Ceylon College of Physicians get Rajagiriya land at 0.5% of market value rental
View(s):The cabinet has approved a proposal to lease a portion of land located at Welikada, Rajagiriya, to the Ceylon College of Physicians (CCP) on a long-term basis at a concessionary rate.
The land, measuring 30 perches, was initially leased to the CCP for a 30-year period starting from May 13, 1999, at a nominal annual rental of 0.5% of the market value as determined by the Government Chief Valuer. The lease period is set to expire in 2029.
The CCP had requested the government to grant a new long-term lease to enable the reconstruction of its head office building, which is currently in a dilapidated state.
Following this request, cabinet approval was granted on June 24, 2024, to lease the property for a fresh 50-year term at a rental determined by the Chief Valuer.
However, considering that the CCP is a non-profit institution dedicated to advancing medical knowledge and research, it had appealed for a concessionary lease rate.
Taking this into account, the Cabinet has now given its approval for the lease to be renewed for 50 years under the terms of the existing lease agreement, which allows for a reduced rental rate.
The proposal was submitted by the Minister of Urban Development, Construction and Housing Anura Karunathilaka. (DW)
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