Professionals say Colombo risks becoming a “ghost city” if their advice not sought
„Note many development projects not designed and constructed according to quality standards „Govt. chief valuer says obsolete regulations obstruct development
Colombo’s booming real estate market risks turning Sri Lanka’s capital city into a “ghost town” as there may not be an effective demand to satisfy the increase in supply as many developers and policymakers are reluctant to utilise professional services.
“Today, we see a lot of halfcompleted buildings. We have to make sure that these are marketable. As chartered surveyors, we should be able to advise the policymakers how to create effective demand to satisfy the current supply, otherwise we will have a ghost town in Colombo,” Royal Institution of Chartered Surveyors (RICS) Sri Lanka Chairman Sunil Fernando said. He was addressing the professionals, policymakers and other industry stakeholders at the 150th anniversary celebration of the RICS in Colombo, last week.
Fernando stressed that the RICS members could play a leading role in allocation of scarce resources, such as land, as such requires inputs from specialists such as surveyors, quantity surveyors, valuation surveyors, etc.
Despite the potential, he noted that the RICS members continue to serve Sri Lanka with a limited scope.
Echoing Fernando’s remarks, Maldives Valuers Private Limited Director Srimal de Mel noted that a lot of development projects have been commenced in Sri Lanka without assessments from valuation professional, as many Sri Lankans tend to believe that the cost is