Pushing past the pitfalls of purchasing property
Prime Lands offers a trusted path for anyone looking to journey into the real estate market
For the vast majority of people, purchasing land or other forms of real estate is simply about picking an ideal location and negotiating the lowest price. However, not only does this line of thinking oversimplify the process, but it also leaves buyers vulnerable to a host of potential pitfalls.
These concealed dangers include zoning issues, purchasing property burdened by liens, a convoluted purchase agreement, poor insurance coverage and sites prone to flooding, soil erosion and mudslides
Ruminda Randeniya, who is the General Manager – Real Estate, at Prime Lands Pvt Ltd, the Real Estate giant in Sri Lanka suggested that acquiring the land or property through a trusted source such as a real estate company was the safest and smartest move to make.
“Our standard procedure before we buy a plot of land is to analyse every aspect from a customer’s point of view. That is why we are in this position. We never purchase lands located in areas that frequently flood or within industrial zones. We ensure that we buy lands situated in convenient residential areas,” said Randeniya.
‘Once we procured a strategically located massive land In Kurunegala. We executed a perfect plan to change the landscape into providing the best ever location to our customers. Hitherto in the least expected way possible the land was acquired by the government for building the Central Expressway Interchange which was channeled right through the land. By the time, 70% of the land blocks were sold out. We were challenged to refund the values back to our customers with Interest, as we had to support a national cause. Yet it was possible as our company, had the strength and reputation to overthrow any intimidations’
Therefore the Importance of stability of the Developer plays a key role in your Investments wellbeing. Randeniya explains that now is the ideal time to invest in land or property as the real estate market is in the midst of a major upswing, yielding annual market appreciation of roughly 10-15%. Additionally, bank interest rates were also fairly low.
He added that with the right mix of innovative strategy and forethought, it was possible for all stakeholders within the real estate sector to reap major dividends.
Prime Lands frequently indulges in such innovative thinking, with the company most recently pushing the idea of ‘Affordable Luxury’. Every year the group unveils a similarly distinguishing concept which helps differentiate it from the competition and bring something new to its more than 250,000 customers.
“Prime Lands’ property selection process, is different. Our service is what really makes us stand out. We always target convenient locations with reasonable price when acquiring. This enables us to provide the customer with the benefit of competitiveness for our product.
If you have bought a plot of land in 2008 or 2010, then we are here to serve you if you need a document saying that you want a bank loan. Even if you want to sell your land we can provide you with the necessary assistance. As a market leader which has been in existence for 25 years, we are equipped with all measure of facilities and services. Whatever our customer needs, be it title documents or deeds, we are there to assist them and make the entire process smoother and safer,” said Randeniya.
He divulged that those looking to buy land generally fell into three categories – people buying land for housing purposes, those buying it as an investment from which to derive profit and others who acquire it to secure the futures of their children. By carefully studying and understanding the requirements of each segment, Prime Lands is able to ensure that its customers are always left satisfied.
When acquiring a land the title clearance is thoroughly inspected. It builds the trust aspect of a transaction. Through our development team and sales team the product quality and service aspects are monitored. Hence all three processes together creates the brand name of Prime to our customers.
“We develop the land and equip it with infrastructure facilities like carpeted roads, electricity, pipe-borne water, etc. We also provide our customers with bank loan facilities and prepare all the necessary documentation such as Local Authorities forms. All that is required of the customer is to provide the requisite letter.
Founded in 1995 with the vision of being ‘Committed to create a better place on earth’, the Prime Group has evolved into a respected leader within the real estate and property development sectors, serving every segment of this fast-paced and ever-growing market. It has currently completed and delivered more than 34 apartment projects and over 4,000 real estate projects island-wide.
