Construction of Tata housing mixed development project in Slave Island gets underway
View(s):Construction work of the US$400 million mixed development project at Slave Island undertaken by India’s Tata housing, the real estate arm of the Tata, is now underway.
Construction underway at the site.
D.P. Jayasinghe Piling Company (Pvt) Ltd has started the piling construction of the first phase of the housing project for displaced residents. In keeping with the company policy of providing a customized service with state-of-the-art equipment, it is utlizing the best available piling machines for the project, which includes latest German Bauer Machines, a media release issued by the company said.
The project is in collaboration with the Urban Development Authority (UDA) as a major township rejuvenation initiative, at the same time resettling shanty dwellers in the area in improved housing units. The total cost for providing alternate housing/commercial units including rental payments for temporary accommodation of the families is estimated to be about Rs. 5,874 million, a senior official said. 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 bordering the former Education Department site to the North, Malay Street to the East, Justice Akbar Street to the South and the railway line to the West, officials said. Developments of this nature in the past have normally been on a lease rental basis. The Indian company will get the land with no lease payment and in exchange has agreed to bear the full cost of building a fully-fledged housing complex on a 3-acre block of land (in the same property) for displaced residents under the first phase of the project.
Tata Housing secured the deal without any evaluation because of their high credentials although three more companies had submitted their bids, UDA chairman Nimal Perera said at the ceremonial inauguration of the project.