At the very inception of the TOVP project, before concluding any contracts and before starting actual
construction, the figure of $60 million (US dollars) was mentioned as the projected figure for both the super
structure and finishing works. Out of the said $60 million (US dollars) projected calculation, Ambarisa Prabhu gave $25 million (US dollars) with the balance to be collected from the worldwide fundraising campaign.
Had we amassed the balance $35 million (US dollars) within a short period of time, we could have possibly
finished the TOVP project for $60 to 70 million (US dollars). In spite of the best efforts of our fundraising
team, we could not accrue a significant portion of that required balance. Therefore, given the escalating costs
of construction materials and services, naturally the initial projected budget was augmented.
It is a universally accepted principle that if one does not have all the necessary funds to complete a construction project within a very rapid period of time, the budget naturally increases. Even a 5-star hotel’s construction cost could be $180 to $200 per sq. ft. The TOVP’s current projected budget of 90 million US dollars comes to $150 per sq. ft. This has been accepted by the GBC body and is no cause for concern, considering the usual anticipated escalation in construction costs over time.