Land prices soar to new highs
Indunil HEWAGE
The local real estate market is showing significant growth in the
recent past attributable to increasing sales and customer demand for
lands.
The growth is expected to continue in the years to come .The land
prices are picking up considerably in the face of present outlook in the
industry.
Prime Lands Chairman Premalal Brahmmanage said land prices need to be
within the reach of people and should not be overpriced.
Commenting on the big land allocation for mega projects in the
Colombo city limit, he said there are a few big land blocks in the
Colombo city limits and allocation of these lands would not have a huge
impact on prices and sale of lands used for domestic housing market
activities in Colombo.
“However, when lands are allocated for commercial purposes in the
city, it will have some sort of impact on land prices.
In addition, the government has taken a timely decision to regulate
and streamline the selling of paddy and coconut cultivated lands for
various purposes in an uncontrollable manner by giving a proper value to
good lands in the respective areas,” Brahmmanage said.
Lanka Lands Operations Manager Lalith Chandana said land prices in
Pasikudah, Nilaveli, Kalpitiya, Dambulla, Anuradhapura and Hambantota
have seen a marked increase comparison to the last couple of years and
the growth is attributable to drastic expansion in tourism and
construction sectors.
According to Chandana a perch of land in Kalpitiya, Colombo 7,
Kollupitiya, Gampaha, Hambantota are being sold at a price of over Rs
4.5 million, Rs 8 million, Rs 6 million, Rs 250,000 and Rs 100,000
respectively.
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