The JV entities Winterfell Realty and Dorne Realty have signed the lease agreement for 12.12 acres of land in Technopark Trivandrum following the joint venture agreement between Embassy Property Development and Taurus Investment Holdings. The signing of the same was presided over by Pinarayi Vijayan, the Honourable Chief Minister of Kerala.
The land for the same will be leased from Technopark for a period of 90 years. Of the 12.12 acres set aside for the office space, 10 acres is under the Special Economic Zone (SEZ) and the reamaining 2.12 acres is non-SEZ.
Embassy Taurus World Technology Centre is planning to build a 2.8 million sq-ft of premium Grade A office space and 5,00,000 sq-ft of Grade A office space in the non-SEZ land . Embassy, one of the leading commercial office space providers in the country and their expetise will truly help in leasing and property management to this landmark project. Bengaluru-based international construction management firm, Synergy Property Development, will manage the development of the project.
Chief Minister Vijayan said, “Embassy Taurus World Technology Centre, which is being set up in Technopark Trivandrum, will impact Kerala’s IT scene like never before. That the project will facilitate the creation of 35,000 direct jobs will help the state to leapfrog to the status of a top tier-II destination in India.”
Jitu Virwani, chairman and MD, Embassy Group, stated, “Progressing forward from our partnership with Taurus in September last year, we are happy to sign the lease agreement with the Government of Kerala for the Embassy Taurus World Technology Centre. Our foray into the state of 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.”
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