The Hon. R.M. Jayawardhana - Deputy Minister of Trade, Commerce and Food Security

¶ 01 Hon. Presiding Member, among the Bills debated today, I wish to speak on the Institute of Real Estate Professionals, Sri Lanka Bill. The core of valuation practice is the valuation degree.

¶ 02 The valuation degree first commenced at the University of Colombo in 1972 and for about a year was conducted there. From 1973, the University of Sri Jayewardenepura took over and began it as a special degree, initially admitting about 25 students under special conditions. Those qualified could proceed into the valuation profession, though some chose other careers, including teaching. There is also a professional institute for valuation, and graduates registered there gain recognition to undertake valuation tasks for public and private properties. Many use their professional knowledge over the years to serve in government agencies—particularly the Urban Development Authority—and in local authorities.

¶ 03 The present discussion has arisen due to the situation after proposing to establish this new institute by statute. The concern is that functions already performed by valuers in the Valuation Department might also be opened to those in the Urban Development Authority, creating overlap and conflict. Therefore, various proposals and discussions were held over time to craft a Bill that resolves these issues. There has been litigation and subsequent guidance from court as well.

¶ 04 Following court directions, guidance was issued that assigning the same function to two institutions or groups could cause conflict. There is no objection to establishing the institute per se. We support any effort that strengthens a profession with a clear legal framework. But the key issue is avoiding dual mandates that create conflict between two groups. Hence, after prolonged consultations, we believe the institute should be established with a legal framework refined to prevent future clashes, addressing any gaps by amendment as necessary. Our Government must reinforce public confidence by ensuring laws and institutions improve administration rather than create new problems. Strengthening such institutes will help advance government work effectively. Thank you.