The "Land and Asset Valuation System for Valuation Department" project represents a crucial step by the Government of Sri Lanka (GoSL) to address significant challenges in property valuation and management. Commencing in 2018 and currently in progress, this initiative holds great promise to enhance the investment climate of the country, aiming for an improved ranking in the esteemed World Bank’s Ease of Doing Business Index (EoDBI).
The objectives of this project are multi-faceted, surrounding the development of an Integrated Land and Asset valuation system. This system is envisioned to maintain comprehensive and accurate records in a digital central repository. Efficiency in asset valuation is a primary goal, striving for accuracy and reliability in the process. Additionally, the project aims to make up-to-date property transaction data available across the island, fostering transparency through the implementation of a clear and transparent property valuation system within departments.
The project's scope involves the development of an Information System customized for land and asset valuation and, establishing a centralized digital repository to maintain precise records. It includes upgrading technological infrastructure by providing necessary computers and accessories and improving existing facilities to seamlessly integrate the digital system. Capacity building is a pivotal aspect, focusing on empowering stakeholders within the Government Valuation Department through training, enabling effective operation of the integrated system and embracing the digital shift.
While the project is still in progress, the expected outcomes hold immense promise. They encompass enhancing the quality of the asset valuation process, enabling seamless data sharing, eliminating fraudulent practices, and significantly boosting staff satisfaction through productive field observations. Establishing a professional code among the staff and developing a comprehensive national assets valuation system and framework are also anticipated outcomes, indirectly supporting the country's overall development.