The Royal Institution of Chartered Surveyors (RICS) has joined hands with real estate industry body Naredco to promote internationally recognized standards, regulations and professionalism in the Indian realty sector.
RICS and Naredco have signed a MoU to jointly work towards adoption of international property measurement standards (IPMS) for the benefit of Indian real estate industry, a statement issued here stated.
"Adoption of IPMS for property development would help India reach its goal to be at par with developed nations in areas of uniform standards in areas such as carpet area, super area, among others," RICS Governing Council President Louise Brooke-Smith said.
IPMS will create a single method for measuring property, bringing consistency to multiple standards that currently exist around the world, he said.
IPMS are being developed and implemented by a growing international coalition of 62 leading standards organisations, representing professionals across the multi-trillion dollar property sector.
"The Indian real estate stakeholders have a number of important global residential measurement issues to address. Their concerns include lack of consistent residential measurement standards, conflicts in off-plan measurement and consumer protection issues emanating from such inconsistent measurement standards.
"Through our network of members, we will stress the need for adopting IPMS in the sector," said Naredco chairman Naveen Raheja.
Naredco and RICS will organise joint seminars and conferences to develop Indian realty markets with the help of standard international practices, which will include property measurement, building approvals, asset valuation, effective regulatory frameworks, among others.