CMA presents annual report to State Minister

Chairman of Condominium Management Authority (CMA) Sarana Karunaratne, Attorney-at-Law presented its first copy of the Annual Report 2020 to State Minister of Urban Development, Coast Conservation, Waste Disposal and Community Cleanliness Dr. Nalaka Godahewa and the Secretary to the Ministry Sirinimal Perera recently. The General Manager of CMA Dr. Indunil Liyanage also participated for this occasion.

Condominium Management Authority (CMA) was established under the Act of Parliament No.39 of 2003 to regulate and monitor Government and private sector condominiums in the country. Since 2003 CMA established 1,126 management corporations to monitor and regulate individual condominiums in the country which amounts to approximately 38,573 apartment units. CMA consists of various divisions to support this endavour namely, engineering, customer care, certificate issuance, administration and human resources, legal, finance, information technology and internal audit. Condominium Management Authority is a self-funded (profitable) institute functioning under the State Ministry of Urban Development, Coast Conservation, Waste Disposal and Community Cleanliness.

According to “Vistas of Prosperity and Splendour” policy statement of His Excellency the President, Government has a pledge to provide a house to each family in the country and in line with that CMA has planned several activities to regulate and monitor common amenities and common elements in condominiums of Government and private sector.

In line with “Vistas of Prosperity and Splendour” policy statement of His Excellency the President, CMA has taken steps to reduce its certificate issuing fees for Government sector condominiums which are over 5001 square feet to provide that benefit to its unit owners.

According to the act, CMA will play a significant role in the development of Port City. A plan has been developed by CMA for the Port City development activities under “One Stop Shop” concept introduced by UDA to expedite the approval process within a short period of time to meet foreign and local investor demands.

Year of 2020 was an exceptional year where every citizen in this country and globally had to experience the bitterness of Covid 19 pandemic and the construction industry in the country also faced a down turn and a standstill during this period. It was a very challenging year for CMA in terms of tough economic conditions due to Covid 19 pandemic and the country was locked down twice during 2020. As of 31st December 2020 CMA achieved a Rs.203 million income which was 2.6% over 2019 and the operational expenses was brought down by 8% compared to 2019. Net profit (PAT) for 2020 was Rs.32.96 million which was 80% increase compared to 2019 achievement of Rs.18.19 million. CMA has achieved excellent financial results by superseding its budget as of 31st October 2021. Achieved a revenue of Rs.304 million and a net profit of 142.1 million and brought down the cost below the budget 2021. Also CMA donated Rs.10 million in 2020 to the Covid fund as its Corporate Social Responsibility (CSR) towards the nation. A 5 year Corporate Plan, Action Plan, Budget, Procumbent Plan, Delegated Authority and Audit Plan for 2021 were completed in December 2020 with the participation of the senior management team of CMA.