Construction of 10 housing projects in Colombo to recommence

COLOMBO (News 1st); The Ministry of Urban Development and Housing said an agreement was reached to restart the construction of 10 middle-income housing projects in Colombo city, which were stopped midway due to several issues including the rise in the price of raw materials.

Ministry Secretary W. S. Sathyananda said the agreement was reached during a discussion held with relevant investment companies and officials of the Urban Development Authority.

An investment worth over Rs.30 billion was made for the construction of this housing project with more than 2,000 houses.

Sathyananda said the construction of these projects was stalled for over a year due to many issues including the rise in prices of raw materials and fuel due to the economic crisis, and the shortage of raw materials.

The Urban Development Authority granted approval to a request by the contracted companies to build the housing projects by increasing the value of the housing units.

The Ministry Secretary said plans are in place to complete the construction of the projects before the end of 2023.