Govt. to Revive Stalled Mega Developments in Q1 📈

The Government has announced a strategic move to restart long-stalled mega mixed-development projects and abandoned high-rises in Colombo by the end of March 2026. This initiative aims to unlock idle assets and address delays caused by the previous economic crisis and administrative irregularities. • Overall Strategy The Ministry of Housing, Construction and Water Supply has appointed a Ministerial Consultative Committee, including the Urban Development Authority (UDA) and NHDA, to fast-track renegotiations and reassess cost structures for projects initiated decades ago. • Key Project Highlights • Krrish Square (Colombo Fort): The Indian-invested high-profile development is under review for revival. • The Destiny (Slave Island): The Pakistan-backed residential and shopping complex is a priority for reconstruction. • Pipeline Status: Of 11 new construction projects identified in 2025, 6 have commenced, while 5 Public-Private Partnership (PPP) projects await Cabinet approval for revised estimates. • Economic Impact The revival of these projects is expected to stimulate the construction and real estate sectors, boosting urban development and creating employment. All projects are governed by formal agreements to ensure completion through coordinated public-private efforts.