Sri Lanka, Feb. 6 -- A situation has arisen where prices of lands, houses and housing schemes have begun to escalate sharply, Deputy Minister of Urban Development Eranga Gunasekara said yesterday, calling it a mafia.

He told Parliament that the situation has arisen due to non-availability of a regulating body to regulate on pricing of lands, houses and housing schemes.

The Deputy Minister said the Institute of Real Estate Professionals, Sri Lanka Bill, which was approved by Parliament yesterday will intervene to address this issue.

He said the Institute of Real Estate Professionals will guide people and investors on utilizing lands for economic benefits.

Published by HT Digital Content Services with permission from Daily Mirror Sri La...