Housing Projects and Property in Sri Lanka
Our projects are certified by the Condominium Management Authority in Sri Lanka. This agency is the primary intermediary in handing over a deed for amalgamated medium to large scale multi-housing projects and special sub-divided property in Sri Lanka. It is very risky to purchase any apartment without prior approval being granted by this agency as there would be no guarantee of a deed being issued without the involvement of the Condominium Management Authority.
A provisional certification is obtained prior to completion, and upon obtaining the CoC for an apartment project, the final deeds can be requested to be issued in the name of the purchaser. This procedure takes 3-6 months from the date of obtaining CoC from the municipality.
Our landmark project in Sri Lanka – Reliance Residencies is a certified (Provisional) condominium project in Sri Lanka. The condominium act outlines the rules and regulations for condominiums in Sri Lanka.
Condo projects in Sri Lanka are usually excellent investments as they have a very low vacancy rate, compared to traditional housing. There are numerous reasons, such as ease of maintenance, marketability, security and offered amenities. For these, and many other reasons condo projects (in the right locations) have become safe investment opportunities for a wide range of clientele.
Tripartite agreements have been established with escrow accounts in place to ensure the safety of transactions for both parties. Multiple Financial Institutions have entered into agreements with us to finance upto 75% of the Sale Value of an apartment, with terms extending over 15 years.
Municipal approvals have been obtained, along with development and environmental permits, as well as numerous clearances for our landmark project Reliance Residencies. These documents are available on request for any interested investor.
Our on-going project has attracted the attention of a significant clientele proving our all-encompassing wealth of knowledge in investment properties, and further assuring our ability to select income-generating properties.
Further information on our housing projects and property in Sri Lanka will be available for download on our website. Interested parties may visit our head office for more information.