The Pallekelewatta Housing Scheme at Kundasale has been designed to be implemented accordingly.
The National Housing Development Authority has decided to sign a Public Private Partnership Agreement with the relevant local investors for the implementation of the project. The key elements on which the agreement is based upon are given below.
- ·Transferring the development right to the investors.
- · Protecting the rights of the people purchasing the houses by carrying out financial transactions through "ESCROW" account.
- · Paying the total government estimated value and 10% ofthe profit of the
- project to the National Housing Development Authority.
- · Paying 10% of the value of the land to the National Housing Development
- Authority within 14 days of signing the Public Private Partnership Agreement.
- The developer will be granted permission to obtain money from the
- "ESCROW" account only after investing 25% of the project cost.
- · All recommendations and approvals should be granted by the National
- Housing Development Authority and the Authority will be in charge of the
- supervision ofthe construction.
- · The sale of houses will be carried out by the investor and after settling the
- entire amount, the National Housing Development Authority will hand over
- deeds to the recipients of houses .
- · Neither the government nor the National Housing Development Authority will
- bear any financial liability or expenditure for the project.
(ST/KH)
