EXCLUSIVE: A special meeting on the beginning of the work on the ‘Krrish Square’ proposed to be constructed on a four acre plot of land in Colombo Fort was held between the chairmen of the Urban Development Authority (UDA) and the Krrish Group in Colombo this morning (12 August).

During this meeting, Krrish Group chairman Amit Katyal has informed the UDA that work on this project could begin in October this year.

While commenting on this, UDA chairman Nimal Perera told adaderanabiz.lk, “The chairman of the Krrish Group arrived in Sri Lanka and held a discussion with us this morning. He told us that this project could begin in October this year. The Krrish Group owes the UDA another Rs. 640 million for the land. He agreed to settle all these payments before beginning work on the project.”

This 85 storied tower project with luxury homes, shopping complexes, a seven star hotel and an additional four towers raised a huge controversy during the recent past. The reason for the controversy included the inability of the Krrish Group to begin its construction work by the stipulated time period.

During a recent media conference in Colombo, Investment Promotion Minister Lakshman Yapa Abeywardene stated that the Krrish Group has been told to begin this project as a joint venture if it is unable to bear the cost alone.

“The Krrish Group chairman told us that the Ritz-Carlton Hotels has agreed to partner this project. He also showed us the relevant agreement,” added the UDA chairman.

The Ritz-Carlton Hotels operates 84 super luxury hotels in 26 countries.

The UDA has offered the 04 acres and 37.10 perch plot of land where the Transworks Building in Colombo stands now bordered by Chatham Street, York Street and lotus Road, at a cost of Rs. 4,995 million to Krrish Group on a 99 year lease agreement.

This is considered the first foreign project by the Krrish Group.