The land prices in Sri Lanka have consistently seen an upward trend throughout the years. The demand for it ranges from residential purpose to construction, agriculture and leisure. Besides this, there have been numerous searches for the keyword ‘how to buy land in Sri Lanka’ as well. This goes on to show how much of a demand exists for land in Sri Lanka, particularly in the Western province where the prices are greater than in any other place. In the last quarter of 2021, the average overall residential land prices in Sri Lanka amounted to LKR 1.65 million per perch. The land prices in Colombo were LKR 11.68 million per perch in Q4 2021 while the Western province which is the most developed region on the island recorded an average of LKR 1.27 million per perch excluding Colombo city land values.

However, at present only locals can purchase land for sale in Sri Lanka. But land can be leased for up to a period of 99 years for foreigners. If a foreigner wants to own property or buy in Sri Lanka, the only option they can consider is buying an apartment in Sri Lanka. However, the Sri Lankan property law has exceptions that in fact allow a foreigner to own land if it is an inheritance. It should clearly state these properties in the last will that states who should own which properties after a considering person’s death.

Since Sri Lanka is also a great place for living surrounded by natural landscapes, infrastructure developments, utilities and more, the island serves as the perfect holiday destination and residential home.
Among the locals who are looking for ways how to buy land in Sri Lanka to build a house, one of the first concerns is how to choose land. There is also the popular misconception that you can’t buy land if you don’t have enough money when in reality it is the complete opposite today. You don’t have to have the total amount of money to fund your investment. It can simply be taken alongside a mortgage loan that you have to pay a monthly installment and interest depending on your capacity to pay.

To address the different factors to consider when finding the perfect plot we dove into looking at what factors should you know first to find this land.
The area
The area that the property is located in has a large impact on your house plan, house design, building potential and even the building regulations applicable to you. The neighborhood also plays an important role in determining the convenience of your living experience in the said town.

In terms of building the house, in a place like Kandy which is located in the hilly region, the building regulations applicable are more detailed and stricter than building in another flat land area. This is to ensure that it doesn’t pose a threat to other buildings in the surrounding area and has minimal impact on the environment. As a result, it is protected from potential landslides and is able to withstand pressure. Because of this, before you purchase land, consult a structural engineer in the process.

You could also consider meeting up with one of the best valuers in Sri Lanka while buying a plot to ensure the one you’re purchasing is worthy and will generate capital gains in the future.

Utilities

The more remote an area is the more difficult it is to get access to utilities. Water and electricity are basic necessities and essentials that we can’t survive without in today’s world. Most land plots offered by companies that have created a gated community offer these services alongside the property the buyer purchases. Because of this, there is no additional hassle in applying for those facilities.

Road access

Having access to the main road and being able to get to places such as the hospital, grocery etc. easily without having to spend too long travelling on the road should be another detail to be considered. You will also need to make sure that the land isn’t in the way of any potential roadway constructions expected to take place. If not, you may end up losing the property you spent time searching for hardly.
Other factors to include in a checklist of buying land to build a house are as follows.

1. Approval requirements for a loan.
2. Check whether the water flows out of the land or is contained within it (The slope)
3. Whether the land is filled or natural
4. If there is a Street Line Certificate (Veethi Rekha) provided for the land
5. Check on the Non-vesting and Ownership certificate (If the land is neither vested with the Municipality or is to be sold off by the Municipality for non-payment of assessment rates)
6. Check the water supply (Need a minimum of 35 perches if you’re planning to have a well inside the land).
7. Check the electricity supply (whether there is an electric pole close to the land)
8. The availability of high tension lines or phone masts close by
9. Whether there is high-velocity water running close by (consider an alternative plot if there is one, as it could affect the property over time.)
10. Whether there is a stream running inside or adjacent to the property and if a reservation has been kept for the stream. (reservation is typically 3 ft from the centre of the stream, however, this can vary from council and size of the stream.)
11. Whether it is close to landfills or a waste disposing area
12. Get a copy of the deed and verify it with your lawyer
13. Check the survey plan (should be less than 10 years old and check if it is approved by the council)
14. Clear deeds for min 35 years (paththiru / title report)
15. If the land is on a private road, then the lot should have the ‘Right-of-way’ given by the other lots that are before it
16. If the land has previously been a cultivated land (e.g. Paddy, Rubber), or has the names ‘owita’, ‘deniya’ or ‘kumbura’ mentioned in the deed, then need to get a clearance from the Commissioner General of Agrarian Services Development confirming that the land under reference has been removed or is not in the Register of Paddy or other Lands. The application should be submitted to your local Govijana Sewa office.
17. If the name (s) of the land, road etc. are the same in all deeds. If the names are different or there’s a spelling difference, then this needs to be corrected through a Certificate of Rectification

Source: www.lankapropertyweb.com

1. USING CROWN MOLDING FOR CEILINGS

There is no better way to turn an ordinary home into a high end one than investing on some crown molding for your ceilings. Rather than simply leaving your ceiling as it is, you can add decorative crown molding for the ends to create a more expensive look. This is a detailing that certainly costs much less and ties the walls and ceilings together in the most interesting and perfect ways!

2. SELECTING THE RIGHT PAINT SHADES

The shades that you use to colour your walls have much more of an impact than you could ever imagine. While most people are afraid to try bold colours on their walls, others simply dive in to it. However, you always have the choice of going elegant with neutrals or adding a bop with bold. Do keep in mind though, that the colours (paints) you select need to match with your home space. If your house is small it is best to stick to neutrals and add colour through detailing!

3. CURTAINING DETAILS IS A MUST

The first thing that anyone would notice in a home after they walk in through the doors is, the living room decor and curtaining. Most often you might be able to easily make the living room decor work by adding personalized touches, however, the curtaining or window treatments are definitely a trick. Look in to the latest designs and switch up your home space, to accommodate them. (Tip: Wooden curtain poles is the biggest trend right now!)

4. INSTALLING MIRRORS

Mirrors are a must have in interior designing. Whether you own a small space or large space, fitting an interesting mirror would certainly upscale it 10 times more. So look for interesting mirrors with unique shapes or borders, and find the ideal place for them in your home. (Tip: Place mirrors in areas where natural light falls the most in your home to create an illusion of a larger space!)

5. ACCESSORIZING

It certainly doesn’t cost too much to accessorize your home, yet the effect it has is unbelievable. A tip to follow when accessorizing would be to use bold shades if you have painted your home in neutral. This way it adds a more interesting and modern touch to your home. Personalizing these also works best to add a more ‘homely’ vibe to your home sweet home!

It doesn’t take much to invest on some low budget interior designing tricks. But what you need to make sure is that you select the right details and tricks to dabble with!

(Source: Lanka Property Web | https://www.lankapropertyweb.com/property-news/top5-interior-designing-ideas-under-the-budget/)

The new city will function as a special jurisdiction area with its own economic and commercial laws to facilitate operations of global multinational corporations.

The completed city will have reclaimed 269 hectares with 116 hectares being handed over to China Communications Construction Company (CCCC), which is the parent company of China Harbour Engineering Company (CHEC).

The remaining land, which will be owned by the Sri Lankan Government and will be divided with 62 hectares to be used to set up a financial city and 91 hectares to be used as public spaces.

Last year, CHEC Port City Colombo (Pvt) Ltd., presented the Development Control Regulations (DCR) for the Colombo Port City project.to the authorities, signaling for the marketing team to sell it as real estate.

The DCR was prepared by Surbana Jurong, a Singaporean urban design consultancy and Atkins, a UK-based engineering consultancy.

Source

Central Bank said they revised the base period of the index from 1998 to the first half of 2017 to accommodate the recent expansion in the real estate sector.

According to data released by the Central Bank, the rebased land price index for the Colombo District reached 116.3 during the first half of this year.

Before the rebasing exercise, the Land Price Index recorded a 12.6 percent increase for the period ending June 2017, continuing the trend in land price movements in the district.

Statistics Department of the Central Bank also computes three sub-indices for residential, commercial and industrial lands using per perch bare land prices collected from the Government Valuation Department.

Accordingly, for the first half of this year residential segment recorded a 16.5 percent growth while commercial segment recording a 16.8 percent growth and industrial segment recording a 15.8 percent increase.

The overall Land Price Index is computed by taking the average of these three sub-indices.

LPI

Source

The delayed $ 1.85 billion loan from the Japan International Cooperation Agency (JICA) to fund Colombo’s Light Rail Transit (LRT) system is back on track with disbursements expected to begin soon, the Finance Ministry said yesterday.

Cabinet approval for the loan was given this week to Finance Minister Mangala Samaraweera and the project, which is expected to be rolled out till 2024 in six phases, will begin this year. The 16-kilometre line from Colombo Fort to Malabe is expected to be built with funding and technical support from JICA. The loan has an interest rate of 0.1% with a 40-year repayment period and 12-year relief period.

Once the agreement is signed, the first tranche of $ 260 million is expected to be released. The LRT system is a key project under the Megapolis and Western Development Ministry.

In mid-2018, it was announced that the loan would be given in November 2018, but with the political turmoil that was triggered on 26 October when President Maithripala Sirisena removed Prime Minister Ranil Wickremesinghe and appointed Opposition Leader Mahinda Rajapaksa to the post, it was postponed.

Phase one will begin from Fort Station and have stations near the Western Province Transport Centre, St. Joseph’s College, National Hospital, Borella, Cotta Road, Welikada, Rajagiriya, Sethsiripaya, Battaramulla, Palan Thuna, Robert Gunawardana Mawatha, Lumbini Temple, Talahena, Malabe, and the IT park; a total of 15.3 km with 16 stops along the route. The remaining six phases would see the Light Rail system extending further within Colombo and into the Colombo District as far as Kottawa, Kadawatha and Peliyagoda. The proposed Light Rail system will be powered solely by electricity and will initially consist of four compartments, allowing a single train to carry up to 165 passengers at once. Once completed in 2023, the rail system would be further extended to reach the towns of Homagama, Horana and Mirigama.

The Colombo Light Rail project is a public-private partnership, and the first phase of the project will be funded by a low interest Japanese loan.

The procurement process will be twofold; selection of international organisations for feasibility and project planning reports while tenders will also be called to select foreign investors for maintenance depot for the Light Rail system.

In November 2018, the Megapolis and Western Development Ministry signed an agreement with South Korean company Sen Young Engineering to conduct the feasibility study, which is expected to be concluded this year.

1. Dreamy Jungle Shower Curtain, $39

For a taste of the tropics right in your own bathroom, try this jungle-printed option on for size. This top-rated curtain is sure to transport you to your happy place as you go about your mundane showering routine

2. French Tassel Shower Curtain, $78

Get ready to shower in style with this tasseled option from Serena & Lily. The crisp white curtain contrasted with navy trim and tassels gets your day started on a fresh note.

 
When you’d like to let the rest of your bathroom decor shine, this pretty white option will add just the right amount of style. The textured flowers appear scattered across the top and middle of the curtain, for a feminine touch.

 

The Finance Ministry said all the amendments, once drafted by the legal draftsman will be presented to Parliament for approval in September. Thus, the hotels, Guesthouse, Restaurants which are registered with the Tourist Board where they receive payment for such service in foreign currency through local commercial banks, such money will be exempted from Nation Building Tax.

This has aimed to strengthen the tourism industry. At the same time, importation of yachts and other vessels for pleasure or sports purposes will also be exempted from Nation Building Tax. The exemption of NBT presently available for subcontractors in the construction industry sector will be made available to the main contractors too.

In addition, this tax concession will be given to the importers of unprocessed gems on the recommendation of the National Gem and Jewellery Authority. The palm oil manufactured locally out of imported crude palm oil will also come under this exemption of NBT.

VAT Act will also be amended. VAT payment dates presently fall on 15th, 20 and last date of the month following each month of a taxable period is inconvenient for the taxpayers as well as the Tax administration. Considering the request of the taxpayers, the VAT payment date will be changed to 20th day of the month following the month relevant to such payment. The existing VAT on the supply of Condominium housing units has been amended.

Accordingly, VAT will not be charged from such housing projects which sell housing units that are sold not exceeding 25 million rupees each. If a housing unit is provided by a Condominium which had obtained a compliance certificate from the relevant Local Government Authority or under an agreement of sale under the Notary Ordinance before the VAT Amendment Act was ratified, VAT will also not be charged for such property as well.

In addition, the locally produced Rice Bran oil manufactured out of locally produced red rice will also be exempted from VAT. At the same time, as proposed by the Budget 2019, the existing VAT of 75 rupees per item of garments sold locally by BOI approved Apparel companies has been increased to 100 rupees per item.

(Source: Lanka Business Online)

Once you have found and screened a tenant to fill the vacancy at your rental, the next step is to actually have the tenant move into your property. There are certain steps every landlord should take to help make this transition to be smooth as possible. If you get into the habit of checking off these items every time a new tenant moves in, the process will be easier for both you and the tenant, and misunderstandings and complaints will be minimized.

1. Repair Any Damage or Health and Safety Issues

Before a tenant moves in, you will want to repair any existing damage at the property.

You will also want to make sure there are no health or safety issues. Safety issues include verifying that there are two forms of exit from the unit and that all carbon monoxide and smoke detectors are in working order. This maintenance is necessary for the health and safety of the tenant. It also helps to ensure that you pass any property inspections required before the tenant moves in. You should also make sure no one else has a spare key to the tenant’s apartment.

You should not allow unsupervised repairmen inside a tenant’s apartment as this could lead to claims of robbery. You should make sure you have followed all safety codes such as installing working smoke and carbon monoxide detectors. Tenants should feel safe outside of the building as well.

A tenant pays rent to reside in your property. It is your duty to them to respond to requests for repairs in a reasonable amount of time. The severity of the repair should warrant how quickly you should respond.

Tenant safety in your rental property should be your utmost concern as a landlord. If anything seems amiss in your rental property, no matter how small, you should always get a professional opinion before renting out your property to any tenants.

2. Clean the Property

This is especially necessary if you are doing an apartment turnover, which means there was a previous tenant living in the unit. You will want to make sure the unit is thoroughly cleaned, especially areas such as the tub, toilet, stove, and refrigerator.

Even if this is the first time you are renting out the unit and everything is brand new, you should still vacuum or sweep to remove any debris.  You need to make sure trash is taken out, either by yourself or through an agreement with a tenant or superintendent.

You need to make sure common areas are well cared for; that they are free from garbage, mopped or vacuumed on a set schedule, and have working light bulbs. You must maintain outdoor areas in the same manner; make sure the grass is cut, outdoor lights are functioning, and the yard is free from debris. If a tenant has a problem with rodents, roaches, bedbugs or other, you will need to rid the problem yourself or hire a professional to do so.

3. Make Sure AC/Heat, Plumbing and Electric Are Working

Before a tenant moves in, you must make sure all utilities are working. You will need to do this whether you are responsible for paying for the utilities or whether the tenant is responsible for paying for them.

You will want to make sure the AC works in all rooms, that there are no clogs or leaks in the plumbing and that the outlets and overhead lights in every room are operational. These are necessities that a tenant needs to maintain their quality of life.

4. Documentation Needed in Sri Lanka

According to SL law there are certain must have’s in terms of documentation.

• Copy of NIC/Passport from tenants
• Reference from place of work
• Reference from previous landlords
• Confirmation of permanent address
• Credit History (bank statements, bills, credit cards.)

5. Go Over the Lease and Have the Tenant Sign the Lease

You should go over the lease agreement with the tenant section by section so that they completely understand what they are agreeing to. Once you have gone over the entire agreement with the tenant and answered any questions, you and the tenant should sign and date the lease agreement in front of a witness.

6. Collect First Month’s Rent and Security Deposit

You should always collect the first month’s rent and the entire security deposit before the tenant moves into the unit. If the tenant does not pay on time the first month, it increases the likelihood that they will be late with their rental payments the following months.

As a landlord, it is your legal responsibility to keep a tenant’s security deposit according to your state’s laws. Many states are different, so you will have to check with your state to learn what is required.

7. Have Property Inspected if Required

You may have to have the unit inspected before a tenant can move into the unit. This inspection is done so the city can issue you a Certificate of Habitability. Some towns only require this inspection the first time the unit is rented, some towns require it every five years and some require it every time a new tenant moves into the unit. Make sure you know your town’s rules.

In the agreement, have a clause so landlord can enter the property on a pre-agreed date and time with tenant to inspect it during the tenancy.

8. Change Locks

Before a new tenant moves in, you should always change the locks on the doors. This is done for the safety of the tenant and to protect you from liability.

You do not want an old tenant to have the keys to the new tenant’s apartment. Spend the Rs. 4000 on a new lock to avoid any issues. You should always change the locks once a prior tenant moves out and before a new one moves in. If you are going to give keys to realtors to show your vacancies, make sure to use a generic lock and then replace the lock prior to your tenant moving in.

9. Go Through the Move-In Checklist

On the tenant’s actual move-in day, you should go over the move-in checklist with the tenant. The checklist describes the condition of the property as a whole and of each room in detail. You should have the tenant sign and date this checklist. The move-in checklist is important as it allows you to compare the condition of the property when the tenant moves in, to the condition of the property when the tenant moves out.

10. Provide Tenant with Your Contact Information

You should provide the tenant with your contact information. This will be the method of communication which allows them to reach you if they have a question or complaint. It can be a phone number or an email address, but make sure they know to only contact you during normal business hours as required. Tenants can speak with the relevant Gramasevaka officer if required too.

11. Go Through Any Specific Tenant Requests or Conditions

There are situations where a tenant may have a specific request or special requirements that are not typical. Some examples could be:

• Having the apartment painted a certain color
• Installing a washer/dryer prior to move in
• A disability which requires a service animal

In the situations that are more desirable than necessity, it is up to you to decide if you would like to honor the request. You should make sure to add any special requests as a clause in your lease agreement.

12. Landlords Should Advise All Tenants to Purchase Renters Insurance

Many tenants do not know they are not covered under your insurance policy. You should advise all tenants to purchase renters insurance, so their possessions are protected in the event of a fire, flood, or other disaster. Renters insurance can also help protect their liability for an accident a guest may have inside of their apartment.-  

(Source: Lanka Property Web | https://www.lankapropertyweb.com/property-news/the-safety-precautions-landlords-should-take-when-renting-your-property/)

Here are some things you should be looking for when purchasing an apartment.

1. The Ceiling Height

The reason most apartments seem rather cramped up is mainly because of the low ceiling height. Low ceiling height creates a claustrophobic environment making even the most spacious areas small and confined. Therefore, when you are looking around for long term apartments to stay in, always lookup. Consider the height variation from the ground to the ceiling. Then find an apartment that would not only look but also feel spacious! Air conditioning and large bedroom space isn’t the only thing to focus on in real estate properties! When you are buying property every detail should be carefully analyzed. This will help you avoid making decisions you will come to regret at some point!

2. The Outside View 

Sri Lankans are always quite particular with regards to the view of a space. Whether they are simply purchasing investment property or residential properties, this is a detail that is certainly not treated any less than buying land. The reason for this is, in Sri Lanka there isn’t a single place without a killer view! As a result, this has almost become an obvious expectation people have when property hunting with real estate agents. 

Skyscraper apartments with meager space for a balcony is just not worthy of an investment. Even though you might only be staying for a short term currently, doesn’t mean you wouldn’t consider purchasing it someday! After all, once we get used to something it is pretty hard to let go! So think smart about every aspect from hiring the right property managers to getting designers to redo the place. This includes focusing on the balcony space as well. It should be spacious enough for at least a furniture or two!

3. Focus on Storage Space 

You might have read many guides of buying and adjusting into a new place, but practically when faced with this situation there might be many issues to deal with. Starting from packing your furniture to transporting them safely, you’d have a load of things to bring along with you to your new home. Therefore it is a good idea to always focus on space when selecting a place to move into. This applies to not only being able to house the family members in your home but the extra things as well. Do inquire about hidden storage spaces and alternative options that you could use to make more room for your belongings. 

4. Open Space

The rental market for property is one that is large. To make sales in this, landlords use all sorts of tricks. As the person purchasing this, it is up to you to know how to select the right place. One big factor that contributes to an apartment looking cramped up or not is its layout. The more open the layout is, the lesser cramped up it would look. So focus on the layout as well.

Apartments don’t necessarily have to have the apartment feel. They could be apartments yet look like homes, and this is achieved through the layout. So if you don’t want to end up regretting your apartment choice, prioritize this aspect too when selecting one!

Achieving a balance between space and cost is an inevitable challenge. However, knowing what to find and how to make things work would make living in an apartment homelier than ever!

(Source: Lanka Property Web | https://www.lankapropertyweb.com/property-news/tips-to-purchase-the-best-apartment/)