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Message: <blockquote data-quote="monson" data-source="post: 21349089" data-attributes="member: 30005">Redevelopment of Bambalapitiya flats: Cabinet approval grantedCabinet this week gave the go ahead for the redevelopment of the Bambalapitiya flats.The proposal made by Housing and Construction Minister Sajith Premadasa was to sign an agreement between the National Housing Development Authority and investor Developer Consortium- a partnership of the two companies of UTL projects global Pvt. Ltd. and UTL Engineering Projects India Pvt Ltd. The former is registered in Singapore while the latter is an Indian registered company.The tripartite agreement also lays the condition that the investor should remit USD 10 million within 4-6 weeks after the signing of the agreement in order to be granted approval for the project.The investors have formed the local company City Square Projects Pvt Ltd to handle the project locally.In 2014, a plan was proposed to redevelop the ten acre of land on which Bambalapitiya flats now stand to build six towers of 36 storeys each. It would have a total of 3,762 residential apartments along with shops, offices and hotels. The residents of the current flats would be given 285 apartments and 12 shops. There are 300 housing units at the current flats and the residents have been asked to vacate their flats and find other accommodation until the new flats are given.They would be given a monthly payment as rent assistance.City Square Projects Pvt.Ltd. in turn was to receive the land on a 99-year lease basis. In November of last year however, Megapolis and Western Province Development Minister Champika Ranawaka filed a Cabinet observation stating that the financial credentials of the developers did not appear to have been checked and that a proper feasibility study of the project had not been carried out.The residents of the Bambalapitiya flats in the meantime have voiced their strong opposition to the project and point out that neither the government nor the developers have had transparent discussions with them on the project.- <a href="http://www.dailynews.lk/2017/03/16/local/110585/redevelopment-bambalapitiya-flats-cabinet-approval-granted" target="_blank">http://www.dailynews.lk/2017/03/16/local/110585/redevelopment-bambalapitiya-flats-cabinet-approval-granted</a></blockquote>

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