Prime Lands Group launches affordable ‘Living Homes’ projects for budget sensitive customers

Monday, 14 July 2014 01:41 - - {{hitsCtrl.values.hits}}

By Waruni Paranagamage The Prime Lands Group has formed Living Homes Ltd., to provide homes for urban budget sensitive customers. The ever-rising costs of construction, labour and land have contributed tremendously to high housing rents and purchasing a house is not affordable to many. According to Government statistics, there is a need to construct nearly one million housing units by 2020. Although both the private and Government sector have engaged in rapid construction in residential development industry, the projects are still way too small to meet the current demand. In addition, the private sector residential projects mainly serve the middle and upper middle income earners as well as to the affluent, while low income groups are left behind. To fulfil this huge demand-supply gap in the residential market, Living Homes Ltd. has designed affordable housing that can meet the needs of low income earners in certain regions, providing them with housing which they can afford or mortgage based on their earnings and financial ability.

Living Homes CEO Bathiya Satharasingha told the Daily FT: “The Colombo City Development Plan, communication, industrialisation and also modernisation in Colombo have converted people’s minds to move to other suburban areas to find their own shelter. They prefer to settle down in suburban areas which provide them reasonable facilities for their instalments. Here we are not just trying to supply the demand of houses and other facilities, but thinking of the social responsibility as a local company, we are pleased to introduce a reasonable instalment scheme to be the owner of house within a few years.” The first project of Living Homes will be launched in Ranala in near future. The building consists of 536 housing units with 1/2/3 bedrooms,

400sq.ft, 574sq.ft, 797sq.ft and are priced at Rs. 1.975 to 3.95 million. The Ranala project location offers easy access to the Colombo city and is surrounded with all amenities. Residents will have access to 24 hour transportation due to the main low level road. The company has introduced an easy payment schemes where customers have to pay only 10% for reservation and further 20% payment a month from the initial reservation payment and can sign the sales agreement. The balance payment can be made in three equal payment instalments of 20% each within six months. The final 10% balance instalment can be settled during the time of handing over the legal document. The second project of Living Homes will be in Pallekele, Kandy towards mid August. The company will be working closely with the National Development Authority when implementing these affordable housing projects in high demand areas. The company also has identified other suburban areas for similar housing schemes at Malabe, Seeduwa, Kurunegala, Galle and Negombo.