Gains, Pains In Paki FDI
- Rs. Seven Mn. House To Be Demolished
A Pakistani real estate developer will pump in US$ ($) 25 million to develop 3½ acres of property in the Slave Island area on a low cost housing project where 400 “basic” apartments will be built.
Zeeshan Musani, Project Coordinator, Imperial Builders (Pvt.) Ltd., said that they hope to recover their money in four years time. The project will kick off in September and will be completed in three years time.
He said that they have been given a 50 year concessionary period by the Government. The apartments will be sold to those who want to live in Colombo, he said.
This development will take place on land belonging to the railways and UDA, while the balance is freehold and lies adjacent to the Slave island railway station. Existing householders will also have flats built free of charge on the same property where they may move in after their existing dwelling places are demolished to make way for the new development.
A similar project is being executed by Tata, India, in another property in the vicinity.
Additionally, John Keells Holdings plc which has its head-office in the Slave island area will also implement a real estate development project in their property, while nearby, the Shangri La hotel is billed to come up, Urban Development Ministry Secretary Gotabaya Rajapaksa addressing a seminar on Tuesday in this regard said.
Rajapaksa told this reporter that none of the present householders, 159 in number, including those living in 29 houses belonging to the Railway Department, were squatters.
A woman speaking at the question and answer session that followed said that she has invested Rs. seven million on her house which is standing on this property earmarked for development. Another 10 families were staying in her compound.
She was assured that she will be given a flat, which square area would be equivalent to her existing house. The fate of the others may probably depend on whether they have title deeds on the properties occupied by them. However an assurance was given that the chief householder of each house would be provided with a flat under this project.
Meanwhile UNP’s Colombo Mayor A.H.M. Muzzamil, another speaker at this event was all praise to Rajapaksa, brother of President Mahinda Rajapaksa, for the development works taking place in the city.
Another of the affected householders at this meeting said that Muzzamil had had given an assurance that none of their houses would be broken. Rajapaksa in reply said that no house would be destroyed. But after the completion of the flats which would then make it possible for the existing householders to move into their new dwellings, then only will their existing houses be demolished, to make way for the new developments earmarked to take place.
Muzzamil didn’t respond to this allegation. A number of the householders impacted by these development works appeared to be Muslims. A Muslim prayer room is also billed to be built as part of the development works, it was said at this meeting.
