Analysing Sri Lanka's Property market, investment options and latest property news in Sri Lanka
Monday, 27 July 2015
Deeds and misdeeds: 6,000 owners fall flat in condominiums
Owners of flats in a shocking 236 condominiums —a majority of them in Colombo — do not hold deeds to their properties, statistics show. These buildings contain nearly 6,000 housing units and have not been certified by the Condominium Management Authority for various reasons. As a result, their developers are prevented from lodging the Deeds of Declaration with the Land Registry, a procedure that would allow them to transfer ownership of the flats to respective buyers.
One of the main reasons why condominiums are not certified by the CMA is that local authorities have declined to issue certificates of conformity (COC) upon completion. This document offers proof that the buildings meet minimum regulatory, technical and safety requirements. CMA officials said many of the affected developers had deviated from approved construction plans midway. This precluded them from obtaining COCs, a mandatory requirement for CMA approval.