Sun, 20 Jun 2021 Today's Paper

Condominium developers welcome budget

23 November 2016 12:00 am - 0     - {{hitsCtrl.values.hits}}

A A A

The Condominium Developers’ Association of Sri Lanka, an affiliated trade body of the Ceylon Chamber of Commerce, which represents the condominium developers in the country, hailed the budget proposals presented to parliament by Finance Minister Ravi Karunanayake.
The budget contained a number of progressive proposals to stimulate demand from a new market segment to help absorb the increasing supply pipeline.
An association spokesman stated that currently there are over 8,000 luxury apartments being constructed in the city of Colombo. It is important to attract foreigners/Sri Lankan diaspora to purchase apartments to absorb this supply. An oversupply situation can be catastrophic to the property sector in particular and the economy in general. In the budget speech, the finance minister identified the significant potential for real estate investment trusts (REIT) and agreed to facilitate the Securities and Exchange Commission (SEC) in introducing amendments to the Unit Trust Code.
Further, the Land Alienation Law was relaxed by removing the restrictions on foreign-controlled listed entities and now public quoted companies with foreign ownership exceeding 50 percent could purchase property and land in Sri Lanka.
“This supports the country’s development plans including the government’s Megapolis development initiative. It is essential to attract foreign direct investment (FDI) into the property development sector via freehold land ownership. Furthermore, the public quoted companies, whose shares are freely transferable with no control over the extent of foreign ownership, now could acquire property,” stated the association representative.
Earlier, in October 2016, the VAT Amendment Act exempted the supply of condominiums from value-added tax (VAT), thereby making apartments more affordable and creating an even playing field among different categories of condominium developments and developers who were earlier subjected to different VAT regimes. 

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment


Statistical blunders expose administrative weaknesses

Information helps save lives and during a pandemic a free-flow of vital, accu

Vavuniya tusker’s demise DID TOO MANY ‘COOKS’ SPOIL JUMBO’S RECOVERY?

On June 11 Sri Lanka lost another one of its magnificent tuskers that succumb

Life and Times of Dynamic “Thamby” Arumugan Thondaman

Thamby”in Tamil means younger brother. It is also used widely as a pet name



See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.