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The Krrish square mixed development project tainted by scandalous financial deals is to finalise the land lease by making the final payment of Rs. 589.7 million by the end of next month, Minister of Investment Promotion Lakshman Yapa Abeywardena said on Tuesday.
The Delhi-based group paid Rs. 150.8 million to Urban Development Authority last week. The total payment made by them up now is Rs. 4,405.3 million, he said adding that the full payment for the leasing of the prime Transworks property at Colombo Fort is Rs. 4995 million.
In the circumstances the Board of Investment will take necessary action to grant strategic development project status providing tax incentives to the Krrish group to continue the construction work by presenting the relevant bill in parliament, Mr. Abeywardena told reporters in Colombo.
Informed sources said investigations into the alleged pay-off to a prominent official to facilitate the project have been completed and its report with findings of irregular payments is now with high government authorities and necessary action will be taken within the next two months.
The project is being changed from its earlier grand status. The plan to turn the Transwork House into an iconic mall with high-end products has also been shelved while the prices of the apartments are also to be drastically reduced, the sources said.
Mr. Abeywardena noted that the developer has the right to make changes in the building plan with the consent of the authorities and this was a normal practice the world over.
Krrish was planning to build four towers – the tallest tower with 85 floors, the second 80 and the other two – 55 floors each, in five million square feet of residential, commercial space and a hotel.
Meanwhile, Hong Kong-based Shangri-La Asia’s super luxury hotel project in Colombo will resume construction work next month after making some changes to building plan, he revealed.
Construction work on the 497-room Shangri-La Hotel Colombo located between the Galle Face green promenade and Beira Lake, has been delayed due to some bottlenecks which has now been sorted out, he said. (Bandula)
http://sundaytimes.lk/news/news/37645-krrish-shangri-la-projects-in-colombo-clear-obstacles.html
The Delhi-based group paid Rs. 150.8 million to Urban Development Authority last week. The total payment made by them up now is Rs. 4,405.3 million, he said adding that the full payment for the leasing of the prime Transworks property at Colombo Fort is Rs. 4995 million.
In the circumstances the Board of Investment will take necessary action to grant strategic development project status providing tax incentives to the Krrish group to continue the construction work by presenting the relevant bill in parliament, Mr. Abeywardena told reporters in Colombo.
Informed sources said investigations into the alleged pay-off to a prominent official to facilitate the project have been completed and its report with findings of irregular payments is now with high government authorities and necessary action will be taken within the next two months.
The project is being changed from its earlier grand status. The plan to turn the Transwork House into an iconic mall with high-end products has also been shelved while the prices of the apartments are also to be drastically reduced, the sources said.
Mr. Abeywardena noted that the developer has the right to make changes in the building plan with the consent of the authorities and this was a normal practice the world over.
Krrish was planning to build four towers – the tallest tower with 85 floors, the second 80 and the other two – 55 floors each, in five million square feet of residential, commercial space and a hotel.
Meanwhile, Hong Kong-based Shangri-La Asia’s super luxury hotel project in Colombo will resume construction work next month after making some changes to building plan, he revealed.
Construction work on the 497-room Shangri-La Hotel Colombo located between the Galle Face green promenade and Beira Lake, has been delayed due to some bottlenecks which has now been sorted out, he said. (Bandula)
http://sundaytimes.lk/news/news/37645-krrish-shangri-la-projects-in-colombo-clear-obstacles.html
