India’s TATA housing rejects allegations and reiterates commitment to the Slave Island Project: statement

Mar 13, 2015 (LBO) – India’s Tata Housing has rejected allegations raised against it by the Sri Lankan Government over a housing project at Slave Island in a statement. They said that these kind of allegations will adversely impact confidence of other overseas companies to make future investments in Sri Lanka.
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“We are expressing deep disappointment on the alleged media reports during the past two weeks quoting some government authorities regarding the new government’s decision to review its project to re-develop eight acres of land at Slave Island in Colombo.” “Such actions by the government discredits the authorities in Sri Lanka that have been engaging with Tata Housing over the past three and half years and have granted multiple approvals for the project based on its merit.” “Besides, such arbitrary actions will also adversely impact confidence of overseas companies to make future investments in Sri Lanka.” The company statement said, Tata Housing has provided the factual details of the project to refute the allegations reported in various media reports over the last two weeks quoting various government authorities and reiterated its commitment to the Slave Island Project. “One-Colombo Project (Pvt) Ltd, ultimate subsidiary of Tata Housing Development Company Limited, has partnered with the Urban Development Authority (UDA) to participate in the vision of the Sri Lankan Government to uplift the standards of living for inhabitants of the under-served areas in Colombo city and provide better infrastructure to the city of Colombo. Under the partnership, One-Colombo has been entrusted with the re-development of eight acres of land located in Slave Island, Colombo.” “Under the re-development project, One-Colombo is developing around three acres of land for rehabilitation of the inhabitants in lieu of which, around four acres of land, net of areas for roads and public infrastructure, has been granted for a mixed use development project to One-Colombo.” They say. the whole process of land acquisition including negotiating with the inhabitants, payment of rental and compensation, signing of the agreements and demolition of earlier buildings was handled solely by the UDA. “It was done in accordance with the terms of the contractual understanding with UDA, One-Colombo has reimbursed the rental and compensation payment to the UDA and given guarantees to ensure completion of the redevelopment buildings.

” “Prior to commencement of construction, Tata Housing has been closely coordinating with the UDA over the past two years to develop the design for the redevelopment building which has been reviewed by the UDA multiple times and has taken into account the requirements of the inhabitants as communicated by the UDA.” The re-development buildings, which shall provide nearly 100 commercial units and 550 homes in three towers aims to provide bigger than original dwelling areas and other benefits such as better amenities, parking, safety and hygiene to significantly improve the living standards of the inhabitants. Besides, the project will also provide an additional commercial area to generate income for maintenance and upkeep of the building.