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.

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Source: Sri Lanka Mirror

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)

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)

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)

Sri Lanka to ease restrictions on foreigners acquiring land for investment

Sri Lanka is taking measures to ease the restrictions imposed on foreigners acquiring land in the island nation for investment projects, the Ministry of Finance said in a statement on Wednesday.

According to the statement, a new draft bill is being prepared with the aim of providing provisions to provide ownership of land without being affected by the Land Restriction and Alienation Act of Sri Lanka.

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(Source: Xinhua)