Authorities are currently engaged in discussions to resume work on Krrish Square, a controversial and stalled high-rise project in Sri Lanka’s capital, initiated by an Indian group, along with six other halted real estate projects, according to a housing ministry official.
The Urban Development Authority is linked to a total of 11 stalled real estate projects. “We started work on six of these last year,” stated L B Kumudu Lal, Secretary to the Ministry of Housing, Construction and Water Supply.
“We will commence work on the remaining five, but the biggest challenge lies in obtaining valuations,” he added. “We have received cabinet approval, and once valuations are secured, we can proceed with the rest as public-private partnerships.”
Among these projects is the Destiny Mall & Residency in Slave Island, which involves Pakistani investment, Kumudu Lal noted. The Krrish project, in particular, is entangled in litigation and a criminal investigation due to alleged misappropriation of funds.
(Colombo/Jan12/226)
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