Nivasie Developers (Pvt.) Ltd. a fully owned subsidiary of International Construction Consortium Ltd. (ICC) has tied up with National Development Bank (NDB) to promote building construction in Sri Lanka. The company has signed a Memorandum of understanding (MoU) with NDB with the aim of mainly catering to the housing needs of customers, Herman S.Gonsal, Managing Director /CEO of Nivasie Developers (Pvt.) Ltd.said.
Under the terms of the MoU, the NDB and Nivasie will introduce innovative products to meet the growing demand of housing in the country, he added. He pointed out that this tie up will pave the way towards the revival of real estate and building construction industry in Sri Lanka. This novel arrangement between the NDB which is the leading development bank in Sri Lanka and the Nivasie Developers (Pvt.) Ltd, the island's leader in the housing and real estate development will make a significant contribution to boost the construction industry countrywide Mr.Gonsal said.
He revealed that Nivasie's housing projects accord priority to environmental conservation to enable the house owners to live in a pollution free sustainable environment. He noted that most of their housing projects has been properly maintained, providing environmental friendly life style for their customers.
Having completed many projects such as Nivasipura Ja-Ela, The Nest, Tranquil Crescent, Hill Crest Estate, Island Residencies, and Victoria Range Bungalows in Kandy the company is now venturing into several new mega housing projects in around Colombo, General Manager, Nivasie Developers (Pvt.) Ltd., Dilan Senevirathne said . 230 out 350 Bungalows at the Victoria Range in Kandy and all 1,200 houses at Nivasipura Ja-Ela, have been sold out he said. He noted that the company is striding ahead with several property projects amid renewed buying interest in apartments after the end of the 30-year war .The tie up with the NDB will infuse new vigor to these ventures he added.
Referring to the present situation in the housing construction and real estate development sector in the island , Mr. Senevirathne said that "We have seen a significant increase in sales of house and property in comparison with the same period last year." Sri Lanka's property market is recovering from a downturn triggered by a balance of payments crisis, high interest rates and an intensifying war at home amid a global downturn which reduced demand from the Sri Lankan diaspora for Colombo apartments. The war and Sri Lanka's balance of payments crisis ended in mid-2009. "At the moment most of the demand has been coming from locals," says Mr. Senevirathne.
He noted that" It is always better to invest in solid assets than the any other. If you invest in property no matter what happens, the customers have the particular property at the end of the day. This is the best way to receive a high return on your investment with a higher level of security for the investment", he said. At a time where the banks interest rates had been reduced to encourage the people who are looking to invest in property. He expressed the belief that the Nivasie-NDB tie up would be a great opportunity for them to realize their wish of living in their own dream homes.
Building a house is difficult task for an individual as he has to secure a land and to do legal paper work drawing a plan finding quality surveyors getting an estimate, finding contractors, structural engineers and many others take lot of time and money. Obtaining a loan from a bank is even difficult as it involves lot of documents and surety etc. But if a customer chooses one of our residencies built with high quality material despite the expensive range he is sure to end-up with an ever increasing return on investment, he added. |
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