IPMSC launches paper for adoption of new global residential standards

The IPMS coalition (IPMSC), which includes RICS, a global professional body that promotes standards and chartered qualification in real estate and construction, has tasked its independent standards committee to draft the new residential property measurement standard.

IPMSC has launched a consultation paper for adoption of new global residential standards. RICS is encouraging more than 100,000 chartered surveyors and property professionals from around the world to extend their expert take on this landmark standard.

The IPMS: Residential Buildings’ is the second in a series of global standards aimed at creating a uniform approach to how property is measured. It follows another step in advancing transparency and consistency across global property markets and follows on from IPMS: Office Buildings

The adoption of such standards would curb disputes related to super built-up area, carpet area and built-up area, which have confused homebuyers in the country for long.

RICS has recommended to the Government for adoption of these new standards for ushering in transparency in the sector.

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Sachin Sandhir, Global Managing Director – Emerging Business, RICS, said, “The Government and the industry at large is supportive of these global measurement standards and by adoption of IPMS, Indian market will pave the way for transparency and uniformity across vast regions of India.”