Construction on Krrish Square is set to commence from June of this year, according to Krrish Group Chief Executive Officer R.P. Gupta.
“We expect to start construction by June of this year and the plans and designs are to be completed in the next four weeks. Everything is currently moving ahead of schedule and the required payments have been made to the Urban Development Authority.”
“We have been working 24/7 with international consultants in order to complete plans for the design and construction of Krrish Square, which we believe will become a benchmark in real estate for Sri Lanka. This project will be the 10th largest in the world,” Gupta said.
Commenting recent adverse publicity received by the project with regards to the sources of funding for development of Krrish Square, Gupta denied reports that Krrish was utilizing revenue generated from the sale of units to fund the project’s development.
“We have been extremely busy working on this project that we were not aware of local media reports until recently. I can assure you that we have not sold any units in Krrish Square in order to fund the construction of the project.”
Gupta went on to state that Krrish would soon be releasing further information as to the designs and specifications of Krrish Square, adding that the group was already in negotiations with 32 high-end international brands interested in entering the location.
The mixed development project, which is reported to consist of four towers, three of which will be largely residential in nature, is expected to be completed in the next four years at an investment of US$ 650 million, above an initially quoted figure of US$ 460 million in September last year.
The development is to take place on four acres of l and in Fort, acquired through a 99-year lease from the Urban Development Authority for a consideration of approximately Rs.5 billion, following an unsolicited proposal.
A large portion of the land for the development had previously been vested with the Central Bank of Sri Lanka, which had utilized the property for car parking facilities.
The project was also granted multiple tax concessions commencing with a 10-year income tax holiday and subsequently, a concessionary 6 percent tax for the next 15 years.