- 17 May 2017
May 17, 2017 – Published by The Times of India
THIRUVANANTHAPURAM: Taurus Investment Holdings (TIH), developers of the Rs1200-crore Downtown Technopark project, is planning to start construction works by Onam. The much-delayed signing of lease agreement is expected to be held in June.
Country managing director of Taurus Ajay Prasad, who was in city to review works, said that they expect to start work by August and complete it in two years.
As project was getting delayed, there were speculations that upcoming two malls near the national highway might affect the prospects of Downtown Technopark.
Prasad said city could well have more than two malls. “We are not concerned about other malls. We have our customers within our campus,” he said, mentioning about their target consumers within Technopark.
On delay, Prasad said that they had to clear various formalities and it took more time than expected to overcome all the financial hurdles.
After signing lease agreement, Taurus will set up its office in the phase III campus.
Taurus won the project in Swiss challenge bid in 2014. Technopark, Taurus Investment Holdings and THR India Ventures signed a tripartite agreement for the execution of the Downtown Technopark project almost 1.5 years ago. Taurus has to pay around Rs 78 crore as lease amount to Technopark. The land will be leased to the company for a period of 90 years.
Taurus will use innovative technologies such as geothermal cooling for air conditioners in its buildings. Multiplex in Taurus Downtown will have 11 screens and it will be run by popular group Cinepolis India.
Taurus Downtown Technopark will involve the development of a city centre for Technopark with 50 lakh square feet of IT SEZ and non SEZ space.
The project will include Class A office spaces and supporting facilities like world-class retail space, entertainment areas, F&B outlets, a business hotel and a state-of- the-art plug and play office facility for start ups and small businesses