1. Home >
  2. Export Import News >
  3. SEZ >
  4. Procedural delays slow down Technopark downtown plan >
  5. Procedural delays slow down Technopark downtown plan

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

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
 Exim Help

What is New?

Date: 06-07-2020
Notification No. 29/2020-Customs
Seeks to further amend notification no. 152/2009 dated 31.12.2009, to increase the rate of duty of customs on imports of Phthalic Anhydride originating in Korea RP and imported under the India-Korea Comprehensive Economic Partnership Agreement, on recommendation of preliminary findings of Directorate General of Trade Remedies under India-Korea Comprehensive Economic Partnership Agreement (Bilateral Safeguard Measures) Rules, 2017.

Date: 02-07-2020
Notification No. 55/2020 - Customs (N.T.)
Exchange Rates Notification No.55/2020-Custom (NT) dated 02.07.2020.

Date: 01-07-2020
Notification No. 58/2020 – Central Tax
Seeks to make eighth amendment (2020) to CGST Rules

Date: 30-06-2020
Notification No. 54/2020-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg.

Date: 30-06-2020
Circular No.31/2020-Customs
Extension of validity of AEO certification for ease of renewal process (Modification in Circular No. 27/2020 dated 02.06.2020) [Circular No. 31/2020 - Customs dated 30.06.2020].

Date: 30-06-2020
PUBLIC NOTICE No. 11/2015-2020
Extension of validity of Recognition of Pre-shipment Inspection Agencies (PSIAs

Date: 30-06-2020
Notification No. 57/2020 – Central Tax
Seeks to amend notification no. 52/2020-Central Tax in order to provide conditional waiver of lat fees for the period from July, 2017 to July, 2020.

Date: 29-06-2020
Trade Notice No. 17/2020-2021
Procedure and Criteria for submission and approval of applications for export of PPE Medical Coveralls for COVID-19

Date: 27-06-2020
Notification No. 55/2020 – Central Tax
Seeks to amend notification no. 35/2020-Central Tax in order to extend due date of compliance which falls during the period from "20.03.2020 to 30.08.2020" till 31.08.2020.

Date: 27-06-2020
Notification No. 56/2020 – Central Tax
Seeks to amend notification no. 46/2020-Central Tax in order to further extend period to pass order under Section 54(7) of CGST Act till 31.08.2020 or in some cases upto fifteen days thereafter.

Exim Guru Copyright © 1999-2020 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.


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