India’s Krrish invests Rs. 10b for multi-storied facility

Shirajiv SIRIMANE

The Sri Lankan city skyline would see a major transformation with the opening of the country’s tallest 88 storied four tower ‘Krrish’ at Transworks Square opposite the Colombo Hilton.

UDA Chairman Nimal Pieris with Krrish Director Aishwarya Soni. Picture by Saliya Rupasinghe

Krrish, one of the leading Indian Real Estate Developers, would invest over Rs. ten billion to build this multi functional complex.

The Indian company which is venturing overseas for the first time, would pay Rs 4,995 million to the Urban Development Authority (UDA) to lease the four acre land for 99 years.

A further US$ 460 million would be invested to build a Seven Star restaurant, with rooftop infinity pools, malls, apartments and a boutique hotel.

UDA chairman Nimal Peiris emphasised that the Indian investors have agreed to re-develop the colonial, Transwork building without demolishing it.

Asked why the Indian company was given a lease for 99 years, he said that it was because of their magnitude of the investment and also due to the Krrish Sound, track record. Krrish Director Aishwarya Soni, said that they would start construction on the property by the end of the year and the first phase would be completed in three years.

The project is expected to generate over 2000 employment opportunities.

Asked to comment as to why they decided to select Sri Lanka as their first overseas venture, he said that with the ending of the war, they saw tremendous potential in the country. “We are also planning a similar project in Hambantota soon. The Krrish Group is now in the process of designing the project and seeking necessary clearance and approval to commence the construction of the complex.

There would be 4 high-rises, each containing 88 floors with adequate car parking and ancillary facilities and the development is to be done based on UDA guidelines.

Once the MoU is signed, the Indian company would deposit 10% of the total value and the balance would be paid before construction begins.