Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

Procedural delays slow down Technopark downtown plan.


Date: 10-04-2017
Subject: Procedural delays slow down Technopark downtown plan
THIRUVANANTHAPURAM: Even though more than 1.5 years have passed since Technopark, Taurus Investment Holdings and THR India Ventures signed a tripartite agreement, there is no significant progress in the construction of Taurus Downtown Technopark project, a major project that aims to provide social infrastructure for Technopark. This has resulted in speculations about the status of the project, especially considering the fact that two other malls are coming in the area within two years.
However, authorities of Taurus clarified that it was just procedural delay and the project is right on track.

As per the framework agreement for the project signed in September 2015, land had to be leased to SPV within 60 days after signing the agreement, provided land is available free of encumbrance. However, sources said that land was made available only by June, 2016. As per the agreement, if the lease agreement was signed before March 2016, one-time lease premium will have to be Rs 2.74 crore per acre for the 10-acre SEZ Land. The price of the 9.73 acres of non-SEZ land was proposed as Rs 5 crore per acre. The land will be leased to Taurus for 90 years. Since two financial years have passed after the signing of MoU, the company will have to pay escalated cost at 15% for each year.

Technopark CEO Hrishikesh Nair said that several deadlines - the last one in March - for paying the lease amount has passed. He, however, added that the company is frequently in touch with him and Taurus representatives are expected to come on April 24.

Country managing director of Taurus Ajay Prasad said that they are trying to complete the lease formalities at the earliest and will commence works soon after. "Being an investor that places a lot of emphasis on transparency and risk mitigation, our project execution typically takes longer in the preparation stage than for local developers, but usually yields a much better final outcome," he said in an email reply to a questionnaire.

"Issues pertaining to land availability were sorted out only by the end of June 2016. Since then we have been working on our India investment platform, which brings together both private and institutional investors from the US, Germany, Ireland and other countries. The many formalities involved in setting up the investment structure and getting due permissions from authorities in India and other jurisdictions have taken much longer than we expected, and this has also contributed to the delay," Prasad said, adding that they would soon announce general contractor for the Rs 1,200 crore civil contract, one of the single largest building contracts in the country.

Source: timesofindia.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 23-11-2022
NOTIFICATIONNo. 23/2022 – Central Tax
Seeks to empower the Competition Commission of India to handle anti-profiteering cases under CGST Act, 2017 with effect from 01.12.2022.

Date: 23-11-2022
NOTIFICATION No. 24/2022 – Central Tax
Seeks to make fourth amendment (2022) to CGST Rules with effect from 01.12.2022.

Date: 18-11-2022
Notification No. 58/2022-Customs
Seeks to amend Notification No. 27/2011- Customs, dated the 1st March, 2011 in order to withdrawal export duty on iron ore & steel products.

Date: 18-11-2022
Notification No. 59/2022-Customs
Seeks to amend Notification No. 50/2017-Customs, dated the 30th June, 2017 in order to withdrawal BCD exemption on Anthracite and PCI Coal, Coke & Semi coke and ferronickel.

Date: 18-11-2022
Notification No. 60/2022-Customs
Seeks to amend Notification 11/2021-Customs, dated the 1st February, 2021 in order to withdrawal AIDC exemption on Anthracite ,PCI Coal and Coking Coal.

Date: 17-11-2022
Notification No. 97 /2022 - Customs (N.T.)
Seeks to giv exemption from BCD for the motor car if imported by the Governor of the state .

Date: 17-11-2022
Notification No. 57/2022-Customs
Seeks to giv exemption from BCD for the motor car if imported by the Governor of the state .

Date: 16-11-2022
Notification No. 38/2022-Central Excise
Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to increase the Special Additional Excise Duty on production of Petroleum Crude.

Date: 16-11-2022
Notification No. 39/2022-Central Excise
Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022 , to reduce the Special Additional Excise Duty on Diesel.

Date: 15-11-2022
NOTIFICATION No. 22/2022 – Central Tax
Seeks to make amendments (Third Amendment, 2022) to the CGST Rules, 2017.



Exim Guru Copyright © 1999-2022 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001