Press briefing of Cabinet Decision taken on 2024-02-05 (Subject to Confirmation at the next Meeting)

Programme for providing full ownership to 50,000 low-income households under the Urban Home Ownership as per the Budget Proposals 2024

- As per a Budget proposal 2024 presented by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies, necessary actions have to be taken to stop charging of rentals for flats granted on rental basis to low-income families through Urban Housing Programmes and grant the ownership of those housing units legally to those beneficiary families themselves. Under various housing projects, the Urban Development Authority, National Housing Development Authority and Urban Settlement Development Authority have provided houses on the basis of lease purchase, installment purchase, freehold and rent. Accordingly, the proposal made by the Minister of Urban Development and Housing to stop charging the rental from all urban housing units provided to low income earners on monthly rental basis of Rs. 3000/- or less than that, and to take necessary action to transfer the freehold title of the houses to those low income earners, was approved by the Cabinet.