Following the joint venture agreement between Embassy Property Development Pvt Ltd and Taurus Investment Holdings, the JV entities, Winterfell Realty Private Limited and Dorne Realty Private Limited, on March 14, 2018, signed the lease agreement for 12.12 acres of land in Technopark, Trivandrum.
The land has been leased from Technopark, government of Kerala, for a period of 90 years. Out of the 12.12 acres earmarked for office space, 10 acres is under the Special Economic Zone (SEZ) and 2.12 acres is non-SEZ. Embassy Taurus World Technology Centre will build 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 parcel. Bengaluru-based international construction management firm, Synergy Property Development, will manage the development of the project.
Kerala chief minister Pinarayi Vijayan, who presided over the signing of the agreement 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 creation of 35,000 direct jobs and help the state to leapfrog to the status of top tier-2 destination in India.”
Chairman and managing director of Embassy, Jitu Virwani added: “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.”
Ajay Prasad, country managing director, Taurus Investment Holdings and Hrishikesh Nair, CEO of Technopark Trivandrum, also signed the lease agreement for Dragonstone Realty Private Limited, which will construct retail and entertainment spaces and a 175-key business hotel in another 7.64 acres of the non-SEZ land.
Erik Rijnbout, global president, Taurus Investment Holdings said, “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. 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.”
Prasad added that the “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.”