THIRUVANANTHAPURAM: US-based Taurus Investment Holdings has entered into a joint venture with property developers Embassy for developing the Taurus Downtown project proposed at Technopark phase III campus. According to a joint statement from Taurus and Embassy, a joint venture called Winterfell Realty Private Limited has been formed to develop 2.3 million square feet office space in 10 acres of the Special Economic Zone area with an investment of about Rs 850 crore. It will be titled Embassy Taurus World Technology.
Sources said that though the project was announced couple of years back, the project was getting delayed owing to procedural delays. As per present plans, the lease agreement with Technopark could be signed with in couple of months and the work could commence immediately. The joint statement also said that, in the first phase 1.4 million square feet office space would be completed with in 24 to 30 months after commencing the work. The second phase will be launched subsequently and would be completed in 60 months.
Embassy chairman and managing director Jiti Virwani said in the statement that this would be Embassy’s first project 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,” he said. Taurus Investment Holdings country managing director Ajay Prasad said that the unmatched expertise of Embassy in office development would help develop Embassy Taurus World Technology Centre as a landmark project. The Taurus Downtown project comprises five million sq. ft space. It would have world class social infrastructure in the non-SEZ area with retail mall, hotels, convention centre, multiplexes and other utilities are proposed.
