Controversial Krrish project runs into troubled waters
The US$650 million Krrish square mixed development project tainted by scandalous financial deals has run into further problems and is unlikely to take off this year, official sources said.
This means it would lose the strategic development project status as the final 15 per cent payment to lease out the prime Transworks property at Colombo Fort is yet to be paid. It was due on July 31.
The Business Times (BT) reliably learns that 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, the sources revealed.
The BT further understands that a top Krrish official flew into Colombo on a short visit this week during which time he met some officials including one at the lobby of the Hilton hotel.
It is learnt that the project is being downsized from its earlier grand status; it won’t take off this year and the key French architects have either withdrawn or are not being hired by the company. Plans to turn the Transwork House into an iconic mall with high-end products has also been abandoned, it is learnt while the prices of the apartments are also to be drastically reduced.
Construction work had been scheduled for last month after the completion of the basic planning and test piling.
Delhi-based developer Krrish group had entered into a lease agreement of the 4-acre Transwork House land from the Urban Development Authority for 99 years at Rs. 5 billion.
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.
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