📈 Condominium Sector: Regulatory & Management Reforms

A high-level seminar organized by The Management Club (TMC) highlighted critical gaps in Sri Lanka’s real estate and property development framework, focusing on legal protections for buyers and developers. • Legal & Regulatory Gaps The forum emphasized the risks of non-registration of multi-storey buildings, which leaves purchasers without title deeds. Key proposals include making quarterly construction progress reports to the Condominium Management Authority (CMA) mandatory and implementing escrow accounts for purchaser advances to prevent fund misuse. • Financial & Market Stability To safeguard the banking and finance sector during economic downturns, experts suggested: Adopting US-style project monitoring for seized assets to allow for re-development rather than failed auctions. Introducing government-funded insurance schemes for purchasers to mitigate developer default risks. Mandatory disclosure statements in national newspapers for major projects to ensure transparency in the construction industry. • Sustainability & Safety Architecture & Engineering: Calls for "sustainable design" to reduce electricity and water consumption. Safety: The CMC Fire Service stressed the urgent need for resident education on fire risks in high-rise living. Professional Standards: Proposals submitted to the Central Bank's FIU aim to regulate property brokering and prevent unethical transactions by non-citizens. • Stakeholder Outlook Industry leaders noted that without strict by-laws and CMA oversight, condominium living will become increasingly "stressful," potentially hindering long-term growth in urban housing and investment.