Tata housing project to be reviewed: Lanka Finance Minister
The Tatas come in and say they will put in USD 250 million, but they put in USD 20 million, use our land, and sell it back to us for a higher price, Srilanka Finance MIn said
Mar 10, 2015
Source : Business Standard


Colombo: Srilanka has said that a USD 400 million housing project by Indian conglomerate Tata group is being reviewed, weeks after the country's new government said it was looking for a fresh start into the first-of-its-kind township plan. 

"We are also examining a housing project by Indian conglomerate Tata. The Tatas come in and say they will put in USD 250 million, but they put in USD 20 million, use our land, and sell it back to us for a higher price. How does that work?" Finance Minister Ravi Karunanayake told Hong Kong-based South ChinMorning Post. 

Tata launched the USD 400 million housing project last year in central Colombo that involved the displacement of 65,000 people. The scale of displacement and the compensation offered have been a sore point with former president Mahinda Rajapaksa's opponents, it said. 

The government had decided to recommence the whole project from the very beginning, Cabinet spokesman and Minister of Health Rajitha Senaratne had said on February 26. 

Meanwhile, Tata Housing spokesperson refused to comment on the matter. 

In May 2014, the first phase of the project was launched to build a four tower apartment block with 650 units in the Slave Island business district of Colombo. 

The project was launched on a three acre area out of a total of 8 acres which has been released from the families. 

The Colombo project is mixed use township.

Latest Realty News

Mar 10, 2015
MUMBAI: For unauthorised constructions such as the one of Campa Cola in Worli comes a ray of hope
Mar 10, 2015
BHUBANESWAR: With the Narendra Modi government trying to woo regional parties to ensure passage of various proposed legislations in the Rajya Sabha, the ruling BJD pressed for changes in the land acquisition bill
Mar 10, 2015
Ranchi: Chief minister Raghubar Das has announced the setting up of a special investigation team to probe illegal transfer of tribal land
Mar 10, 2015
BHUBANESWAR: The Bhubaneswar Development Authority (BDA) is set to notify 450 acres near Tamando in the city for the state's first town planning scheme through land readjustment
Mar 10, 2015
New Delhi: With e-commerce growing in India, realty major DLF has tied-up with online market place Snapdeal to sell its apartments
Mar 10, 2015
New Delhi: After weeks of a tussle over the contentious land acquisition Bill, the government on Monday reached out to the Opposition by proposing to tweak several provisions of the Bill
Mar 10, 2015
Mumbai: Nearly half of the Indian ultra high net worth individuals (UHNWI) investment portfolios are allocated in property
Mar 10, 2015
BENGALURU/MUMBAI: Private equity firm Xander Advisors India has invested around Rs 280 crore in a residential project of realty developer Kumar Urban Development
Mar 10, 2015
Kolkata: Land prices have crashed in Kolkata
Mar 09, 2015
INDORE: Madhya Pradesh high court issued notices to Board of Revenue, Gwalior and real estate companies — Navaratan Tech Built Pvt Ltd and Shraddha Buildcon Pvt Ltd on a petition challenging encroachment over government land by Omaxe City-I

Latest Realty News Of State

Realty Talk's