The Urban Development Authority on Monday rolled out its ambitious plans to build low income housing in densely populated Colombo.
Ten locations have been earmarked for development of 500sq feet to 1000sq feet apartments. rn
rnFunding for the projects have not been finalised, but indications are that the UDA will tap the local market – pledging its land assets. rn
rnIn a previous interview with Lanka Business Online UDA officials said they were drawing plans to raise money from the local financial market for a mega housing project in the Colombo area. rn
rnThe total cost of the 1,200 house project has not been finalised, but officials estimate each house to cost Rs. 1.2 million including the land. rn
rnThe contracts for the projects will be handed over to firms proposing low cost construction methods that can stand the rigours of packed living in urban areas. rn
rnThe project will fulfill the growing demand for affordable low and middle income housing.rn
rnIn a similar project, the UDA has