Tata gets Slave Island redevelopment deal

Saturday, 20 October 2012 00:00 - - {{hitsCtrl.values.hits}}

On a proposal made by President Mahinda Rajapaksa in his capacity as the Minister of Defence and Urban Development, Cabinet has approved the task of developing the Slave Island area to Tata Housing Development Co Ltd. in India and its partner SG 18 Advisors & Consultants Ltd.

The Urban Development Authority is presently engaged in the implementation of several projects in the city of Colombo to create more opportunities for urban investments and the housing development program.

Around eight acres at Slave Island bordering the former Education Department site to the north, Malay Street to the east, Justice Akbar Street to the south, and railway line to the west, has been earmarked for this project, where around 456 householders in the relevant lands will be provided with decent houses with all facilities within a period of two years in lieu of their individual properties. The relevant families have agreed to renounce their rights to claim compensation for the respective land plots.

The total cost for providing alternate housing/commercial units including rental payments for temporary accommodation of the families is estimated to be about Rs. 5.8 billion.

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