Prasanna instructs UDA to set up land bank

Thursday, 8 December 2022 03:24 - - {{hitsCtrl.values.hits}}

Urban Development and Housing Minister Prasanna Ranatunga has instructed the Urban Development Authority to list all lands owned by it and set up a land bank immediately.

The UDA currently owns around 1,008 acres of land and buildings with a high market value in major cities across the island.

Authorities claim some of these have been forcefully possessed by private individuals and parties.

Minister Ranatunga said land and buildings identified as not being put to their maximum use will be developed in partnership with the public and private sectors according to a national plan.

The minister has pointed out that listing all these UDA lands under a land bank would minimise their misuse by others. “The proper development of these lands will in turn also support the country’s economic development,” Ranatunga said.

The UDA has introduced several incentives to develop these lands and buildings such as providing flexibility to the investment model with the development of land under public and private partnerships and leasing the land to the investor under flexible payment schemes.