Course Description

Semester I

REMV 5112 : Real Estate Economics

Real Estate Economics is a comprehensive course that provides students with a solid understanding of the economic principles and models that underpin the real estate industry. The course covers key economic concepts such as supply and demand, market equilibrium, and externalities, and how they impact the real estate market. Students will also gain an in-depth understanding of market efficiency and its implications on real estate markets. The course will analyze current economic policies and explain their implications on the economics of real property. Students will learn to identify the potential impacts of economic policies, such as monetary policy and fiscal policy, on the real estate market. The course will also emphasize the importance of sustainable development and how economic policies can promote or hinder sustainable real estate practices.In addition, the course will develop students’ skills in identifying the redevelopment stage of a building. Students will learn to analyze factors such as the building’s age, condition, and location to determine its potential for redevelopment. The course will also cover various approaches to redevelopment and their economic implications. By the end of the course, students will have gained a comprehensive understanding of real estate economics and its application in the real estate industry. Students will be equipped with the skills and knowledge required to analyze economic principles and policies and apply them to real-world real estate scenarios.

REMV 5124: Valuation I

Valuation I is an advanced-level course that builds upon fundamental knowledge of property valuation principles and practices. This course delves deeper into the key concepts of property valuation, including the nature and purpose of property valuation, the principles of property valuation, and the different methods of property valuation. Students will engage in critical analysis and evaluation of complex real-world scenarios to gain a comprehensive understanding of the factors that influence the value of a property, such as location, condition, age, and zoning regulations. The course will cover the intricacies of various types of property valuation, including market value, rental value, insurance value, and investment value. Students will also explore advanced topics in the three main approaches to property valuation: the market, income and cost approaches. Emphasis will be placed on the application of these approaches to the valuation of residential and commercial properties, with a focus on valuation for financial reporting purposes.Throughout the course, students will develop advanced analytical and critical thinking skills through the analysis of complex case studies and the use of sophisticated valuation software. By the end of the course, students will have a solid grasp of the principles and methods of property valuation, enabling them to apply these skills to complex real-world valuation problems and make informed decisions in the valuation process.

REMV 5133: Law of Property and Obligation

The Law of Property and Obligation course provides students with an in-depth understanding of the legal principles and concepts that underpin the ownership and acquisition of property. Topics covered in the course include classification of things, statutory definitions of land, ownership, mode of acquisition, right of possession, adverse possession, professional negligence, the LA Act, formation of contract, remedies for breach of contract, offer and acceptance, Paulina Action, servitude, vicarious liability, negligence, nervous shock, contributory negligence, voluntary assumption of risk, and non-owners’ right to claim compensation. By the end of the course, students will have developed their analytical and problem-solving skills and will be able to apply legal principles to solve complex real-world issues. They will be well-equipped to handle the legal complexities involved in real estate transactions and make informed decisions.

REMV 5143: Real Estate Business Fundamentals

The Real Estate Business Fundamentals course provides a comprehensive overview of the critical components involved in building and managing a successful real estate business. Students will learn about strategic business planning, effective business models, and entrepreneurship and innovation, with a focus on developing problem-solving and critical thinking skills. The course covers a range of topics, including social media and data mining, financing real estate, and human resource management. Through case studies and analysis exercises, students will deepen their understanding of how these concepts apply in real-world scenarios. Upon completion of the program, students will have the knowledge and skills to develop comprehensive business plans, analyze data, and navigate complex business environments, which are essential for building and managing a thriving real estate business.

REMV 5153: Research Methods

The research Methods course equips students with the necessary skills and knowledge to conduct independent research projects in their respective fields. Students will learn about the different research methodologies and techniques, and how to develop research proposals, conduct literature reviews, and analyze qualitative and quantitative data. The course challenges students to think critically and creatively about the research process, enabling them to draw meaningful conclusions from their findings. Upon completion of the program, students will be able to conduct high-quality research and contribute to their fields, advancing their academic and professional careers.

Semester II

REMV 5212: Real Estate Development and Management

Real Estate Development and Management is a comprehensive course that covers the philosophy, concepts, and theories of real estate development and management. Students will gain an understanding of real estate fundamentals, including real estate property life cycles and sustainability, economic and legal aspects of real estate ownership, and the nature of development. The course covers real estate project planning, development, appraisal, implementation, monitoring, and evaluation, and explores the future role and responsibilities of real estate professionals. Throughout the program, students will engage in case studies, real-world examples, and practical exercises to deepen their knowledge and understanding of the subject matter, preparing them for a successful career in the industry. By the end of the course, students will be equipped with a comprehensive understanding of real estate development and management, enabling them to make informed decisions, analyze and evaluate real estate opportunities, identify potential risks and challenges, and develop strategies for successful project implementation and management.

REMV 5224: Real Estate Information Systems and GIS

Real Estate Information and GIS is an advanced course that focuses on the application of Geographic Information Systems (GIS) in the real estate industry. The course covers a wide range of topics, including GIS functions, database concepts, analysis of spatial and non-spatial data, integrated analysis of non-spatial and attribute data, output formatting, and spatial analysis. Students will also explore the role of property management professionals and the need for data in decision making. The course covers Land Information Systems (LIS) and Land Information Management (LIM), and how these systems are used in real estate. Additionally, students will learn how to apply GIS in real estate, including the use of GIS in site selection, property valuation, market analysis, and other critical aspects of real estate decision making. Throughout the program, students will engage in practical exercises, case studies, and real-world examples to deepen their knowledge and understanding of the subject matter, preparing them for a successful career in the industry. By the end of the course, students will have a comprehensive understanding of GIS and its application in real estate, enabling them to make informed decisions, analyze and evaluate real estate opportunities, and develop strategies for successful project implementation and management.

REMV 5234: Valuation II

Valuation II is an advanced course that offers students a comprehensive understanding of the complex world of property valuation, beyond the foundational principles covered in Valuation I. The course focuses on statutory provisions in valuation and begins with a thorough analysis of the Land Acquisition Act of 1950 and its amendments, case laws, and regulations. This provides students with a detailed understanding of the legal and regulatory framework within which property valuation takes place, including the principles of statutory valuation and estimation of compensation for land acquisition. The course also covers other important areas of property valuation, including rating and stamp duty, exploring the nine tests and four methods of valuation in rating, as well as general assumptions. Students will also delve into the concept of notional development plans and subdivisions, and the principles of property tax and estimating values for capital gains tax. To ensure that students can apply their knowledge in practice, the course includes a practical report component that enables them to apply modern methods of property valuation to real-world scenarios. By the end of this course, students will possess a profound understanding of the principles, practices, and legal and regulatory aspects of property valuation, and will be equipped with the tools and expertise needed to conduct property valuation using modern methods and navigate the complex legal and regulatory landscape of the field.

REMV 5241: Workshop on Research II

This workshop on research is designed to provide students with the skills necessary to conceptualize research problems, identify research objectives, and draft an appropriate methodology. The workshop will focus on the fundamentals of research proposal writing, including developing clear and concise research questions, selecting appropriate research methods, and designing a research plan that is both feasible and meaningful. Students will learn how to structure and write their proposals effectively, with an emphasis on how to articulate their research aims, objectives, and hypotheses in a clear and coherent manner. This workshop will culminate in the finalization of the research proposal for their thesis.

Semester III

REMV 6312: Built Heritage Management

The Built Heritage Management course is designed to provide students with a comprehensive understanding of the importance of preserving and managing cultural heritage sites. It covers various aspects, starting from the definition of heritage and its different types, to the assessment of the value of built heritage and the issues involved in it. The course highlights the conservation and management of built heritage, including the five Cs in built heritage management, threats to conservation, and aspects to be considered in the conservation management plan. Additionally, it covers the impact of heritage conservation on property values and its relationship with urban renewal and the behavior of the property market. Furthermore, the course explores the conservation and management of built heritage in Sri Lanka, discussing the institutions and legal framework, such as the Department of Archaeology and National Museum Department. It also covers the measures taken to conserve built heritage globally by organizations such as UNESCO, ICOMOS, and ICCROM. Upon completing the course, students will have a thorough understanding of built heritage management and be able to assess the value of built heritage, conserve and manage cultural heritage sites, and navigate the legal and institutional frameworks in the field. The course will equip them with the necessary knowledge and skills to contribute to the preservation and management of cultural heritage sites both in Sri Lanka and around the world.

REMV 6322: Real Estate Investment and Market Analysis

The Real Estate Investment and Market Analysis course is designed to provide students with an understanding of real estate as an investment class and the methods for analyzing real property investments. The course covers topics such as financial analysis, benchmarking real estate investment performance, and preliminary real estate market analysis. Students will learn about real estate data and investment analytical techniques to support the investment analysis process. By the end of the course, students will have developed the skills and knowledge necessary to evaluate and analyze real estate investment opportunities in a dynamic and complex market.

REMV 6332: Urban Planning and Building Control

The Urban Planning and Building Control course provides a thorough understanding of urban development and building regulations in Sri Lanka. It covers the concepts of urbanization, urban expansion, and urban fringe, as well as the development of small and medium towns and emerging real estate. The course examines Transit Oriented Development (TOD) and real estate expansion, sustainable development goals, and the 2030 agenda. Urban conservation, urban forest, and urban green initiatives are also discussed. Urban local governance and the participatory process are explored, including community involvement in urban planning decisions. The typology of regions and regional dynamics are covered, including regional planning in Sri Lanka. The course also delves into urban planning and disaster risk reduction related to emerging real estate. In addition, building control is covered, including planning and building regulations in Sri Lanka, the building application process, and the application of land subdivision regulation in real estate. To apply the knowledge gained throughout the course, students will be required to complete a practical exercise on land subdivision. By the end of this course, students will have a comprehensive understanding of urban planning and building control in Sri Lanka, focusing on emerging real estate. They will be equipped with the skills to apply modern urban planning techniques, implement building regulations, and navigate the complex legal and regulatory landscape of the field. The course prepares students to be competent urban planners and building control professionals, capable of addressing the needs and challenges of Sri Lanka’s evolving urban landscape.

REMV 6341: Workshop on Research

The workshop on research design aims to equip students with improved data collection methods by providing hands-on experience in conducting actual research. Participants will learn how to design questionnaires using both qualitative and quantitative approaches. The workshop also covers the application of quantitative and qualitative analysis methods with real-world examples. Through this course, students will develop a deeper understanding of research design, data collection, and analysis, enabling them to conduct meaningful research in their respective fields. By the end of the workshop, students will have developed research skills that they can apply to their future research projects

REMV 6352: Business Valuation

This course on Business Valuation covers various aspects of valuing different types of assets such as real property, personal property, and businesses. It examines the reasons for conducting valuations and the bases for valuing assets, including asset valuation, earnings valuation, dividend valuation, and cash flow valuation. The course also covers valuation issues, such as intangible assets and intellectual capital. Participants will gain an understanding of the key principles, methods, and techniques used in business valuation, and will be able to apply them in practice. This course is suitable for individuals interested in pursuing a career in valuation, as well as professionals working in finance, accounting, and real estate.

REMV 6362: Land Development and Policy

The course on Land Development and Policy provides an in-depth understanding of land and property rights administration and land tenure conflicts, with a focus on Sri Lanka and international contexts. Students will explore land use issues and institutional frameworks for land development, along with land use policy and planning applications and constraints in Sri Lanka. The course covers land development-related policies, rules, and regulations in Sri Lanka, land capabilities and suitability analysis, and land cadastral and registration systems in the world, with specific emphasis on Sri Lankan and international contexts. The course aims to equip students with the necessary knowledge and skills to navigate the complex landscape of land development and policy, and to apply their understanding to real-world scenarios.

REMV 6372: Sustainable Construction and Maintenance

The course on Sustainable Construction and Maintenance covers the fundamental principles of sustainable construction and design, and their application to the built environment. The course will provide an introduction to sustainable construction, and examine the conceptual and theoretical frameworks that underpin sustainable development. Students will explore the relationship between sustainability and social responsibility, and learn about sustainable design principles and construction strategies. The course will also cover sustainability assessment schemes, property standards, and standard properties. Students will gain an understanding of the importance of sustainable construction practices and maintenance in creating a more sustainable built environment. The course will equip students with the knowledge and skills necessary to develop and implement sustainable construction and maintenance strategies that minimize environmental impacts and enhance the long-term viability of the built environment.

Semester IV

REMV 6412: Professional Development and Ethics

This course is designed to equip students with an understanding of the importance of professional ethics in the field and to contrast the ethical standards of national and international institutes of real estate management and valuation. Students will also learn how to apply the decision-making process to an ethical dilemma and demonstrate professionalism and ownership of professional growth and learning. Through case studies and interactive discussions, students will explore the complex ethical issues that arise in real estate management and valuation and develop their ability to make sound ethical decisions. The course will also focus on the development of professional skills, including effective communication, leadership, and teamwork, to help students achieve success in the real estate industry. Ultimately, this course will prepare students to become responsible and ethical real estate professionals who can make a positive impact in their communities.

REMV 6432: Real Estate Project Management

Real Estate Project Management is an essential course designed for real estate professionals seeking to expand their knowledge of construction project management and its impact on real estate valuations. This course provides a comprehensive understanding of the concepts and principles of construction project management, including the valuation of compensation for time overruns, cost overruns, and quality issues in building construction. Through this course, students will acquire the necessary competencies in construction management and valuation principles to become effective professionals in the field. Students will also gain the ability to assess and manage risks associated with construction projects, enabling them to provide accurate valuations for real estate properties. This course is ideal for individuals seeking to enhance their knowledge and skills in real estate project management to increase their value in the industry.

REMV 6442: Plant and Machinery Valuation

Plant and Machinery Valuation provides an in-depth understanding of the valuation of plant and machinery used in industries. It covers various aspects of valuation standards and principles used in the industry. The course will also discuss insurance valuations, including definitions and basis, and cost estimates. The market valuation of plant and machinery will be covered in detail, including the effects of age, condition, and ancillary parts on market value. Participants will learn how to prepare valuation reports and valuate plant and machinery for financial reporting purposes. By the end of the course, participants will gain the knowledge and skills required to value plant and machinery effectively and accurately, making them competent professionals in the field of plant and machinery valuation.

REMV 6452: Special Property Valuation

This comprehensive course on Special Property Valuation aims to equip students with an in-depth understanding of various special properties, their valuation methods, and unique challenges associated with them. Residential and commercial properties are extensively covered, alongside hotel, mining, industrial, and agricultural properties that require specialized attention. The valuation of special properties is determined by several factors, including the property’s function, machinery, and business operations. Through this course, students will gain practical knowledge of specialized valuation techniques that enable them to accurately assess the value of special properties, which is essential in the modern real estate industry.

Thesis

The Thesis is the culmination of a student’s academic journey in their chosen field of study. In this course, students will work closely with a senior academic advisor to develop a research thesis that demonstrates their mastery of the subject matter. The course will guide students through the various stages of the thesis development process, from identifying a research question, to conducting a comprehensive literature review, to designing and implementing research methodologies, to analyzing and interpreting data, and finally, to presenting findings and conclusions in a well-structured, coherent and convincing manner. Throughout the course, students will have the opportunity to engage in independent research, critical thinking and problem-solving, while receiving individualized feedback and guidance from their academic advisor. By the end of the course, students will have produced a thesis that represents a significant contribution to their chosen field of study and that reflects their ability to conduct independent research at a master’s level.