Monday, 27 January 2014

Reversal on land sales to foreigners

The Government has sought Cabinet approval for legal exemption to sell 25 acres of land in Negombo, 44 acres in Kimbulapitiya and two roods, 26 perches from Bambalapitiya to a Singaporean Company to establish a private university and related infrastructure, Daily Mirror learns.

The present law does not provide for the selling of private or crown land to a foreign national or a foreign company. Such properties can only be leased out for 99 years under the prevailing regulations.


(Source: Daily Mirror)

No comments:

Post a Comment