THIRUVANANTHAPURAM: Boston-based Taurus Investment Holdings is finally starting its real estate project in Technopark Phase 3 creating the much needed infrastructure to set up IT and office space in the city. In fact it is investing in two projects. In addition to the already announced Downtown Technopark project, it has tied up with Embassy Property Development, one of the leading property developers in the country, to build Embassy Taurus World Technology Centre.
The project needs an investment of Rs 850 crore. The new project involves the development of 10 acres of Special Economic Zone to create 2.3 million square feet of office space. There will be an additional construction of 1.2 million square feet to provide parking facilities for 4,000 cars.
The 1st Phase comprises of 1.4 mn sq feet office space, and is expected to be completed within 24 to 30 months. The land parcel will be leased from Technopark for a period of 90 years, with an additional renewal option of another 90 years. The 2nd phase will be launched subsequently based on the leasing velocity, with a projected total completion period of 60 months.
“The work is likely to start by next month. The company is in the process of finalising the lease agreement with Technopark authorities,” said a person familiar with the development. According to him the much-delayed Downtown project that requires an investment of close to Rs 1,300 crore will soon take off. The project will come up in the remaining 10 acres of land. In the project, Taurus plans to construct a mixed-use real estate project with office space, malls and hotels.
The joint venture
Taurus and Embassy formed a joint venture called Winterfell Realty Private Limited to develop the SEZ property. Embassy will have an equity commitment of 49% while Taurus Investment Holdings will hold the remaining 51%. The partnership entails an economic interest of 50: 50 for both entities in the Joint venture. It is the first investment by both the firms in the state.
“Embassy Taurus World Technology Centre is strategically located and has tremendous potential, with well-known firms planning major developments in the region,” said chairman and managing director, Embassy, Jitu Virwani in a press statement.
“We are excited to begin a new chapter in our history in partnership with Embassy, which is a well-established developer in India with unmatched expertise in office development as well as a class-leading client portfolio. Together, Taurus and Embassy will develop a landmark project in a very exciting new market,” said country managing director, India – Taurus Investment Holdings LLC, Ajay Prasad.
Moving forward towards development
A colossal 2 lakhs direct jobs will be on the offing, when Technopark Phase III and Technocity will together add up an imposing 14 to 20 million square feet of business space. A highly sophisticated IT corridor has become the need of the hour, in the wake of more investments pouring in. The Technopark campus at Kazhakuttom has evolved as the seed to the IT corridor concept