Property Archives

June 22, 2023

Working to reinvigorate the real estate landscape, Sri Lanka’s leading private sector bank HNB PLC, signed on as the official banking partner for real estate giant Home Land Holdings to offer prospective homeowners affordable payment solutions to invest in a property of their own.

The promotion will be applicable across the Home Lands wide portfolio of lands. The joint venture was entered into at a simple ceremony held at the Home Lands head office in Battaramulla. In attendance were HNB Deputy General Manager (DGM) – Retail Banking Group, Sanjay Wijemanne, HNB AGM – Personal Financial Services (PFS), Kanchana Karunagama, and Home Lands Group Managing Director, Nalin Herath, along with members of HNB and Home Lands Group’s senior management.

“The outlook for the real estate industry in Sri Lanka for 2023 is positive and resilient, despite the challenges created by the global pandemic and economic downturn. The sector has continued to flourish, providing numerous investment opportunities for real estate enthusiasts and prospective homeowners looking to invest in the property of their dreams. As such, we are delighted to sign on as the official banking partner to Home Lands to offer our loyal customers with the best options in the market,” HNB AGM – Personal Financial Services, Kanchana Karunagama said.

Delivering maximum value to its customers, HNB will provide convenient and flexible repayment options tailor-made to their budget. Doorstep mortgage advisory services are also provided by the bank’s dedicated agents, who will also assist customers with all legal documentation needed for the facility.

“We as a corporate have always been committed to ensuring prospective land/homeowners are offered the best solutions for their real estate needs, this is part and parcel of our corporate ethos. As part of this we have leveraged on our long-standing relationship with HNB to strengthen our commitment to offering prospective land/homeowners with the best possible solutions in the market and we are delighted to partner with them once again,” Home Lands Group Managing Director, Nalin Herath said.

“We would be subsidizing a component of the interest for three years, to make real-estate punches more possible to our valued customers during these times, by helping making their dream of owning a land or home a reality” continued Mr. Herath

Home Lands Group is the number one real-estate solution provider in Sri Lanka and was recently awarded the “Best Developer” in the 4th Property Guru Asia property awards (Sri Lanka) Asia 2021. Headed by one of Sri Lanka’s innovative business leaders Mr. Nalin Herath, a licensed professional surveyor with more than 20 years’ experience in surveying and land mapping, the Group consists of 2 companies in real-estate : Home Lands Skyline, in charge of the developing and selling of condominiums and individual houses, and Home Lands Holding, in charge of handling land sales. Providing its customers with the best properties as well as the most attractive facilities, Home Lands Holding continues to be the most preferred real estate partner of the nation, strengthening and revitalizing the industry.

HNB was ranked among the World’s Top 1,000 Banks list compiled by the prestigious UK-based Banker Magazine for the sixth consecutive year in 2022, in addition to being crowned the Best Retail Bank in Sri Lanka for the 13th occasion at the prestigious International Excellence in Retail Financial Services Awards 2023 hosted by the Asian Banker Magazine.

January 3, 2018

Colombo, 2 January 2018 – The highly anticipated 2018 budget of the Sri Lankan Government concluded recently with a number of surprises that were not seen in budget proposals in the past few years. The targeted FDI inflows of 5 billion dollars into Sri Lanka was certainly one of them, while expecting to raise an impressive 110 billion rupees through new revenue generation methods is also another target by the Sri Lankan government.

However, Lamudi believes that some of the most exciting changes came in the form of concessions from the government. Some of which were long requested by experts in various local and foreign owned industries. For example, the abolition of the restrictions on the foreign ownership of shipping and freight forwarding agencies is expected to have a considerable effect on Sri Lanka’s import export sector.

Nevertheless, the latest 2018 budget also comes with a few surprises for the country’s real estate industry. Some of the implementations includes,

Restrictions limiting land ownership rights of listed companies with foreign owners to be removed. VAT refund scheme to be implemented for foreign passport holders from 1st May 2018.
The budget will also allow foreigners to buy property freehold within condominium developments,

While not directly related, the new rules that will see tourism service providers registering with the Sri Lanka Tourism Board, in an attempt to bring this fast-growing industry under the government’s broader tax policy, was received with mixed results. While it is considered as a progressive step by some industry professionals, it is also seen with skepticism by others.

That said, the new budget has also offered a few surprisingly good and highly anticipated concessions for Sri Lanka’s property market. By far the best of them all is the removal of pre-existing restrictions. By removing this limitation, the government essentially eliminated one of the biggest obstacles that affected foreign investors from buying property in Sri Lanka. This will have an undeniable long term effect on the country’s economy, where foreign investors are now far more likely to invest within Sri Lanka than ever before.

But this is not all, the government’s 2018 budget has also finally allowed foreigners to purchase freehold property in condominium developments, without the previous restriction that only allowed them to buy condominium units from the fourth floor or above. As a result, this allows Sri Lankan expats and their children who do not have the country’s citizenship to purchase a residential property and will also allow foreign investors who wish to invest in Sri Lanka, to carry out their businesses while residing within the country.

Apart from the above-mentioned highly anticipated proposals, there were also a number of progressive grants, such as a new VAT refund scheme for foreign passport holders at airports and seaports (to be effective from May 1, 2018) as well as fund allocations for massive infrastructure development programs. This includes the allocation of Rs. 10,000 million for the construction of expressways and Rs. 17,000 million for the development of the country’s major regions that includes Kandy, Anuradhapura, Galle and Jaffna, which will undoubtedly have a positive effect on Sri Lanka’s real estate industry in the long term.

October 30, 2017

Invoke (Pvt) Ltd, the Property Marketing and Sales Specialist renowned for their expertise in design augmentation, production of marketing collateral, client solicitation and relationship management completes a successful first year.

While there remains a consistent demand for dwelling spaces within Colombo and its suburbs, the ever discerning cliental have no shortage of options to choose from. It is in this light that contemporary “out of the box” strategies and tactics planned and executed by Invoke has given its’ Property Development clients an edge.

Over the course of the year, Invoke has managed to forge strong, mutually beneficial relationships with developers whose primary interest is to offer the finest, most contemporary living spaces to the Sri Lankan Market. Invoke ideally prefers working with real estate developers from the very inception of the project to ensure their product, pricing, location, and marketing strategies are in sync with the intended market and market conditions. In the fast and competitive world of real estate development, what makes Invoke standout from the crowd is its innovativeness and service that strives to go above and beyond. The experienced, professional and result-oriented team at Invoke ensures the projects they venture into differentiate and offer more than the ‘typical’ complexes that keep springing up across the country. Invoke’s consultancy input and scope also involves recommending floor layouts to building and facilities augmentation to a turn-key marketing and sales solutions including production of all marketing collateral, coordinating and facilitating the required legal process, follow-up and fund collection. Invoke offers a complete range of professional services to increase chances of a successful sale. This is further done through the expertise that they possess in communicating the developer’s vision and mission, stability and credibility in a way that inspires confidence in the minds and hearts of the potential buyer and is seen in the highly positive response that the projects have received.

Real Estate Development by Invoke

Invoke having sold out two projects in Nawala, are currently handling two more projects in Mount Lavinia and Colombo 05 apart from 4 additional projects they will be introducing to the market within the last quarter of 2017.

Avenue 9 is an enchanting abode strategically located away from the hustle and bustle of the busy roads, at No. 3, Mount Avenue. This luxurious condominium complex is ideal for those seeking to find solitude while not compromising being in close proximity to essential amenities. Consisting of eight intricately laid out luxury three-bedroom units, a magnificent penthouse and a lounge rooftop overlooking the Indian Ocean, Avenue 9 is also ready to be completed in November this year.

Throughout its year in service, Invoke has made its name for introducing many industry firsts. With Elegant 16, Invoke introduced the concept of ‘boutique living’ in Sri Lanka. Located within the residential hub off Elvitigala Mawatha Colombo 5, this new-age concept apartment is set to consist of sixteen well laid out 2-bedroom and 3-bedroom and be completed by March 2018.

HNB joins Home Lands Holding to provide affordable financing for real estate and property investment

2018 Budget vs. Foreigners from Buying Property in Sri Lanka

Invoke Completes 365 Days of Total Real Estate Development Solutions

Real Estate Development by Invoke