Sri Lanka has offered a major housing project to India’s Tata Housing Development Company as part of efforts by the Urban Development Authority (UDA) to develop the country’s commercial capital.The cabinet of ministers had approved a proposal presented by the President, in his capacity as the Minister of Defence and Urban Development to entrust the development of the Slave Island area of Colombo to the TATA housing Development Co Ltd and its partner SG 18 Advisors & Consultants (Private)Ltd.Under the Slave Island Area Redevelopment Project the UDA will provide 8 acres of land bordering former Education Department site, Malay Street, Justice Akbar Street, and Railway line on a 99-year lease to the Indian company, Media Minister Keheliya Rambukwella said at the cabinet briefing today.TATA is entrusted to build 456 decent housing units with all facilities for the current residents in alternative lands in the same area within two years. In return, the residents have agreed to renounce their rights to claim compensation for their respective land plots, the government said.Until the houses are built, householders will be provided with temporary housing and rents will be paid, Minister Rambukwella said. The land released will be used for a mixed development to create more opportunities for urban investments.The total cost of providing alternate housing/commercial units including rental payments for temporary accommodation of the families is estimated to be about 5 .87 billion rupees.