Analysing Sri Lanka's Property market, investment options and latest property news in Sri Lanka
Monday, 29 September 2014
New Land Bill: Is it a ‘no – investment’ in Sri Lanka
The Land (Restrictions on Alienation) Bill which was recently placed before parliament for debate appears to have gone beyond its initial mandate and intentions.
It will be recalled that President Mahinda Rajapaksa, proposed, during his Budget Speech in November 2011, that “foreigners” will not be allowed to purchase state land on a freehold basis. This was administratively widened, subsequently, to include both, state and privately owned land. It is the general view that the widening was aimed, primarily, at creating an “affordable” playing field to Sri Lankan nationals wishing to purchase residential property.