Land prices in and around Malabe have increased up to 129 percent following the announcement and launch of Sri Lanka’s light rail project, a senior minister said.
“Since the project was announced, land prices in Malabe and surrounding areas have increased by 129 percent,” Champika Ranawaka, minister Megapolis and Western Development said at the launch of the LRT project in Colombo, yesterday.
“So the project has already benefited the people in this area.”
This area now is one of the fastest growing pieces of real estate in Colombo, he added.
Data also shows that the overall prospects for the suburban land market beyond prime Colombo looks very promising as capital Colombo’s land prices leave the majority of the population out priced.