Call to set up Assn to develop Real Estate market

by Jayampathy JAYASINGHE

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Property Developers and Real Estate Agents have called upon the authorities to set up an Association to develop the Real Estate market in the country.

Executive Director, Ceylinco Land Exchange Ltd, Bhathiya Satharasinghe said the real estate market has thrived despite inadequate and conflicting laws that have resulted in inconsistencies. This was mainly due to the population growth and the limited land resources available in the country.

He said laws have to be passed to create an equilibrium in the real estate market for it to develop on a sustainable basis.

"Those who deal in real estate work lack an indepth knowledge on Real Estate. Even the number of professionals who deal in Real Estate is on the decline. Land development is governed today by various acts passed by local bodies including the Agrarian Services Department. However, due to conflicting laws and statutes passed by various bodies buyers of land are now in a quandary as they fear losses. Satharasinghe said even India has a well developed real estate market where methodology is used to evaluate future valuation of land and property.

General Manager, Ceylinco Land Exchange Ltd, Amitha Gunasekera said their company was engaged in buying, developing and selling property during the past 17 years that includes newly built homes.

The company has completed 55 projects valued at over Rs. 3 billion. He said people who intend to purchase land can make an initial deposit of Rs 25,000 and settle the balance in instalments.

The scheme is more flexible than what banks offer customers today.

People can even invest their monies with Ceylinco Land Exchange Ltd for a better profit than what banks offer, he said.

Meanwhile, the Ceylinco Land Exchange Ltd, launched its latest Real Estate project at Batakathera Piliyandala named as the "San Rose Park" to commemorate its 17th anniversary. The housing project is on a ten-acre land. General Manager Gunesekera said the Water Supply and Drainage Board has installed pipelines to supply drinking water to the San Rose Park. "We allow persons to build houses after they pay 10 per cent of the total value of the property." The San Rose Park consists of 139 plots on a ten-acre land. A ten-acre plot is valued at Rs. 2.5 million.

Ceylinco Land Exchange Ltd, will launch its Mega Real Estate project at Makola, Kiribathgoda this month. The project will comprise over 300 housing plots priced at Rs. 150,000 per perch.