The Hon. Ruwanthilaka Jayakody

## Summary Hon. Ruwanthilaka Jayakody spoke in support of the Institute of Real Estate Professionals of Sri Lanka Bill, arguing that the rapid growth of Sri Lanka's real estate sector — evidenced by the condominium price index rising from a base of 100 in 2017 to approximately 265 by 2025 — necessitates a formal regulatory framework for real estate professionals. He contended that the proposed institute is needed to standardise professional conduct, prevent the misuse of real estate for money laundering, and protect both practitioners and the public, drawing comparisons to existing regulated bodies such as the Bar Association, the Survey Department, and the Institution of Engineers. The speaker noted that the previously existing body, the Institute of Real Estate and Valuation, operated only under the Companies Act and lacked the statutory authority and accountability mechanisms that the Bill would establish. He also acknowledged that tensions had arisen between the Institute of Valuers of Sri Lanka and the proposed institute, stating that ministerial intervention had helped address the disagreements, though his remarks on this point appear to have been cut off.