Title: UDA was losing revenue; State Min. gives reasons for leasing Arcade Colombo

Language: English

Type: Website

Nature: Website

Published: March 25, 2021

Region: South Asia

Country: Sri Lanka

Keywords: Innovative Revenues for Infrastructure

Document Link(s):

Document Summary:

Arcade Independence Square generated a monthly income of Rs. 10 Million in 2014, however, that figure gradually declined from 2015.

Document Details:

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.

Updated: August 8, 2023