The construction of one of Sri Lanka’s most controversial projects, Krrish Square Tower by Indian investors has finally begun on the US$ 650 million mixed development project at the 4.3 acre Transworks Building site in Fort.
The project was first launched as a BOI venture in September 2012 but was stalled in March 2013 due to a controversy of payments due to the releasing of the land to the then Urban Development Authority.
The company had initially deposited a sum of Rs. 499.5 million being 10 per cent of the total lease premium as a commitment fee on September 14,2012.
It was speculated that secret payoffs were made to VIP’s to keep the window open for payment and for various approvals.
Krrish Group CEO R. P. Gupta had said the commercial segment of the project is expected to attract major Fortune 500 companies who are interested in setting up offices in Colombo.
Several of these companies such as Samsung, Nokia, Mitsubishi, and others have expressed interest in the commercial spaces and residential apartments.
The Krrish Square development offices are currently located on the 35th floor of the World Trade Center’s West Tower.
Some test piling commenced at the project site in early 2013. In 2014 Ritz-Carlton partnered with Krrish and the construction was expected last year but it did take off.