“With the war over, we are seeing huge demand for affordable housing in Colombo. We have already initiated the land acquisition process,” said Puravankara chairman, Ravi Puravankara.

“The fear factor has reduced, tourism is picking up and the investment market is starting to look up. In the residential space, Colombo is still an independent home market. There could be a market for apartments and good quality office space,” he said.

Puravankara’s overseas move comes at a time when Bangalore, its home market, is witnessing a very slow recovery in off take after at least three quarters of depressed buying sentiment.