Project Launch

Sept 27, 2012 (LBO) - India's Krrish group, which has interests in alcohol and real estate launched a 460 million US dollar mixed development in Sri Lanka's capital Colombo and has started marketing apartments, officials said.

Krrish chief executive R Guptha said the group said a marketing office has been set up to sell apartments.

Gupatha said a square feet would be about 30,000 to 40,000 Sri Lankan rupees.

The development will be 5 million square feet of residential, commercial space and a hotel.

The 'Krrish Square' project will have four towers on a 10-floor podium block.

The tallest tower will have 85 floors, the second 80 and the other 55 floors each.

The buildings will come up on a 4-acre land leased from Sri Lanka's Urban Development Authority for 99-year for 4,995 million rupees.

UDA chairman Nimal Perera said a 10 percent advance payment has been made and the balance will be paid as the project progresses.

The project also involves 'Transworks House', a British colonial era administrative building, which will be converted to a luxury heritage hotel.