Sri Lanka entrusts India's TATA to build housing project in capital

[SpArK]

Sri Lanka entrusts India's TATA to build housing project in capital​

Oct 19, Colombo: Sri Lanka has offered a major housing project to India's Tata Housing Development Company as part of efforts by the Urban Development Authority (UDA) to develop the country's commercial capital.

The cabinet of ministers had approved a proposal presented by the President, in his capacity as the Minister of Defence and Urban Development to entrust the development of the Slave Island area of Colombo to the TATA housing Development Co Ltd and its partner SG 18 Advisors & Consultants (Private)Ltd.

Under the Slave Island Area Redevelopment Project the UDA will provide 8 acres of land bordering former Education Department site, Malay Street, Justice Akbar Street, and Railway line on a 99-year lease to the Indian company, Media Minister Keheliya Rambukwella said at the cabinet briefing today.

TATA is entrusted to build 456 decent housing units with all facilities for the current residents in alternative lands in the same area within two years. In return, the residents have agreed to renounce their rights to claim compensation for their respective land plots, the government said.

Until the houses are built, householders will be provided with temporary housing and rents will be paid, Minister Rambukwella said. The land released will be used for a mixed development to create more opportunities for urban investments.

The total cost of providing alternate housing/commercial units including rental payments for temporary accommodation of the families is estimated to be about 5 .87 billion rupees.


Sri Lanka : Sri Lanka entrusts India\'s TATA to build housing project in capital

 

[IndoCarib]

Good choice. Tata has enormous experience in building mass housing projects

 

[OOPS !]

5.87 billion ??? are they building whole capital ? Sri Lanka can afford such projects ?

 

[Azazel]

5.87 billion ??? are they building whole capital ? Sri Lanka can afford such projects ?

Its in rupees.About $100 million.

 

[IndoCarib]

5.87 billion ??? are they building whole capital ? Sri Lanka can afford such projects ?

5.87 billion SL rupees, i.e. SLR 5870 million.

 

[Trichy]

OOPS its just in SLR not $$$...

 

[OOPS !]

Its in rupees.About $100 million.

my mistake i thought 5.87 $

 

[OOPS !]

but 100 Million $ is also big money for housing project less Must be Massive Housing project

 

[Azazel]

but 100 Million $ is also big money for housing project less Must be Massive Housing project

The article is unclear about whether its Indian Rupee or Srilankan Rupee.If it is SLR then amount will be around $45 million.If its INR then its $100 million.Still nothing compared to Chinese investments in Srilanka which amounts in billions.

 

[Skyline]

upgrading the street view...

 

[Skyline]

Latest major Indian investment is Krrish Square KRRISH SQUARE

90 floors I think..

 

[R0H1T]

Good choice. Tata has enormous experience in building mass housing projects

Not sure about that but TATA is undoubtedly the most respected/trustworthy IND conglomerate worldwide !

 

[ghameed]

true..if anything is "TATA" you can rest assured of the quality and professionalism