Trivandrum: Kerala has seen its share of real estate scams especially when it comes to the development of IT parks in the State. Be it the Tecom Smart City Kochi project which hasn’t reached anywhere in the last 14 years since it was announced in 2006 or the HDIL Cyber City project in Kochi, which never took off after it was announced in 2010. The latest in this list is the Taurus Downtown Technopark Project in Trivandrum.
The Taurus Downtown Technopark Project in Technopark Phase III by the US-based Taurus Investment Holdings and its Indian subsidiary companies is alleged to have subverted every law of the land in managing and developing this project.
Milestones of the Taurus Downtown Technopark Project
- September 2012: Project announced at Emerging Kerala Summit
- November 2013: Taurus bags project through Swiss Challenge route, a controversial move at that point of time
- March 2014: Taurus formally announce $200m project with Hansji Corporation & Rosc Global, LLC, as partners but never heard of those partners again
- August 2014: Project gets in-principle approval from Kerala Government
- September 2014: Cabinet approves the project
- September 2015: Framework agreement signed with Taurus Indian subsidiaries Winterfell Realty Pvt. Ltd. & Dragonstone Realty Pvt. Ltd.
- March 2018 Lease agreement signed with Technopark
- October 2018 Construction launched with Embassy Group and Asset Homes as partners
- October 2019: National Green Tribunal asks Taurus to obtain environmental clearance
- June 2020: Supreme Court orders Taurus to stop construction
Salient features of the Taurus Downtown Technopark Project
- 55 lakhs sq.ft of built-up space in 20 acres
- 10 acres SEZ project
- 9.74 acres non-SEZ project
Expected employment opportunities (as announced by Taurus)
- Direct jobs: 30,000
- Indirect jobs: 30,000
We spoke to Nipun Cherian, Technology Entrepreneur & Joint Secretary of Vigilnet Foundation on the corruption angle and government policy when it comes to real estate development for big projects in Kerala especially in the IT sector, He also spoke on how Taurus undermined several rules and laws were violated. He also gives an insight on how Government officials and bureaucrats went out of the way to accommodate Taurus. Watch the video.
Update on Aug 14, 2020: We are sorry to inform that the above video had to be taken off from our YouTube channel based on a legal notice from TIH India Real Estate Advisory LLP dated August 12, 2020.
Editor
Kerala Biz News
