Tharuki Construction and Investment Pvt. Limited opened their fourth branch at Piliyandala, recently expanding its footprint across the country.
Chairman, Tharuki Construction and Investment, W. G. Nihal Kumara said they now have branches in Kottawa, Ingiriya and Palawatte. “We hope to open two more in Gampaha and Meegoda this year and also increase staff strength to 100.”
Starting from a humble beginning from Matugama, Tharuki Construction has now increased their land bank to over 100 acres and are looking at acquiring more from the outskirts of Colombo. “We offer buildable land outside the city limits of Colombo mainly targeting the middle-income families.”
He said that Tharuki Investment Pvt. Limited was added to their portfolio since there were many requests from buyers to offer them installments to purchase land and also to build their own houses in them. “Today we released land to a buyer on an installment basis after a small down payment and will go a step further to offer them another loan to build a house in the same land.”
Through Tharuki Construction, (an ICTAD certified company,) we will also build the customer’s house according to their design or from architectural plans from us, using our own high quality building material and staff. Today we have built around 50 fully furnished houses and will build 50 more mid next year.
He said that 70% of their customers could have never gotten a ‘loan’ or land from banks or Real Estate Companies due to lack of collateral. “We keep minimum collateral and provide credit or land for less than 4% interest. Also, the customer who seeks credit from us could get it in less than two hours and a housing loan in less than 24 hours.”
He said that they did approach the Central Bank two years ago seeking registration but the feedback and the rules and regulations shun them away from obtaining a registration. “We then registered Tharuki Investment as a company and are paying all taxes including income tax.”
Nihal Kumara said that they were not into leasing, pawing, accepting savings or fixed deposits.
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