Prasanna instructs UDA officials to set up Land Bank | Daily News

Prasanna instructs UDA officials to set up Land Bank

Urban Development and Housing Minister Prasanna Ranatunga has instructed his officials to set up a Land Bank, collecting details of all lands belonging to the Urban Development Authority (UDA).  

The UDA has 1,008 acres of lands and buildings with high commercial value in main cities.

The Minister said the UDA lands, which remain underutilised, will be developed as joint ventures with the public-private partnership under a national plan.

The Ministry said that some UDA lands are presently grabbed by various groups, and a proper listing of UDA lands, by way of the Land Bank, would help prevent such misuses.

It will also help reap more economic benefits from those resources.

The Ministry has taken steps to give more flexibility to the investment structure and payments when leasing UDA lands for joint ventures, in order to encourage investors.

 


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