Home Loans

The Urban Development Authority (UDA) is drawing plans to raise money from the local financial market for a mega housing project in the Colombo area.
The 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

rnUDA lands in and around Colombo have been identified for the project. rn

rnThe proposal is to be taken up at the next cabinet meeting and if approved preliminary work will start in April. rn

rnThe project will fulfill the growing demand for affordable low and middle income housing.rn

rnIn a similar project, the UDA has partnered a Chinese firm to build for sale an estimated 15,000 homes. rn

rnPreliminary work on the project has already begun with funds for construction of the homes expected to come from the Chinese government. rn

rnThe low rise (around three floor apartments) project will be concentrated on UDA property in the western province.