Tuesday, 15 November 2016

Sri Lanka to charge 10-pct capital gains tax on property: Budget 2017

Sri Lanka will charge a 10 percent capital gains tax on immovable property, Finance Minister Ravi Karunanayake said, in a budget for 2017.

Details were unavailable, but earlier reports suggested that property bought and sold before the expiry of 10 years would be subjected to the tax.

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(Source: Economy Next)

Lanka withdraws ban on foreigners buying property

Sri Lanka has announced it would lift a ban on foreigners owning property as the cash-strapped country sought to attract foreign capital to rebuild its war-ravaged economy.
Finance Minister Ravi Karunanayake on Thursday told parliament of the potential to attract much-needed foreign investment in the construction sector, which is experiencing a boom following the end of the island’s ethnic war in 2009.


“To further incentivise such investment, we will remove freehold right restrictions from the ground floor,” the minister said, referring to a 2014 ban on foreigners purchasing real estate.


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(Source: Gulf Times)

Monday, 3 October 2016

Real Estate Sector Emerges As Preferred Investment Avenue For Sri Lankans

A recent survey conducted by LankaPropertyWeb.com and the Real-estate Intelligence Unit (RIU) indicates that the majority of Sri Lankans prefer to invest in Real Estate, as opposed to the stock market or bank savings. In one of the most detailed ground surveys carried out about the Sri Lankan Real Estate Sector, 44.1% of respondents said that they prefer to invest in Real Estate as opposed to the 33.9% who preferred to invest in Fixed Deposits, while 22% indicated their allegiance towards investing in Stocks and Trusts.

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(Source: LankaPropertyWeb.com)

Monday, 26 September 2016

Existing Land Tax for foreigners to be removed

The Amendment Bill for the removal of the land tax imposed on foreigners or companies that hold more than 50% foreign shares, when leasing lands to them, has been gazetted on the instructions of the Finance Minister.
The notification was published under section 11 in the September 02 government gazette notification and the Amendment Act has been named as the Bill Amendment Restrictions Act, No. 38 of 2014.
The Amendment bill has proposed the abolition of the land tax from January 01, 2016.
According to the land tax that was effective from January 01, 2013, if land is being to a foreigner or a company where foreign shares are over 50%, of the tax payable, 15% is charged as a land tax.
Source: Sri Lanka Mirror

Friday, 9 September 2016

Sri Lanka central bank watching rising property prices

Sri Lanka's central bank is keeping a watch on rising land prices in Colombo, Deputy Governor Nandalal Weerasinghe said, although there were no plans to place credit restrictions.

Prices of real estate in Colombo have been rising over the past two years, and prices of apartments have also jumped.

"We are watching property prices in Colombo," Weerasinghe told EconomyNext. 

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(Source: Economy Next)

Thursday, 8 September 2016

Lee Hedges in Rs2.8bn Sri Lanka serviced apartment project

Lee Hedges Plc, a publicly traded company in Sri Lanka, said it will build a Rs2.8 billion multi-storied serviced apartment project in the capital Colombo.

The Board of Directors had formally approved the decision on August 26, the firm said in a stock exchange filing.

"Although there is an increase in the supply of residential apartments, demand for property in a prime location such as ours is likely to be steady," Chairman S R Vamadevan told shareholders in March 2016.

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(Source: Economy Next)

Wednesday, 7 September 2016

300 families in Bamba flats to be relocated in 60 storey building

The National Housing Development Authority (NHDA) would relocate the three hundred families living in the Bambalapitiya flats in a sixty storey building, after the flats were demolished for the proposed mixed development project, NHDA Deputy General Manager Sarath Kumara said. 

Mr. Kumara said the Bambalapitiya flats would be demolished in order to claim the 10.16-acre land for another housing and semi-commercial project by a Singapore-based Indian company. 

However, discussions were still ongoing with the people in the flats, and a date to knock down the building was yet to be decided, he said. 

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(Source: Daily Mirror)