The issues with India’s Tata Housing have resolved through discussions and the company would continue its construction work on the housing project at Slave Island (Kompannaveediya), said the Finance Minister.

Finance Minister Ravi Karunanayake said that Tata Housing representatives held discussions with him and that during this meeting they had agreed to bring in more investments to Sri Lanka.

In addition, Tata Housing also agreed to implement the second and third phases of this housing project, said the Finance Minister.

Earlier, Tata Housing had stated that the allegations over this project under claims that the new government is to review it were baseless and that such a situation would cause investors to lose confidence on Sri Lanka.

This housing project on 08 acres of land in Slave Island is being constructed by One-Colombo Project (Pvt) Ltd, a subsidiary of Tata Housing Development Company Limited together with the Urban Development Authority (UDA).

Multi-storied buildings for commercial purposes and luxury housing are to be constructed under this project proposed under a 99 year lease.

Some eight acres of land north of Slave Island where the earlier Education Ministry building was, Malay Street to the east, Justice Akbar Mawatha to the south and the railway tracks in the east was acquired by the former government on behalf of the Ministry of Urban Development.

Under this project, the over 500 families in Slave Island are to be offered houses with all amenities.