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| Sunday, 12 September 2004 |
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| News Business Features Editorial
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Mega housing for Colombo by Chanuka Mannapperuma
The project will be implemented by the Real Estate Exchange Pvt Ltd (REEL) under the guidance of ' Thirasara Purawara Program ' (TPP) of the Urban Development and Water Supply Ministry, and the project will be carried out by a BOI registered private firm " Colombo Shelter " aimed at developing four prime locations in the Colombo city. This housing project which seeks to build 1135 housing units, will be built on lands which were liberated under the Thirasara Purawara Program of REEL. The total cost of the project is estimated at approximately Rs. 1919 million and is to be completed within two years. The houses will be built in Maradana, Pettah, Modera and Grandpass. "The houses will cater to the requirements of the lower middle class and they will be sold at affordable prices," a spokesman of REEL said adding that already a MoU had been signed between REEL and Colombo Shelter. Earlier, REEL constructed a housing complex consisting of 671 units for re-housing families living in under-served settlements in the city and liberated several prime lands of Colombo for commercial and development purposes. So far REEL has re-located nearly 600 families, for giving freehold houses, each valued at Rs 1.2 million in exchange for the released lands under its first rehousing project in Borella - Wanathamulla, the 'Sahasapura Housing Complex.' This program is a self-financing and cycling one and the money earned through selling the houses and commercial spaces will be utilised for the same purpose, the spokesman said. The REEL also plans to build another housing project in Pelangastuduwa for middle- income earners."These houses will be sold at the market value." the spokesman added. REEL is also planning to construct another state-of-the-art commercial complex at Union Place. It will comprise of shopping malls, restaurants, conference halls, office spaces and recreation facilities. REEL will develop this project with one of the Indian development firms, 'Purawanakara' of Banglore. The project which will be implemented as a BOI venture is to invest nearly one billion rupees. Almost 50 per cent of the population of Colombo city are living in shanties and slums which are not suitable for human habitation. These habitations which are called "under served settlements " are divided into squatter slums and shanties. These shanties stretch out nearly 1000 acres of prime lands of which over 80 per cent is owned by the state.Around 50 per cent of these comprise of structures which are more than 50 years old while 80 per cent of them do not have the basic facilities and access to main water supply. These settlements are highly susceptible to health problems and also contribute to the degradation of the environment. |
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News | Business | Features
| Editorial | Security Produced by Lake House |
Construction of a mega housing project involving foreign investment of
more than Rs. 01 billion will commence shortly in the heart of Colombo
city catering to the lower middle classes.
