The Urban Development Authority has so far received project proposals worth of Rs.45 billion from investors within this year. Currently, constructions are carried out in 14 projects among them. According to the UDA, the value of the development projects implemented in Colombo, Nuwara Eliya and Ekala areas is about Rs.35 billion.
Accordingly, development projects such as the development of the Charmers Granaries land in Colombo Fort, the construction of luxurious tourist hotels in old buildings located in Colombo, the development of amusement parks, the development of rest houses,mixed development plan for the west of Beira Lake in Colombo, the project of development of warehouse facilities, the project of constructing a private hospital in Narahenpita are currently being implemented.
Urban Development and Housing Minister Prasanna Ranatunga has instructed the UDA to take steps to complete these development projects in the next few months. In addition to this, negotiations have been started to start four development projects under direct foreign investment. Visumpaya Building Development and the project to build a new university in Kankesanthurai is the main among them. The investment value of these projects is Rs.10 billion. The UDA has received investment proposals for 31 development projects in the last two years and eight projects have been released for investment. The total investment value is Rs.33,841 million. The ownership of a large amount of land in this country is vested with the UDA. Minister Ranatunga said that these lands should be used effectively for investment. The Minister also expressed confidence that solutions to the economic problems facing the country would be found through this endeavour.