June 14, 2017 (LBO) – Sri Lanka is looking at incorporating the Institute of Real Estate and Valuation through an Act of Parliament in order to regulate the professional practice of real estate and valuation professionals in Sri Lanka.
The Institute of Real Estate and Valuation was established in the year of 2001 under the Companies Act.
It was founded by few professionals in the industry and the primary goal of the institute was to promote the professionalism in the real estate industry in Sri Lanka.
Megapolis Minister Champika Ranawaka says professionals and non-professionals in Sri Lanka deal with limited aspects of real estate without a cohesive approach both in the public and private sector.
“This may be one of the reasons that have been causing the poor status of the real estate industry of the country,” Ranawaka emphasized.
“This fact underlines the long felt need of a well-established real estate professional institution in the country at a time when the government has introduced several mega development projects.”
The country is also suffering from an acute shortage of real estate professionals though the role that should be played by the real estate sector has been curtailed for a long time affecting the economy.
Cabinet approval has also been obtained to present the draft law to the Parliament after the relevant notification published in the gazette.