Oct 19, 2012 (LBO) - Sri Lanka's Urban Development Agency will give land on a 99-year lease to India's Tata Housing Development Company Ltd as part of efforts to re-develop the island's capital, minister Keheliya Rambukwelle said.
The cabinet of ministers had approved the proposal to give around eight acres of land in Colombo's Slave Island area bordering Malay Street, Justice Akbar Street and a railway track to TATA Housing and its partner SG 18 Advisors and Consultants (Pvt) Ltd.
The firm will have to build alternative flats to 456 householders in the area in the same vicinity before developing the land, he said.
Until the houses are built, householders will be paid rent, minister Rambukwelle said.
The cost of developing alternative housing and commercial units and rent is expect to cost 5.87 billion rupees.
The freed land will be used for a mixed development, he said.