Apartment owners spend millions and end up at developers’ mercy
Eight years ago, S. de Silva and her husband, a British national, invested almost Rs. 20 million in a luxury apartment along Marine Drive in Wellawatta. Though permanent residents of Britain, they were keen to have a place of their own where they could stay while on holiday in Colombo.
But, despite the hefty sum they invested, after being taken up by the fancy promises made to them by the developers of the condominium housing units, the past eight years has been a struggle for the couple, starting with getting the deed for their property, to getting monthly invoices of the high maintenance fees they pay.
Far from being an isolated incident, theirs is not an uncommon tale of woe. The proliferation of condominiums within the city of Colombo, has led to many a dispute between developers of apartment complexes and buyers with the Condominium Management Authority (CMA), the Government body entrusted with resolving these issues, pressed for resources to ensure a smooth running of these residential complexes.
