Real estate firms in Sri Lanka ask to resume operations as soon as practically possible

The association also requested clarification of the control imports proposed, among other demands 

Aerial view of Colombo Port City. ShobiyaClinton/Shutterstock

The Condominium Developers Association of Sri Lanka (CDASL) has requested President Gotabaya Rajapaksa to allow their firms to resume operations of construction projects as soon as possible, which have been ordered to close to help curb the virus, reported EconomyNext.  

The association have also asked for development firms to be eligible for credit relief, as well as to clarify the import controls that were proposed since the central bank introduced liquidity measures to de-stabilise the local currency. 

“There is some ambiguity on imports of building materials and equipment since the authorities have made statements regarding imports being restricted to essential items only. A clarification on this would be helpful to avoid further disruption in project supply chains,” said CDASL. 

According to the country’s politicians, all imports will be banned, except for fuel and medicine. They have also advised the public to grow horse gram or kollu, grains and vegetables since there are shortages in generated forex and printed money. 

More: Sri Lankan real estate industry welcomes Rajapaksa family’s return to power

The association has also sought assistance for para tariffs on imported inputs and to alleviate cash flow pressures on contractors and developers. 

Moreover, they suggested allowing foreigners based in the country to purchase apartments using their domestic revenues without needing to send their money from overseas, otherwise enable them to get a portion of their funds from local banks. 

Prime Group, our Best Luxury Condo Development (Colombo) winner at the 3rd Asia Property Awards (Sri Lanka), which also won three other trophies including the highest accolade of the night, will be among the projects that will benefit from these demands 

Know of any award-worthy homes, condos, flats, or other real estate projects in Sri Lanka? Nominate them for the 4th Asia Property Awards (Sri Lanka). Simply visit asiapropertyawards.com/en/award/asia-property-awards-sri-lanka/ for more details. 

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