The Urban Development Authority (UDA) has negotiated with local banks to raise upto Rs. 1 bn to build 1300 houses for the middle and high income segments.
The loan will pay for initial work, with the UDA planning to front sell the homes to raise the balance requirement of Rs. 9 bn. rn
rnThe monies will go towards developing ten locations earmarked for development of 500sq feet to 1000sq feet apartments at an average price of Rs. 1.2 mn. rn
rnUDA officials said over 60 proposal had been received in response to its call to develop its ten properties around Colombo. rn
rnOfficials added that the UDA was set to issues contracts for the projects by end August. rn
The 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. rnThe project will fulfil the growing demand for affordable low and middle income housing.