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Sri Lanka housing project in capital by India’s TATA

Oct 19, 2012 (LBO) - Sri Lanka's Urban Development Agency will give land on a 99-year lease to India's Tata Housing Development Company Ltd as part of efforts to re-develop the island's capital, minister Keheliya Rambukwelle said.
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The cabinet of ministers had approved the proposal to give around eight acres of land in Colombo's Slave Island area bordering Malay Street, Justice Akbar Street and a railway track to TATA Housing and its partner SG 18 Advisors and Consultants (Pvt) Ltd.

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The firm will have to build alternative flats to 456 householders in the area in the same vicinity before developing the land, he said.

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Until the houses are built, householders will be paid rent, minister Rambukwelle said.

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The cost of developing alternative housing and commercial units and rent is expect to cost 5.87 billion rupees.

The freed land will be used for a mixed development, he said.

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