Quality and Standard Buildings for Prosperous Nation | Daily News

International Conference on Real Estate Management and Valuation:

Quality and Standard Buildings for Prosperous Nation

Real Estate is the central building block of the foundation of social well-being. Load Buddha has emphasized that an offering a house to a family means “giving all to them”. In fact, planning and laying foundation of a building is not merely for erecting a physical structure, but it is laying foundation of nodal points or live connectors of social and market networks.

Hence, Real Estate is not an optional component but fundamental ingredient for socio-economic development of the world. This is proven by the evidence produced by efficient and effective real estate markets/industries in developed cities like London, Melbourne, Singapore, Tokyo and so on. In such cities, property valuesare very high due to satisfied property users and suppliers (Demand and Supply). Contrary, in cities like Colombo, property prices (not values) are very high due to high cost of property uses/users and suppliers (Demand and supply).

Hence, real estate market in the city of Colombo, which is still in developing (even though the country has been declared as a middle-income country), needs to establish SMART Real Estate Market that produces quality and standard buildings and premises suitable for a rich and prosperous nation which has been the expectation of the country during last decades since its independent in 1948.

Achievements of the Country:Almost all families in the country are having some sort of housing (reported cases of street dwellers are rare), nearly 100% houses are hiving water closet/flush toilets (WC), 100% houses are having electricity. Carpeted or concreate roads are available even in rural areas of the country. Private vehicle usage is increasing annually.

Only the cars used less than three years are allowed to import. Several supermarket chains are rapidly spreading throughout the country changing the shopping behavior of society. Usage of mobile phone is very high as there are more than 2-3 mobile phones per person in the country. Per capita income has increased 4000.00+USD in 2018/19. Sri Lanka has been declared as a middle-income country in 2019.However, including these and many other achievements of the country seem to be in quantities but seriously lack in qualities and standards.

Quantity vs Quality of Real Estate:It is suggested to pay your attention about the views of the property users/owners and suppliers about the cost of construction and renovation of buildings and premises, quality of infrastructure: water, electricity, garbage disposal, rain water management and so on. Whether the public places are efficiently and effectively usable for children, differently able people, wheelchair users, aged and other feeble ones.

What is the possibility of using washrooms and toilets in public and private places for visitors instead of high-end properties and premises like airport or a star-level hotel? What is the level of service and appearance of canteens, restaurants and other places for food and beverages? Quality and standards of bus halts, rest rooms, transport intersections etc…!

Micro and Macro Level Issues: Particularly, urban communities are facing several problems due to low quality/substandard real estates.Flooding, mosquitoes (dengue), garbage, soil erosion, pollution etc are some of prevailing major known problems faced by urban community. Accidents in and around of building premises, criminal activities, difficulties faced by property users particularly aging and disable members etc are some of hidden problems due to lower quality/substandard real estate in our society.

Misuse, underuse and overuse of properties and related problems faced by property owners, users and neighbors are totally unpronounced real estate problems in our country. Loss of property tax income, increase of property insurance premium, higher cost of acquiring properties, higher legal cost, non-confidence and distrust among all actors in the property market, increasing property misconducts and crime, and lack of FDI are some of debatable areas in the real estate market.

All these problems are directly or indirectly related with quality and standard ofall type of real estate such as houses, office, work places, leisure places, road networks, canteens, restaurants, wash rooms, pavements, walking corridors and so on.


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