Companies

Kolkata realtor South City to develop project in Sri Lanka

South City Projects (Kolkata) Ltd, a consortium of six companies, has announced its maiden overseas venture to develop $400 million project in Sri Lanka, comprising a mix of high-end retail stores, restaurants, spas and residential apartments. The project will be funded through debt and equity.

Located over two acres at Sir James Peiris Mawatha, Colombo, the project will be executed by Indocean Developers Private Limited, the newly formed group company by South City Projects under the Board of Investments of Colombo. Construction is expected to begin within a year and has an expected completion dateline of 2014.

Commenting on the international foray, Anil Khetawat, Director-Indocean Developers Private Limited, said, the Colombo development was a ‘ticket' for South City to make a foray in to overseas locations.

The project on Sir James Peiris Mawatha will face Beira lake, a key tourist attraction off the Indian Ocean.

Janaka Kurukulasuriya, Chairman, Urban Development Authority, Colombo, said: “With growing urbanisation across cities in our country, it is imperative that quality housing and retail development will be our priority areas.

South City township is one of the landmark projects that significantly contributed towards the growth of urban Kolkata, which includes South City Mall, the largest mall in the East and sixth largest mall in India (as per ASIPAC Report, March 2010).

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Printable version | Jan 22, 2021 6:38:43 AM | https://www.thehindu.com/business/companies/kolkata-realtor-south-city-to-develop-project-in-sri-lanka/article2433067.ece

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