Business
Promoting SL’s condo projects among wealthy Indians seen as effective for-ex generator
By Hiran H.Senewiratne
Sri Lanka could generate foreign reserves by using developed real estate/condominium projects to attract the rich Indian business community, which is considered one of the biggest middle classes in the world, Sumit Bothra, CEO, Inspiredge, a top Indian business development consultancy firm said.
‘ When every economy grows the real estate and condominium sector plays a major role. Therefore, allowing foreign investors to invest in real estate and condominium projects in cosmopolitan cities like Colombo would give some sort of a relief for the country’s forex crisis, Bothra told The Island Financial Review.
Bothra said that several real estate projects were completed at a time when the US dollar was at Rs 120 and now it has reached more than the Rs 360 level. “At that time a 50 Kg bag of cement cost less than Rs 1000 and also iron and other raw materials prices doubled with the increase of the dollar rate to Rs 360, he said.
Bothra added: “Sri Lanka has not tapped the Indian market, which has a rapidly increasing middle and upper middle- class population which grew in proportion to the developing Indian economy.
“Amid these developments, already completed real estate projects are cash cows, which could generate a considerable amount of foreign exchange for the country. Sri Lanka should come forward to attract the huge Indian business community because once real estate is purchased its value tends to appreciate fast.
“The Indian government has come forward to help Sri Lanka in the task of getting out of the current economic crisis and focusing on promoting the Colombo cosmopolitan real estate market among the Indian business community will bring immense opportunities for other sectors.
“Real estate projects in Indian cosmopolitan cities, such as, Mumbai, Delhi, Hyderabad, Chennai, Kolkata and Bangalore are growing rapidly due to the ever expanding middle and upper middle class. Accordingly, in Mumbai, the most expensive cosmopolitan city in India, one square foot costs a minimum of Indian Rs 30000. Therefore, real estate could sell at a higher price in prime areas in Colombo city.
“Further, Sri Lanka could promote small and medium sized real estate projects in Colombo, Kandy and Galle areas, which have a ready market, if Sri Lanka promotes the projects in a suitable way. For that purpose, road shows could be organized.
“According to the recently released House Price Index of LankaPropertyWeb, that is based on asking prices for first quarter of 2022, the overall selling prices of apartments have soared by 36.08 per cent from the first quarter of 2021, while the overall residential land prices of Sri Lanka have reduced by 29.77 per cent.”
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
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