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Krrish Group to Develop Four Acres in Pettah
A four-acre land in Pettah has been leased out to the Krrish Group of India for commercial purposes under a lease payment of Rs. five billion for 99 years, the Urban Development Authority (UDA) said yesterday.
The project which is to construct four massive towers in Colombo is set to begin within two months. While three of the towers will be allocated for residential purposes, the fourth will house a hotel and high end malls.
Unveiling the plans earlier this week, the Krrish Group said construction was set to begin in November or December. The residential buildings would consist of two towers comprising 65 floors while the third will consist of 80 floors.
The residential towers were scheduled to be completed in three years while the commercial tower was scheduled to be completed within four to five years, the Group said.
Meanwhile the UDA stated the entire project was to cost the Indian group close to 500 million USD for construction alone, in addition to the five billion dollar lease payment which was made up front.
The Authority said the Indian Group was awarded the project as it proposed to protect the adjoining heritage building. Sources within the UDA said the group had engaged another architect to renovate and ensure the building remained intact.
The UDA also said the group had scored points when it proposed to use the electricity substation in the land for its own consumption rather than shift it to another location. The substation providing electricity to Greater Colombo would take months to shift and would also result in the loss of electricity to several parts in the city, the UDA said.
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