The Hon. Ruwanthilaka Jayakody

¶ 01 Hon. Presiding Member, today we are discussing the Institute of Real Estate Professionals of Sri Lanka Bill and two other Bills for approval. I wish to express some views on the Institute of Real Estate Professionals of Sri Lanka Bill and on the responsibilities and duties of professionals in that field.

¶ 02 First, we must be clear what is meant by real property. Real property refers to land and permanent improvements whether natural or man-made, including water, trees, minerals, buildings, houses, fences, walls and bridges. Generally, buildings and houses fall under this. From a commercial perspective, buildings and houses can be sold, leased or purchased. With the expansion of private property ownership, the real estate sector has experienced rapid growth. Entering the real estate sector requires substantial investment. Each property has a unique set of characteristics, which necessitates standardization. In Sri Lanka’s capital market as well, the real estate sector has a significant presence.

¶ 03 If we consider the condominium market, according to the data of the Department of Census and Statistics of the Central Bank of Sri Lanka for the third quarter of 2025, there has been a substantial increase. Taking 2017 as a base of 100 units, by 2025 the condominium index has grown to 265 units — a significant increase. In the land-related real estate market, taking 2019 as a base of 100, by 2025 the index has risen to 197. This shows a large and growing market for land. The real estate sector is expanding rapidly.

¶ 04 Given this, there is a need for a public institution to plan, invest in, develop, manage, supervise, monitor and evaluate real estate projects. It is also evident that recently real estate transactions can be used as an avenue for money laundering. Hence, we need an institution to address this. We introduce the Institute of Real Estate Professionals of Sri Lanka Bill to take measures primarily to protect the dignity of these professionals and address these fundamental issues.

¶ 05 Previously, the body that existed for real estate professionals was the Institute of Real Estate and Valuation, registered under the Companies Act. Similar professional bodies — such as the Bar Association of Sri Lanka, the Institute of Chartered Accountants of Sri Lanka, the Government Valuation Department, and the Survey Department of Sri Lanka — are established under legal frameworks to serve the public. If professionals act inappropriately, they are accountable, with their responsibility being to serve the people.

¶ 06 You may recall that many professionals who served in previous governments later extended significant support to bring this government into office, joining through the National Intellectuals’ Organization. They did so because there was a need to regularize previously irregular mechanisms. When injustices occur in some institutions, there must be measures to protect the public in relation to those institutions.

¶ 07 For example, the Survey Department of Sri Lanka is the authority for land surveying. When injustices happen to individuals in society during surveys, complaints can be lodged with the Survey Department. Following such complaints, disciplinary inquiries are conducted and the relevant professional can be punished. Sometimes their survey licence is suspended for a period. Even while suspended, they remain bound to protect the legal rights of the public.

¶ 08 Similarly, this Bill has been presented to protect the dignity of professionals as they conduct their work. By safeguarding their professional dignity, they can function as a unit to serve the people of this country.

¶ 09 In the legal profession, if individuals suffer injustice at the hands of attorneys, they can complain to the Bar Association of Sri Lanka, which can inquire and ensure justice, including suspending an attorney for a period. Similar measures exist in the Institution of Engineers, the Government Valuation Department, etc., ensuring both the professional and the public are protected.

¶ 10 Accordingly, we see the Institute of Real Estate Professionals of Sri Lanka Bill as very important. Its key objectives are to enhance and promote the dignity and reputation of real estate professionals, to develop policies, professional methods, standards and practices related to Sri Lanka’s real estate industry, and to protect members’ professional standing where necessary. We have seen an attempt to create a public perception of conflict between the Institute of Valuers of Sri Lanka and the new Institute of Real Estate Professionals. There were disagreements on certain matters. Our Deputy Minister and Minister Anura Karunathilaka engaged in lengthy discussions and introduced certain amendments, and the Bill is now being presented with those amendments.

¶ 11 No matter how we bring legislation, there can be issues. But we can discuss and resolve them. The aim is to safeguard professional status and to establish institutions necessary for national development. The President has clearly stated that the rule of law must be foremost in developing the country. Therefore, there must be a legal framework for these professionals. This mechanism will empower professionals and society to work together. By passing the Institute of Real Estate Professionals of Sri Lanka Bill today, we can lay the foundation to protect professional rights and the public’s legal rights.

¶ 12 Thank you very much.