- Extension requested until 2027
The developers of the much-maligned $ 650 million Krrish Square project have submitted a proposal to the Ministry of Urban Development seeking an extension of the development period, which is set to expire in 2024, to 2027, the Urban Development Authority (UDA) reveals.
Speaking to The Sunday Morning Business, UDA Additional Director General Mahinda Withanaarachchi stated that the construction work of the Krrish Square project continued to remain at a standstill and that the development period under the agreement entered into with the UDA was due to expire next year.
However, he revealed that the developers of the project had submitted a proposal seeking an extension of the development period on the grounds that they had already sold a significant number of the condominium units.
Withanaarachchi revealed that although the four-acre land had been granted to the developers of the Krrish Square project by the UDA, the developers had submitted the proposal seeking an extension to the Ministry of Urban Development. As such, he shared that the proposal was currently being evaluated at the ministry level, although he was unaware of the exact stage.
“They haven’t started construction yet. However, the issue is that they have already sold the units in it. There are certain problems like that. The development period under the agreement is expiring next year, so they are seeking an extension of the period,” he stated.
Similar details were revealed by UDA Acting Deputy Director General – Real Estate and Land Management E.A.C. Piyashantha, who further shared that according to the timeline proposed by the developer, they were seeking an extension of the development period up to 2027.
Attempts by The Sunday Morning Business to contact Minister of Urban Development Prasanna Ranatunga failed as he is currently overseas.
The developer, Krrish Transworks Colombo Ltd., the local company of the Krrish Group, had entered into a lease agreement with the UDA for 99 years at Rs. 5 billion for the Krrish Square project.
The proposed development is a large-scale mixed development that will consist of high-end residential towers, commercial and retail spaces, and a seven-star hotel. The development also contains the Transworks building – a heritage site which is to retain its architectural character and be converted into a luxury boutique hotel.