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| Tuesday, 13 July 2004 |
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Real Estate Exchange (Pvt) Ltd. (REEL) the management arm of the Thirasara Purawara Programm under the Urban Development and Water Supply Ministry has already proven the validity of its concept for "Homes for the People and Lands for the Development" through successfully completion of its first land liberation cycle by relocation of slums and shanty families from 14 locations into the modern high rise complex with 671 apartments, states a press release. REEL has introduced an economically viable, financially feasible, socially acceptable and environmentally friendly shelter strategy to address the shelter issue of 51% of the total population of the Colombo city by enabling them to trade off the land on which they encumbered for a modern apartments and thereby to dispose such lands for urban redevelopment projects with private sector financing or partnership. REEL is launching its first urban redevelopment project to construct 1,135 Condo apartments at four locations using lands liberated through REEL process making a new chapter in assembling lands for urban development, that were formally encumbered with slums and shanties. The total investment for the project by Shelter Colombo (Pvt) Ltd. is Rs. 1,920 million, which is the highest amount invested by an investor for a single housing project within the Colombo city. Shelter Colombo (Pvt) Ltd. will construct 1,135 Condo housing units at 4 locations as listed in the chart. This innovative urban shelter and development strategy, which was introduced by the People's Alliance Government in 1999, will continue with utmost priority under United People's Freedom Alliance Government, elected to office in 2004. REEL will play the leading role to facilitate our pledges to provide 100,000 modern homes to transform the lifestyles of slum and shanty families and thereby to alleviate them from urban poverty while liberating enough lands available Colombo to be promoted as international Port and Business Hub by the year 2010. |
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