Go-ahead given to stalled TATA housing project in Slave Island
Construction work on the US$429.5 million mixed development and housing project at Slave Island undertaken by India’s Tata housing, the real estate arm of the Tata, is now underway.
The Urban Development Authority (UDA) has sorted out certain contractual matters relating to TATA housing project with the company handing over the construction work to a prospective contractor, UDA Chairman Ranjith Fernando told the Business Times.
The piling construction of the first phase of the housing project for displaced residents has already commenced following the greenlight given by the government to go ahead with the project, he disclosed. The project by India’s Tata Housing Development Company Ltd through its subsidiary One-Colombo Project (Pvt) Ltd is in collaboration with the UDA as a major township rejuvenation initiative, at the same time resettling shanty dwellers in the area in improved housing units.
An agreement has been reached between the UDA and Tata Housing to hand over an 8-acre block of land to the former on a 99-year lease free of charge during the previous regime.