Real estate, a viable investment option in SL – ANPG Director

The Sri Lankan real estate market is among the high potential sectors, according to Director of the Mumbai-based Apurva Natvar Parikh Group (ANPG), Rohan Parikh.

“We see good potential in Sri Lanka as a result of the peace dividend. There is certainly plenty of scope for development in the country. When compared with South India,

Sri Lanka has lagged behind in terms of development and the kind of moder n l i f e s t yl e and amenities. We can definitely see a rising demand for such facilities in Sri Lanka after the conflict,” Parikh pointed out.

Parikh was in the country to observe the 25 story luxury residential flat ‘110 Parliament Road’, cur rently under construction in Rajagirya through ANPG subsidiary, Atlantis.

He s t at e d t hat ANPG i nt e nds to stay in Sri Lanka over the long t e r m, h av i n g u n d e r t a ke n c o n - str uction projects in the count r y s i nce t he 1 9 8 0 ’s, adding t hat the g roup is also interested in mo r e p r o j e c t s i n s i d e a n d o u t - side Colombo, and possibly in the North of the Sri Lanka as well.

Demand for the flats has been “overwhelming” with several queries being received by the g roup, largely from potential residents,” Parikh said.

“Give n t h e p r o j e c t s ’ l o c a t i o n in the up and coming suburb of Rajagiriya, there will definitely be investors, particularly since real e s t at e i s one of t he most vi abl e investment options in Sri Lanka at the moment,” Parikh pointed out.

The apartment complex, which w a s d e s i g n e d by t h e I n d i a n , Narayan and Associates in par tn e r s h i p wi t h t h e l o c a l Hab i t a t Chartered Architects & Engineers a nd Sanken Lanka ( Pvt) Lt d, i s a i me d a t b e i n g a n a f f o r d a b l y p r i c e d l u x u r y a p a r t me n t c o mplex with 2 bedroom apar tments being sold at a price range of Rs 20-28 million, whilst four-bedroom flats will be in the higher range of approximately Rs 50 million per flat

Cur rently, the project is in its ‘Investment Phase’, during which the first 25 flats on of fer will be sold at discounted prices in order to of fer a higher retur n on investment.

The company plans to complete

the project by December 2013.