Home » UDA joins ongoing movement to rake in forex via apartment sales

UDA joins ongoing movement to rake in forex via apartment sales

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The State-run Urban Development Authority (UDA) has joined the bandwagon to rake in foreign exchange in an effort to overcome the ongoing economic crisis.

The government programme to sell apartments built by the Urban Development Authority (UDA) for dollars to Sri Lankan Migrant Workers has commenced.

Two apartment complexes built for middle-income families by the UDA in Borella and Angoda consist of 608 and 500 houses each, respectively.

The UDA Board has approved a 10% discount for Sri Lankans living overseas and Sri Lankan migrant workers who use dollars to purchase houses in the two apartment complexes.

Under the programme, the first housing unit from the Viyathpura Housing Scheme has been sold for US$ 40,000 to a Sri Lankan migrant worker employed in Dubai, UAE.

Urban Development and Housing Minister Prasanna Ranatunga said three more housing units valued at around $ 143,700 were sold as part of the Government’s scheme to sell the UDA-built apartments for foreign currency to Sri Lankan migrant workers.

He made these remarks following a progress review meeting of the scheme held on Monday.

As per the Minister, the first house sold under the program was bought by a Sri Lankan living in Dubai on 27 September.

He said the applications have been submitted by Sri Lankan migrant workers in the US, Canada, Australia, the UAE, Britain, and Bangladesh.

The apartments are part of the Viyathpura Housing Scheme built by the UDA in the Pannipitiya, Kottawa, and Malabe areas.

“Already applications have been submitted for the purchase of another 10 houses at the apartment complexes built for middle-income families by the UDA,” he added.

He also said that they expect to achieve a target of $ 500,000 by the end of this year and $ 1.5 million via the project next year.

Sri Lankan migrant workers can receive a discount of 10% for outright payment of the full value or a discount of 5% for installment payment.

The first house sold under the program was bought by a Sri Lankan living in Dubai on 27 September.

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