It is necessary to make a conscious effort to develop the property industry which contributes 30 percent to economic growth in the real estate sector. The government has a long term plan to develop the urban sector and a restructuring and re-processing of the existing mechanism is currently underway, Megapolis and Western Province Development Minister Patali Champika Ranawaka said at this year’s edition of Lanka Property Show in Colombo recently.
Lanka Property Web, a property website in Sri Lanka, also marked its 10th anniversary last week.
“This is the largest focused property show in Sri Lanka where reputed developers showcase their products under one roof. Sri Lankan apartment market is fast developing and there will be more units added to the numbers at present,” he said.
The city of Colombo will be developed according to a strategic plan and will be transformed in to a development centre. The Port City will change the landscape of the city and the nano technology will become the future where space and infrastructure will change accordingly, he said.
“Innovation based economy will be the way forward for Sri Lanka.
It will not only the high income level groups, but also the middle and low income groups will be catered to and there will be 5,000 units and 15,000 units added to the middle and low income groups in the near future,” the Minister said.
There are certain issues to be addressed in the urban development process such as drainage, sewage and disposal facilities. Effective addressing of these issues is necessary. The transportation is another aspect that needs attention and with all these facilities in place the quality of life of people will improve, he said.
“Never before has the property market in Sri Lanka been at such a high level. Infrastructure development is taking place at such a speed that it is imperative for the property market to follow suit.
Lifestyles are evolving specifically in key cities such as Colombo, Galle and Kandy and we need to be on par with the requirements of the new-age homeowner,” Managing Director of Lanka Property Web, Daham Gunaratna said.
- SJ