PROCEDURE TO ALLOCATE UNITS IN A CONDOMINIUM IN AN URBAN RESETTLEMENT PROJECT: A SCIENTIFIC APPROACH

Abstract

Many public and private sector projects provoke forced relocation of the population but fail to resettle people sustainably and thus to trigger their impoverishment. Studies also found that one root cause of such failures and impoverishment is the disposal of properties and the lack of financial support for relocation. Make a systematical way of allocating housing units in a condominium in resettlement projects using a scientific and analytical model of payment of compensation is the primary purpose of this article. The independent variables which affect to the market value of the existing lands, especially in Nawama Mawatha and Wekanda Road in Colombo 2 area, are considered, distance from the main road (accessibility), the shape of the land (regular or irregular) and availability of infrastructure and sanitary facilities (utilities). After collecting the market variables then weighted all these independent variables to run the multiple regression analysis to get the results of the study. The results of the study showed that the significant effect comes to the market value of the land is from the distance from the main road (accessibility) as it has the strong negative correlation with the market value.