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srilawsby aturio
As enacted
Contents

3. Objects of the Institute

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

The objects of the Institute shall be -

(a)

to raise and uphold the dignity and reputation of real estate professionals in Sri Lanka;

(b)

to promote and develop the principles, techniques, standards and practices relating to real estate industry in Sri Lanka including–

(i)

all businesses related to real estate planning, investment, development, management, supervision, monitoring, appraisal and evaluation of real estate projects to bring the highest and best use of land and properties in Sri Lanka;

(ii)

selling, buying, marketing, brokering, auctioning, letting or renting of land and properties and interests therein;

(iii)

providing professional opinion and advisory services to the public and private sector, any other agency or individual when such a service on real estate planning, investment, development, asset management and appraisal of all types of landed property, fixtures, fittings, equipment, plant and machinery and interests therein are required and to act as an arbitrator on matters referred to above;

(iv)

provide professional services to the Real

Estate Investment Trusts for formation and management and for those involve in real estate agency and brokering practices;

(v)

subject to applicable written law, appraisal of environmental impact, water and air rights, mines and minerals, biological assets and heritage properties from real estate planning and development point of view;

(c)

to secure environmental friendly usage of land and associated resources for the social and economic well-being of the country;

(d)

to uplift and uphold standards, professionalism and reputation of real estate profession and to maintain and promote the usefulness of the profession, by facilitating the enrollment and registration of Real Estate Professionals upon obtaining the membership of the Institute;

(e)

to corporate and promote interests, status, welfare, rights and privileges of the members and the interests of the public in relation to the profession;

(f)

to assist gaining and exchange of up-to-date knowledge and information on real estate functions specified in paragraph (b), to ensure the adoption of the most effective principles, techniques, standards and practices;

(g)

to develop and maintain relevant data banks, property indexes related to real estate industry, asset management tools and provide such information to facilitate public and private institutions for better usage of real estate assets;

(h)

to conduct examinations qualifying for membership of the Institute to assess the competence of persons engaged in matters, activities and practices related to real estate and its appraisals specified in paragraph (b) and to award certificates of competences;

(i)

to assist in gaining and exchange of technical knowledge taking into consideration the innovations and discussions thereon, by establishing and managing a resource centre for research and development and for publications on activities of professional interests; and

(j)

to offer capacity building facilities for the members of public or private institutions or any interested individual on real estate development, management and appraisal.

Read on from s 4

Schedules