$ 430 m TATA Slave Island housing project kicks off

Tuesday, 13 May 2014 00:31 - - {{hitsCtrl.values.hits}}

Secretary Defence and Urban Development Gotabaya Rajapaksa yesterday kicked off the proposed commercial and residential complex at Slave Island, Colombo 2, as the Chief Guest. He participated at the ground-breaking ceremony along with senior officials of the project’s developer, Tata of India. In keeping with tradition, the Defence Secretary cut the first sod of soil with the blessings of the Maha Sangha and other religious dignitaries. The project will be executed by the Urban Development Authority in collaboration with the TATA Housing Development Company Ltd. of India. The housing complex will be built on an eight acre plot in Slave Island encompassing Malay Street from the east, Justice Akbar Street from the south, the railway track from the west and the land used by the Ministry of education from the north. The primary goal of the project is to uplift the living standard of the people in the area and providing them a better living environment thereby improving the liveability of the city. According to a suggestion of the Secretary Defence, each beneficiary will get a more spacious house compared to their old houses.

The TATA Housing Development Company has pledged an investment of $ 430 million towards the project. Under the project, three apartment blocks comprise of 40 stories each containing 580 housing units will be constructed. In addition, the company also plans to build 96 luxury housing apartments. Construction work is expected to be complete within a period of two and half years. During the construction period each displaced family will be paid a house rental allowance starting from Rs. 15 200 to Rs. 52,000. An investment agreement was signed between the investors and the UDA. During the event Secretary Rajapaksa unveiled a model of the proposed housing project which was shown to the beneficiaries.

Senior Minister A.H.M. Fowzy, Deputy Ministers, Mayor of Colombo, Members of Parliament, UDA officials, representatives of the TATA housing company and a large number of housing beneficiaries were present during the occasion.