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Message: <blockquote data-quote="monson" data-source="post: 21185614" data-attributes="member: 30005"><img src="/styles/default/xenforo/smilies/default/lol.gif"  class="smilie" loading="lazy" alt=":lol:" title="LOL    :lol:" data-shortname=":lol:" /> Bandula Gunawardenaට දැන් තමයි මතක් වෙලා තියෙන්නේ debate ඉල්ලන්න. ඕක මහින්දගේ කාලේ පටන් ගෙන දැන් construction යනවා. 8acres land  එක 99year වලට Indian TATA එකට නිකන් දීල තියෙන්නේ ඔය ඉඩම ගන්න ඔතන ජීවත් උන පන්නපු මිනිස්සුන්ට ගෙවල් හදල දෙනවා කියපු නිසා. දැන් අලුතෙන් agreement එකක් ගහල same project එකට.Tata’s unusual deal with UDA; free 8-acre land with trade-offs2014.05.18By Bandula SirimannaColombo township project takes offIn an unconventional deal, India’s Tata Housing, the real estate arm of the Tata Group and a wholly-owned subsidiary of Tata Sons this week launched a US$ 400 million mixed development project in Slave Island Colombo,The project is in collaboration with the Urban Development Authority (UDA) as a major township rejuvenation initiative, at the same time resettling shanty dwellers in the area in improved housing units.The unusual deal is made of an agreement between the UDA and Tata Housing to hand over an 8-acre block of land to the former on a 99-year lease “free of charge” bordering the former Education Department site to the North, Malay Street to the East, Justice Akbar Street to the South and the railway line to the West, officials said. Developments of this nature in the past have normally been on a lease rental basis.Tata Housing secured the deal without any evaluation because of their high credentials although three more companies had submitted their bids, UDA chairman Nimal Perera said at the ceremonial inauguration of the project.The Indian company will get the land with no lease payment and in exchange has agreed to bear the full cost of building a fully-fledged housing complex on a 3-acre block of land (in the same property) for displaced residents, he told the Business Times separately.The land value in the area ranges from Rs. 7 million to Rs. 9 million per perch with the average value being around Rs. 8 million, an official of the Valuation Department who wished to remain anonymous, told the Business Times.Accordingly the total value of 8 acres is in the region of Rs. 10.3 billion and the minimum value of the 99-year land lease would be around Rs. 5 billion, he added. According to the agreement, the housing complex will house 582 families and 100 shop owners who were displaced by the project. This first stage of the innovative project is to be completed within two years.The total cost for providing alternate housing/commercial units including rental payments for temporary accommodation of the families is estimated to be about Rs. 5,874 million, a senior official said, adding that the cost of building the housing complex for residents has not been estimated as yet.The total cost of building the housing complex and for providing the house rental of displaced residents for 30 months in other locations till the completion of the housing complex will be borne by the Indian company, Mr. Perera disclosed.However both Mr. Perera and TATA Housing chief Brotin Banerjee declined to divulge the total cost as the project is still at the initial stage.All residents who had lost land and houses will get equal or bigger housing in the new housing complex, Mr. Perera said.- <a href="http://www.sundaytimes.lk/140518/business-times/tatas-unusual-deal-with-uda-free-8-acre-land-with-trade-offs-99239.html" target="_blank">http://www.sundaytimes.lk/140518/business-times/tatas-unusual-deal-with-uda-free-8-acre-land-with-trade-offs-99239.html</a>Tata company undertakes mixed development project in Colombo 2Generous tax concessions granted; FDI of US$ 130 m. of total cost of US$ 430m.2014.11.09India’s Tata Housing Development Company has become the latest international firm to be given generous tax concessions for a mixed development project it is building at Slave Island, Colombo 2. This includes a ten-year corporate income tax waiver on the profits of the project, other than from the sale of apartments. The exemption for income generated through the sale of apartments is six years. A second gazette in this regard was issued on November 3, following the granting of Cabinet approval for the concessions. It was signed by Investment Promotion Minister Lakshman Yapa Abeywardena. The first gazette was issued in July, under the provisions of the Strategic Development Projects Act.TATA has incorporated a local company in Sri Lanka named M/s. One-Colombo Project (Private) Limited. It will redevelop an eight acre plot of land in Slave Island. It will build apartments for low-income families on part of the property.The project, which is an initiative of the Urban Development Authority (UDA), will cost US$429.5 million. US$130 million of this is foreign direct investment. In addition to the corporate income tax concession, dividends distributed to shareholders out of the exempted profit will be exempted from income tax for ten or six years, as the case may be, and one year thereafter.Waivers of Withholding tax are also afforded in specified cases. The expatriate staff of the project company will be exempt from the pay as you earn (PAYE) tax, subject to restrictions. Several other concessions have been offered, in keeping with the Act.The Slave Island project was floated by the UDA, partly as a means of resettling thousands of low income families who had been evicted from the area to free up prime property in Colombo. They have been promised better housing. The project will also include residential and commercial buildings, including luxury apartments.Last month, the UDA issued a statement saying that construction has started on 15,000 housing units for low-income families in different parts of Colombo. The block in Slave Island has been identified as a “priority project” requiring private sector investment, it said.The gazette that was issued in July said the redevelopment of the said area “will bring significant change in the landscape of Colombo city through higher standard of living associated with better quality of life to the habitants”. It also said the establishment of the mixed development project will contribute to the economic development of the country.- http://www.sundaytimes.lk/141109/news/tata-company-undertakes -mixed-development-project-in-colombo-2-126726.html<img src="http://www.ft.lk/ftadmin/wp-content/uploads/2015/03/BUP_DFT_DFT-1-311.jpg" alt="" class="fr-fic fr-dii fr-draggable " style="" />Flashback: Tata officials explain the One Colombo project to the then Defence and Urban Development Secretary Gotabaya Rajapaksa at the ground breaking ceremony held in May last year(2014).- <a href="http://www.ft.lk/2015/03/02/tata-officials-explain-the-one-colombo-project/s-1953/" target="_blank">http://www.ft.lk/2015/03/02/tata-officials-explain-the-one-colombo-project/s-1953/</a></blockquote>

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