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Land lease agreement for Embassy Taurus tech centre inked with Kerala govt

Anil Urs | Updated on March 14, 2018 Published on March 14, 2018

Following the signing of a joint venture agreement between Embassy Property Development and Taurus Investment Holdings, the joint venture entities Winterfell Realty Pvt Ltd and Dorne Realty Pvt Ltd, on Wednesday signed the lease agreement for 12.12 acres of land in Technopark, Thiruvananthapuram.

Jitu Virwani, Chairman and Managing Director, Embassy Group, Erik Rijnbout, Global President, Taurus Investment Holdings, Ajay Prasad, Country Managing Director, Taurus Investment Holdings, M. Sivasankar, State IT Secretary and Hrishikesh Nair, CEO Technopark, Thiruvananthapuram, joined the ceremony at the Chief Minister’s chamber in the Kerala Legislative Assembly Complex in Thiruvananthapuram. The signing ceremony was presided over by Pinarayi Vijayan, Chief Minister of Kerala.

The land has been leased from the Technopark, Kerala Government for a period of 90 years. Of the 12.12 acres earmarked for office space, 10 acres is under the Special Economic Zone (SEZ) and 2.12 acres in the non-SEZ.

Embassy Taurus World Technology Centre will build 2.8 million sq ft of premium Grade A office space and 5,00,000 square feet of Grade A office space in the non-SEZ land parcel. Embassy, the leading commercial office space provider in the country, will bring its proven expertise in project development, leasing and property management to this landmark project. The Bengaluru-based international construction management firm, Synergy Property Development, will manage the development of the project.

The Chief Minister Pinarayi Vijayan said: “Embassy Taurus World Technology Centre that is being set up in Technopark will impact Kerala’s IT scene like never before. That the project will facilitate creation of 35,000 direct jobs will help the state leapfrog to the status of the top tier-II destination in India.”

Commenting on the signing ceremony, Chairman and Managing Director of Embassy, Jitu Virwani, said “Progressing forward from our partnership with Taurus in September last year, we are happy to sign the lease agreement with Kerala for the Embassy Taurus World Technology Centre. Our foray into Kerala is in line with our vision to be a part of the significant growth of SEZs in the country. The establishment of this large SEZ project will expedite the growth of the state by creating multiple job opportunities with well-known firms planning major developments in the region”.

Published on March 14, 2018
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