The Hon. Sunil Rajapaksha

¶ 01 Hon. Presiding Member, the Institute of Real Estate Professionals of Sri Lanka Bill concerns a vital sector for Sri Lanka’s development. In Sri Lanka we have not, to date, seen a systematic approach and orderly development in the use of land and property. Taking any city as an example, residential, industrial and commercial uses have not been properly planned.

¶ 02 As a result, industrialists, residents and business operators not only face significant problems, but conflicts also arise among them. Why is this? Because we have not established standards for land and property use. From the beginning of development, this sector has been given insufficient attention.

¶ 03 A key current issue is how local authorities will develop their own-source revenues. In this regard the service of property valuers is critical. I learned today that in a certain urban council in my area, the most recent comprehensive property valuation was in 2003 — 23 years without properly carrying out their task. Similar situations may exist in other local authorities. I emphasize the need and value of property valuation and professionals in real estate.

¶ 04 In recent budgets we have allocated larger capital expenditures for development. To deploy these funds efficiently and transparently for genuine needs, the services of these real estate professionals are of great value. For business and housing, we are securing various loans under different assistance schemes. Banks place great reliance on property valuations and on these professionals to ensure proper utilization of credit. Therefore, establishing a well-structured professional institution to uphold professional standards, protect service uniformity, and provide proper guidance for future development is valuable. We expect this Bill, debated today, to deliver that. Once passed with relevant amendments and consensus, we can develop a strong real estate sector in Sri Lanka and build up the necessary cadre of professionals, thereby advancing the sector.

¶ 05 Hon. Presiding Member, this Bill brought to Parliament includes essential tasks for Sri Lanka’s future development. We must commit to developing this sector and obtaining professional support for national development. With that proposal, I conclude. Thank you.