India’s Iconic Developments Ltd, the developer of Iconic 110 Parliament Road will invest a further US $ 50 million to build a mega condominium complex in Rajagiriya. This will be a 30 storeyed 250 condominium project on an acre of land.
“We are capitalising on the phenomenal success and sale of 172 apartments of Iconic 110, Parliament Road, where the project sold out within two years of commencement and we are launching this second landmark project,” Iconic Developments Managing Director Rohan Parikh said.
He said that in addition they will also invest in two other similar condominium residential projects in Colombo. This is expected to be around another USS 50 million bringing the total investments of the India’s Iconic Developments Ltd, to be in the excess of US$ 130 million (with the 110, Parliament Road investment). The company will also look at building in Galle and Kandy subsequently. “Given the current booming real estate industry, we see a bright outlook for further development and expansion of our brand” he said.
The construction of their second project would commence in July and it would be completed in three years. He said that they will first market the project to existing families and then opening it out mainly targeting Sri Lanka eupatrids based in London, Australia, Singapore, Australia and the Middle East.
Commenting on the Sri Lankan construction industry he said that the building costs are highest in the region.
“This is mainly because of lack of raw material and high taxes that are imposed when importing them.” He also said that the super gain tax and the changing of taxes from time to time in recent times is something that they are concerned. “We want consistent policies.”
He said though skilled labour is scarce in Sri Lanka they are not keen to dump Indian labour in Sri Lanka like what the Chinese companies did. “We want to give something back to Sri Lanka and will try to give maximum employment and use local material as far as possible.”
He also said that once a condominium is constructed and sold it takes a minimum of one year for the owner to get an ownership deed. “Similarly it takes a long time to locate land and buy it after clearing the title. We suggest that it would be a good idea to have all the Sri Lankan lands listed on an online platform.”
He commended the Condominium Authority for maintaining high standards in construction.
“Our new project will have a large clubhouse and gym, swimming pool, children’s play area, 24x7 security and convenience shopping store and additional car parking.” The project will be designed by award winning Indian architect, Samira Rathod Design Associates.
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