The proposal to grant part of a plot of land in Colpetty to Expo Property Developers (Pvt) Ltd for a housing project has received a Cabinet nod.
As per the provisions of the Urban Development Authority Act, approval was granted in 2007 to dispose of 40 perches of land owned by the Urban Development Authority at Sea Lane in Colpetty to Expo Property Developers (Pvt) Ltd.
It was proposed to provide the said land under a 50-year long-term lease basis and an amount equal to 25% of the value of that land had been charged. However, activities related to the transferring of the land could not be completed due to unauthorized persons residing there.
As such, Expo Property Developers (Pvt) Ltd had requested to grant them 52 perches of land including 12 perches adjacent to the said land to implement a housing project under a 99 years lease basis. The approval of the Board of Management of the Urban Development Authority has also been received for this purpose.
Accordingly, the Cabinet approved the proposal presented by the Minister of Urban Development and Housing to transfer the relevant portion of land to Expo Property Developers (Pvt) Ltd under a 99-year lease based on the current assessment of the chief assessor. (Newswire)
