Tata Housing to redevelop project in Colombo with an investment of $400 mn

Real estate firm Tata Housing will set up a mixed use township project in Colombo, Sri Lanka with an investment of $400 million in partnership with Urban Development Authority (UDA) of Sri Lanka.The redevelopment project would involve construction of apartments for rehabilitation of the current tenants in the first phase, besides launching a mix use development project at slave Island in Colombo.

It will have about four residential towers (each tower consisting of 36 floors) and about 650 units comprising of one, two, three, four bedroom units and duplexes and penthouses. It will also feature a commercial retail area, a commercial office space and business hotels and service apartments.

Sri Lankan, UDA have rehabilitated the residents of Slave Island till the time of the completion of the project. The rehabilitated occupant will have condominium ownership and privilege of mortgage facility by ownership. Brotin Banerjee, MD and CEO, Tata Housing, said, "Tata Housing clearly recognizes the opportunity for long term and sustained growth in the Sri Lankan housing market."

Nimal Parera, Chairman, UDA said, "We are extremely glad in partnering with Tata Housing to pilot the first redevelopment project under the PPP model which provide a better quality of life for the current tenants of slave island."