2026-02-05 / Second Reading Debate: Institute of Real Estate Professionals Bill, Container Depot Operators Licensing Bill, and Licensing of Shipping Agents Amendment Bill - Member Contributions 2026-02-05
## Summary
Hon. Sunil Rajapaksha spoke in support of the Institute of Real Estate Professionals of Sri Lanka Bill, arguing that Sri Lanka's historically unplanned approach to land use across residential, industrial, and commercial zones has created significant problems requiring urgent professional reform. He highlighted the critical role of property valuation in enabling local authorities to generate own-source revenue, citing one urban council that had not conducted a comprehensive property valuation since 2003. He further argued that professional real estate services are essential for the transparent deployment of increased capital expenditure allocations in recent Budgets, as well as for supporting bank lending decisions. He concluded by endorsing the Bill's passage with agreed amendments as a long-overdue measure necessary to establish professional standards and support broader national development.
Hon. Presiding Member, the Institute of Real Estate Professionals of Sri Lanka Bill addresses a key sector we must consider for Sri Lanka’s development. Historically, we have not seen orderly, planned use of land and real property—residential, industrial, commercial zoning and use in cities have not been adequately planned.
As a result, residents, industrialists, and businesses face significant problems and conflicts. The core issue is the absence of standards for land and property use. We did not approach this in a methodical way, and from the outset of development this sector received insufficient attention.
A key challenge today is how local authorities can develop their own-source revenues. Property valuation is critical for that. I learned today that in a nearby urban council, the last comprehensive property valuation was done in 2003—23 years without performing a core task. Similar situations may exist elsewhere. I highlight the need for professional valuers and real estate professionals.
In recent Budgets, we have allocated larger sums for capital expenditure to drive development. To deploy those funds in an organized and transparent way, the services of real estate professionals are vital. Banks, too, rely heavily on valuations and professional inputs to ensure proper deployment of business and housing loans. Therefore, we need a well-structured professional institute to uphold standards and service unity, to guide future development properly, and to add value. We hope this Bill—passed with agreed amendments—will help us build a strong real estate sector with capable professionals, thereby supporting sectoral growth.
This Bill contains long overdue measures necessary for our future development. We must commit to developing this sector and harnessing professional support for the country’s progress. I conclude with that proposal. Thank you.