Sunday, 10 March 2013

Jolt for Sri Lanka’s condo market

New rule bars foreigners from owning private land
Sri Lanka’s expanding condominium (condo) market has been thrown into disarray and confusion following new rules barring the sale of private land to foreigners, industry officials say.
The rule, based on an announcement in the Budget 2013 by President Mahinda Rajapaksa, comes in the backdrop of concern that prime properties bought by foreigners are rapidly depleted the land resources. Chairman of the state-owned Condominium Authority Kapila Gamage conceded that there is confusion at the moment with regard to the sale of condos as a result of a letter sent by the Treasury to the Commissioner General of Lands directing him not to registrar land deed transfers including condominiums of foreigners with effect from January 1st in accordance with the budget proposal.
(Source: Sunday Times)