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Monday June 3rd, 2024

Sri Lanka land prices will come down in the future: Minister

ECONOMYNEXT – The prices of land in Sri Lanka will come down significantly due to government programmes such as gifting deeds and long-term leasing of lands to investors, Minister Bandula Gunawardena has said.

“The gifting of deeds and the long-term lease of State lands will lead to the price of real estate dropping in the future,” Gunawardena said in response to a question by a journalist at a Cabinet decisions press briefing on Tuesday (10).

“When State lands are released to investors they don’t have to buy land from the real estate market, so the artificial pricing will decrease, and competitive prices will come in.

“Land in Sri Lanka has an artificial price, if you take land in Colombo its more expensive than land prices in developed countries. Our real estate market is a closed market. The gifting of deeds and the release of land for investment purposes opens the market.”

Many people, Gunawardena said, didn’t have ownership to land, “so they couldn’t transfer it, or use it as collateral for a loan. Now, perhaps, these people can sell their land, which means more land coming into the market.”

The Cabinet this week approved several land related proposals by subject ministers. Following on from the Government’s ‘Urumaya’ programme which grants freehold ownership of government lands to settlers, the Cabinet approved a proposal submitted by the Minister of Irrigation to implement the programme for lands under the Sri Lanka Mahaveli Authority as well.

The Cabinet also approved a proposal by the Minister of Wildlife and Forest Resources Conservation to exempt a land area from conservation by the Wildlife Conservation Department, which will see an area of 56.8 hectares of the Madhu Road Sanctuary containing paddy lands and settlements released from the reserve.

Underutilized land owned by government plantation agencies will be leased on long term basis to investors with an export focus, Gunawardena announced.

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Sri Lanka to lease plantation lands to export-related businesses

“Now see how rents have come down,” Gunawardena said. “The rupee will also come down to 280 levels, we hope.”

In response to journalists’ questions about the ramifications of large scale loosening of the Government’s hold on the country’s land, Gunawardena said “We have solemnly promised (di-vu-ra po-ron-du ve-la) that environment protections are in place. We will also not be allowing foreigners to buy land outright, they can only lease.” (Colombo/February13/2024)

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Water levels rising in Sri Lanka Kalu, Nilwala river basins: Irrigation Department

Sri Lanka Navy assisting in rescue operations (Pic courtesy SL Navy)

ECONOMYNEXT – Sri Lanka’s Irrigation Department has issued warnings that water levels in the Kalu and Nilwala river basins are rising and major flooding is possible due to the continuous rain. People living in close proximity are advised to take precautions.

“There is a high possibility of slowly increasing prevailing flood lowline areas of Kiriella, Millaniya, Ingiriya, Horana, Dodangoda, Bulathsinhala, Palinda Nuwara and Madurawala D/S divisions of Ratnapura and Kalutara Districts, up to next 48 hours,” it said issuing a warning.

“In addition, flood situation prevailing at upstream lowline areas of Ratnapura district will further be prevailing with a slight decrease.

“The residents and vehicle drivers running through those area are requested to pay high attention in this regard.

“Disaster Management Authorities are requested to take adequate precautions in this regard.”

The island is in the midst of south western monsoon.

DMC reported that 11,864 people belonging to 3,727 families have been affected due to the weather in Rathnapura, Kegalle, Kilinochchi, Jaffna, Mullaitivu, Kalutara, Gampaha, Colombo, Galle, Matara, Hambantota, Puttalam, Kurunegala, Kandy, Nuwara Eliya, Anuradhapura, Polonnaruwa, Badulla, Moneragala, and Trincomalee districts.

Meanwhile, the Meteorology Department stated that showers are expected on most parts of the island today.(Colombo/June3/2024)

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UNP gen secy defends call for postponing Sri Lanka poll, claims opposition silent

The UNP party headquarters in Pitakotte/EconomyNext

ECONOMYNEXT — United National Party (UNP) General Secretary Palitha Range Bandara has defended his call for postponing Sri Lanka’s presidential election by two years, claiming that his proposal was not undemocratic nor unconstitutional.

Speaking to reporters at the UNP headquarters Monday June 03 morning, Bandara also claimed that neither opposition leader Sajith Premadasa nor National People’s Power (NPP) leader Anura Kumara Dissanayake have spoken against his proposal.

“I have made no statement that’s undemocratic. My statement was in line with provisions of the constitution,” the former UNP parliamentarian said.

He quoted Section 86 of Chapter XIII of the constitution which says: “The President may, subject to the provisions of Article 85, submit to the People by Referendum any matter which in the opinion of the President is of national importance.”

Sections 87.1, 87.2 also elaborates on the matter and describes the parliament’s role, said Bandara.

“I spoke of a referendum and parliament’s duty. Neither of this is antidemocratic or unconstitutional. As per the constitution, priority should be given to ensuring people’s right to life,” he said.

“Some parties may be against what I proposed. They may criticse me. But what I ask them is to come to one position as political parties and make a statement on whether they’re ready to continue the ongoing economic programme,” he added.

Bandara claimed that, though thee has been much criticism of his proposal for a postponement of the presidential election, President Wickremesinghe’s rivals Premadasa and Dissanayake have yet to remark on the matter.

“I suggested that [Premadasa] make this proposal in parliament and for [Dissanayake] to second it. But I don’t see that either Premadasa nor Dissanayake is opposed to it. To date, I have not seen nor heard either of them utter a word against this. I believe they have no objection to my proposal which was made for the betterment of the country,” he said. (Colombo/Jun03/2024)

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300 of 100,000 trees in Colombo considered high risk: state minister

ECONOMYNEXT – Trees in Sri Lanka’s capital Colombo are being monitored by the municipal council, Army and Civil Defense Force as the severe weather conditions continue, State Minister for Defense Premitha Bandara Tennakoon said.

“Within the Colombo Municipal Council city limits, there are 100,000 trees. Of these, around 300 are considered high risk,” Tennakoon told reporters at a media conference to raise awareness about the current disaster management situation.

Not all trees required to be cut down he said. “We can trim some of the branches and retain them.”

The problem was that buildings in the vicinity of the tree had cut branches on one side, causing it to become unbalanced, the minister said.

New laws would be brought in so provincial/municipal institutions could strengthen enforcement of building codes.

“We don’t have a single institution that can issue a warning about a tree. Not one to tell us what trees can or cannot be planted near a road.

“Trees should be suitable for the area. Some trees have roots that spread and damage roads, buildings. When the roots can’t go deep, they tend to topple over.

“Now Environment Day is coming up, and anyone can go plant a tree by the road. We have to take a decision about this. We have to enforce laws strongly in future.” (Colombo/June3/2024)

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