Sri Lanka’s LRT project increases land prices in and around the proposed rail line
A senior minister of the government of Sri Lanka has reportedly stated that land prices in and around Malabe have increased up to 129 percent following the announcement and launch of the proposed light rail transit (LRT) project.
“Since the project was announced, land prices in Malabe and surrounding areas have increased by 129 percent,” Champika Ranawaka, Sri Lanka’s Minister for Megapolis and Western Development has said at the launch of the LRT project in Colombo.
“So the project has already benefited the people in this area.”
This area now is one of the fastest growing pieces of real estate in Colombo, the Minister has further noted.
According to local media reports, data also shows that the overall prospects for the suburban land market beyond prime Colombo looks very promising as land prices in the country’s commercial capital, Colombo leaves the majority of the population out priced.
OSL take:
The Sri Lankan government’s development programme has resulted in the increase of land prices in Colombo and it’s suburbs. Land/land development is fast become an attractive/lucrative business/investment venture for the discerning investor.
| Article Code : | VBS/AT/05072019/Z_4 |