Mattegoda has been an underdeveloped area with mainly coconut estates until the then government built a housing scheme in the late 1980s.
Today Mattegoda is a very popular residential area for middle-class and upper-middle-class families due to its close proximity to Colombo and relative quiet and peaceful atmosphere.
The closest big town is Kottawa on the high level road which is about 3 km away.
But in the last decade increasing number of people have moved in and today is very much populated by a mixture of working class, middle and upper-middle-class families.
The Alpha factory complex which manufactures metal furniture is a key employer in the area.
In addition the 342 route number buses from Kottawa to Piliyandala also pass through Mattegoda.
A Sri Lanka Telecom station is also located providing fixed telephone connections.