Kurunegala – new horizon for real estate investment

25 November 2021 08:46 am Views - 141

Land ownership and investment is a factor that has been held in high regard throughout generations, owing to the accompanying self-esteem and independence. 

Recognized as the most secure collateral by banks across the country, investment in land gives the owner the ability to utilize it for a variety of requirements; residential, construction, leasing, agriculture or even as a tool to raise funds. 

Thus, focusing on real estate is of extreme value as the return for one’s investments surpasses inequities. 
While the capital city of Sri Lanka experiences drastic, under-planned development, investment opportunities are increasingly stagnant. 

However, a new investment hub for real estate is on the rise. Yatila Wijemanne, the Chairman of CBH Lands, has been driving real estate investment in Kurunegala. With a strong belief that Kurunegala is the next investment hub in Sri Lanka, he expounded on the advantages of real estate in comparison to other investment opportunities and the ways in which the perception of investment has changed following the onset of the COVID-19 pandemic. 

Highlighting the benefits of the current investment landscape in Sri Lanka, Yatila Wijemanne explained, “In this prevailing low-interest-rate environment, funds held in banks provide negative returns, as they offer only 4 percent per annum, while the actual inflation is around 6.7 percent. 

Thus, one receives a negative return of about 2.7 percent minimum per annum by holding funds in the bank. Therefore, it is very important that you invest cleverly, and real estate, if selected carefully, offers the best returns. 
The key is to identify where one should invest in real estate, and choose an opportunity that will provide the highest amount of return as a percentage. 

Furthermore, the climate is conducive for real estate investment because home and land loans offer low-interest rates in the short and long run.”

Investment witnessed a sudden shift in the eyes of the general public following the pandemic. Influenced by the reduction in interest rates and the lowered taxes, farsighted investors rapidly progressed towards real estate. While a natural reduction in investments occurred at the onset of COVID-19, society has now eased towards the new normal with investment once again on the rise. 

Recognizing the potential for investment in Kurunegala, CBH Lands has capitalized on the increase in demand and expansion within the North Western Province, paving the way for potential clients to purchase land plots through the developments undertaken by CBH Lands.