UDA was losing revenue; State Min. gives reasons for leasing Arcade Colombo
Publication Date:
Mar 25, 2021
Region:
Arcade Independence Square generated a monthly income of Rs. 10 Million in 2014, however, that figure gradually declined from 2015.
The UDA collected approximately Rs. 10 Million in arrears, adding 11 of the 42 stalls at the premises were shutdown. The UDA board decided to lease it to the private sector to generate greater revenue. Department Of Valuation has forwarded that Rs. 120 Million should be obtained as an annual lease.
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