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Land Bank in Western Province for local and foreign investors
View(s):The Government is to establish a ‘land bank’ in the Western Province where local and foreign investors will be able select lands for investment purposes in the Western Province, a senior ministry official said. Secretary to the Ministry of Megapolis and Western Province Development, Nihal Rupasinghe said identification of the lands to be demarcated for projects is currently underway with the assistance of a Singaporean National company.
He said that various zones will be demarcated for hotel projects, condominiums, industrial zones, port related development and aviation related projects accordingly.
The Secretary said that the ‘land bank’ will be operational from the end of next month for investors to be able to apply for lands. The required environmental reports will be available to the investor.
Mr. Rupasinghe said the required amendments on the acquisition of land and resettlement of persons will be introduced to the Urban Development Act.
Land already earmarked to be allocated for development activities will be re-evaluated depending on their economic value and a decision to release the land to investors will be taken thereafter.
Mr. Rupasinghe said that the proposal prepared on the directions of the Prime Minister will be submitted to the cabinet before mid next month.