Sri Lanka is a republic and a unitary state governed by a presidential system. The colonial influence, primarily of British, is still notable in the legal, educational and industrial sectors in Sri Lanka. Procurement systems adopted in Sri Lankan Construction Industry are similar to those in the United Kingdom. Pricing efficiency in the Sri Lankan construction industry is significantly low. The Institute for Construction Training and Development (ICTAD) is the prominent government institute in Construction Industry. Nevertheless, it is obvious that the industry requires more structured and effective institutional and regulatory framework. Besides, the Sri Lankan construction industry will require embracing the contemporary development in knowledge and technology.