Cabinet Clears Colombo Housing Phase II

The Cabinet of Ministers has approved Phase II of the Colombo Urban Regeneration Project, securing $158 million in financing from the Asian Infrastructure Investment Bank to build 4,074 housing units for underserved communities.

The project, implemented by the Urban Development Authority, will cover six locations including Colombage Mawatha, Stadium Gama, Ferguson Road, Apple Watte, Madampitiya and Obesekarapura.

Minister Vijitha Herath said eligible low-income families will receive ownership rights under AIIB social safeguard guidelines. Each household must contribute Rs. 350,000 toward the housing unit and Rs. 50,000 to a maintenance fund, while the Government will cover deed registration and legal transfer costs.

The proposal was submitted by Minister Bimal Rathnayake. The initiative aims to improve living standards and advance structured urban renewal in Colombo.

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