Expo Property gets land in Kollupitiya for long-term lease

Thursday, 11 July 2024 02:32 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers on Tuesday approved a proposal to transfer a 52-perch plot of land in Kollupitiya to Expo Property Developers Ltd., under a 99-year lease.

The decision comes following complications in transferring a previously allocated 40-perch plot due to unauthorised occupants.

The land, owned by the Urban Development Authority (UDA), was initially approved for disposal in 2007 under a 50-year lease with 25% of the land’s value charged. However, due to the presence of unauthorised residents, the transfer could not be completed.

Expo Property Developers requested an additional 12 perches adjacent to the original plot to facilitate a housing project, making the total requested area 52 perches. The Board of Management of the UDA has approved this request.

The Cabinet of Ministers approved the proposal presented by the Urban Development and Housing Minister Prasanna Ranatunga to lease the land for 99 years based on the current valuation by the chief assessor.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.