't need to pay rent, and perhaps you are not paying too much for food. So you can save up your money. Blah! Probably, that isn't possible.
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Old October 15th, 2012, 10:11 AM   #17
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Quote:
Originally Posted by Nuwan Malala View Post
Havelock City is still not completed, but it is being completed step by step successfully. Likewise this would also get completed.
But the difference is Havelock City consists separate buildings.

That's precisely the point Havelock City ( all 8 buildings) should have been completed by now. But they have just commenced the 2nd stage and the swimming pool and club house, why? because the sales did not justify the balance developments.
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Old October 15th, 2012, 01:19 PM   #18
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Quote:
Originally Posted by Ashok View Post
It is really shocking for me to see the maids room. The rooms has no windows. In Montreal, our National Building Code wouldn't allow bedrooms with no windows unless the views is to an atrium.

On the plus side, I guess you don't need to pay rent, and perhaps you are not paying too much for food. So you can save up your money. Blah! Probably, that isn't possible.
could agree with you more!
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Old October 15th, 2012, 05:13 PM   #19
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i saw avertisement on week end news papers by krrish group ,starting apartment selling...
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Old October 18th, 2012, 07:08 PM   #20
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Which newspaper and whether it has an e-paper.
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