The Chairman of the Condominium Management Authority (CMA) Sarana Karunaratne, presented a report on the proposed amendments to the Apartment Ownership Act No.10 and 11 of 1973 to Minister of Justice Ali Sabry recently.
The General Manager of CMA Dr. Indunil Liyanage, Deputy General Manager Regulatory Nalin Gankanda and Legal Consultant Tissa Perera of CMA and Co-Chairs and the committee members of the legal panel appointed by the Minister of Justice to carry out amendments to the apartment ownership Act were also present.
Minister of Justice Ali Sabry appointed a legal panel to amend the Apartment Ownership Act of No.10 and 11 of 1973 to meet today’s demands of the developers and parcel owners in the country. The committee forwarded those timely amendments to the condominium Act to CMA for its observations and suggestions.
A thorough study was conducted by the senior management of CMA on those proposals and recently forwarded its suggestions and observations to the Minister and the eminent legal panel appointed by the Minster.
The Condominium Management Authority (CMA) was set up under the Act of Parliament No. 39 of 2003 to regulate and monitor Government and private sector condominiums in the country.
Since 2003 CMA has set up 1,126 management corporations to monitor and regulate individual condominiums in the country which amounts to approximately 38,573 apartment units. CMA consists of various divisions to support this endavour namely, engineering, customer care, certificate issuance, administration and human resources, legal, finance, information technology and internal audit. The Condominium Management Authority is a self-funded institute functioning under the State Ministry of Urban Development, Coast Conservation, Waste Disposal and Community Cleanliness.
According to the Act, the CMA will play a significant role in the development of Port City. A plan has been developed by CMA for the Port City development activities under the ‘One Stop Shop’ concept introduced by UDA to expedite the approval process within a short time to meet foreign and local investor demands.
The CMA provided assistance to the Sri Lanka Tourist Board to draft regulations for the “serviced apartments” concept.