Krrish, which has interests in alcohol and real estate launched a 'Krrish Square' 4-tower project involving a luxury hotel, apartments, malls and office space, on land leased for 99-years from Sri Lanka's Urban Development Authority.

The group is planning a second project in Hambantota in the island's south on a 24-acre property chief executive R Guptha said.

"This will be a 80 to 100 million US dollar project, including hotels, apartments and shopping malls," Guptha said.

The Colombo project has started marketing apartments.

The Colombo project is on a 4-acre property where a British colonial era administrative building is located on one side. The building will be turned into a luxury heritage hotel, officials said.

Hong Kong's Shangri-La group, which is also involved in project on land bought from the state in Colombo, is building another resort in Hambantota.

Hambantota, the home constituency of Sri Lanka's President Mahinda Rajapaksa, is seeing large Chinese financed infrastructure development including a port and airport.