Work to begin on 7,500 houses - 30 year loan at 6.25% annually
Prime Minister Mahinda Rajapaksa has instructed the Urban Development Authority (UDA) to immediately commence the construction of 7,500 houses for the people living in low-income settlements and the middle class.
The directives were issued during a meeting which was held at the UDA pertaining to their projects.
According to the Prime Minister's Office, the housing projects are set to commence before the end of this month.
At the meeting, the Prime Minister has instructed that to offer a minimum down payment for the ownership of the houses when provided to the middle income earners. Accordingly, it was decided at the meeting that the houses will be provided at an interest rate of 6.2% which is applicable for over 30 years.
The Prime Minister also announced that a 50% reduction to be provided for monthly rents for the shops at the new Manning Market Complex at Peliyagoda.
Meanwhile, the Madiwela West Urban Agriculture and Environmental Development Project will be vested in the people by the Prime Minister today (15). Work on the project began on 21 April, and includes a walking lane, two bicycle lanes, a children's park and an outdoor exercise area.