Chief Minister of Kerala envisages that the project will help the state to leapfrog to the status of top Tier-II destination in India.
Following the JV agreement between Embassy Property Development and Taurus Investment Holdings, the JV entities Winterfell Realty and Dorne Realty have signed the lease agreement for 12.12 acre in Technopark, Trivandrum. The signing ceremony was presided over by Pinarayi Vijayan, Chief Minister of Kerala.
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 Trivandrum; joined the ceremony at the Chief Minister’s chamber in Kerala Legislative Assembly Complex, in Thiruvananthapuram (Trivandrum).
The land has been leased from Technopark, Government of Kerala, for a period of 90 years. Out of the 12.12 acre earmarked for office space, 10 acre is under the Special Economic Zone (SEZ) and 2.12 acre is Non-SEZ. Embassy Taurus World Technology Centre will build 2.8 million sq ft of premium Grade-A office space and 500,000 sq ft of Grade-A office space in the non-SEZ land parcel. Embassy, the leading commercial office space provider in the country will bring in its proven expertise of project development, 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 of Kerala Pinarayi Vijayan, said, “Embassy Taurus World Technology Centre that’s being set up in Technopark Trivandrum will impact Kerala’s IT scene like never before. That the project will facilitate creation of 35,000 direct jobs will help the state to leapfrog to the status of 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 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 SEZ’s 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.”
Ajay Prasad and Hrishikesh Nair also signed the lease agreement for Dragonstone Realty, which will be constructing retail and entertainment space and a 175-key business hotel in another 7.64 acre of Non-SEZ land.
Erik Rijnbout, Global President, Taurus Investment Holdings, said, "We are happy to start a new chapter in the Taurus global presence with the signing of the ground lease for our mixed-use development in Technopark-Trivandrum.
One of the main reasons we choose Trivandrum to start our Indian operations is the partnership we were able to reach with the government and Technopark. We are grateful for their cooperation and support. In addition, Trivandrum has a great social infrastructure which includes an outstanding university, great hospital system, an international airport, a very well-educated population and as a bonus it has beautiful beaches.”
Ajay Prasad, Country Managing Director, India, Taurus Investment Holdings LLC, said,“Embassy Taurus World technology Centre will bring about a paradigm shift in the IT infrastructure of Trivandrum and Kerala. It is conceptualised to host leading multinational technology firms in a highly sustainable, smart district environment.
This landmark investment by two leading global developers reaffirms the confidence in Trivandrum as the most exciting upcoming technology destination in India. We express our sincere gratitude to Government of Kerala and Technopark for all the support they extended to us and we are sure their continued support will help us to create a world class technology ecosystem in Trivandrum.”