TATA HAND IN ‘LAND POOLING AND AMALGAMATION’

PHASE 2 OF MIXED DEVELOPMENT 430Mn PROJECT IN SLAVE ISLAND

The remaining 5-acre plot of land ear marked for the TATA Slave Island redevelopment project will be utilised for the construction of residential, commercial, retail and high-end hospitality units under Phase ll.

The seven-acre plot of land that was recently cleared of houses will be partially used to construct a housing scheme complete with commercial spaces for residents and shop owners in the area. The remainder will be used by the Indian commercial giant TATA for commercial purposes.

Speaking to the Daily Mirror the Deputy Project Director for the Urban Development Authority ( UDA) Prasad Ranaweera said that once completed the 5-acre section will con- sist of a hotel, apartments, office spaces and commercial spaces. Explaining the relocation process, Ranaweera said that all small plots of land were acquired and amalgamated for construction purposes. Adding that this is the first time in Sri Lanka that a ‘land pooling and amalgamation’ technique is being used for construction. He also said that the land obtained from the residents of Slave Island was conveyed to TATA as pay- ment for carrying out the relocation process and providing them with compensation during the construction n process.

Speaking about the commercial rcial development component encompassed in Phase ll of the project, a TATA official said that once construction is completed the residential units will be available on sale for both local and foreign buyers. “No decisions have been made with regard to commercial, hospitality and retail sectors as construction has not commenced,” he said.

TATA Housing Managing Director and CEO Brotin Banerjee said that TATA saw Colombo as a hub for economic development.

“This is the second development project that TATA has undertaken outside India. We were asked to carry out a residential and commercial p project in Slave Isl Island and seeing the economic devel developments being made in the country we went ahead with the project,” he said.

The construction of the super luxury project will commence within a year’s time and will take 8 years to complete.

The ground breaking ceremony for phase l of the TATA funded Slave Island re-development project which involves the construction of a commercial complex consisting of residential units and shops commenced yesterday.

The total cost of the project is USD 430 million and is being funded by TATA.