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Krrish Group says Transworks project in tact

05 Nov 2013 - {{hitsCtrl.values.hits}}

India’s Krrish Group, which is supposed to be building a luxury apartment complex on the Transworks House land in Colombo Fort, yesterday, denied the claims that the Transworks site is going to be offered to potential investors attending the forthcoming Commonwealth Business Forum.

“Krrish Square is a Cabinetapproved BoI project where all engagements have been based on legally executed proper documents after making all the due payments, including interest,” Krrish Group CEO R.P. Gupta said in a statement.

He further said payments that were due to the government in leasing the property have been made within the timelines agreed with the Urban Development Authority and the entire process is well documented.

Gupta further refuted the claims that Krrish has already sold some super luxury apartments in the proposed towers at around Rs.93 million a unit. He also rubbished the claims that some of this money has been returned to apartment owners who requested the money back, after the project ran into difficulties.

“The company has never collected any money from potential investors/buyers though there had been many inquiries to that effect. The company intends to start selling apartments only after all necessary approvals are in place,” Gupta said.

According to him, Krrish Group is a reputed company in India and is successfully executing a large number of projects costing more than US $ 1 billon.

The Krrish project in Sri Lanka has been marred by controversy with allegations of delayed lease payments, bribing of officials and rumours that the government is taking away the project from Krrish.

Krrish Group signed agreements with the BoI in August 2012 to build a mixed-development tower complex in the Transworks House land. The company said it was intending to construct four high rises that will house, high-end apartments, office spaces, shopping malls and a sevenstar hotel.

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Krrish Group says Transworks project in tact

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