RICS calls for uniform global standards in residential sector

RICS, along with 61 professional bodies from around the world, has called for setting uniform measurement standards for residential sector globally (including India) to bring clarity on measuring various aspects of property measurement such as super built-up area, built-up area and carpet area.

International Property Measurement Standards (IPMS) are being developed and implemented by a growing international coalition of 62 leading standards organizations, representing professionals across the multi-trillion dollar property sector.

RICS has been in discussion with key Government stakeholders to seek support of these international standards who remain supportive of the initiative. Once the draft residential standards are formulated, it will seek formal endorsement from market regulator Sebiand the Ministry of Housing.

As a founding member of this coalition, RICS facilitated a two-day meeting of Standards Setting Committee comprising 18 global technical experts (including two from India) from different parts of the world, which was hosted at the RICS School of Built Environment, Amity University, India.

The committee discussed global measurement issues and agreed on common standards to bring greater consistency and transparency.

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Sachin Sandhir, Global Managing Director – Emerging Business, RICS, said, “Government and industry at large is supportive of these global measurement standards, just like they have been for global valuation and global financial reporting standards.

By adoption of IPMS, Indian market has nothing to lose with a dual reporting system of nationally prevailing terms (such as carpet area) and IPMS. Instead, adoption of this international language of real estate measurement will give confidence to global investors and boost foreign investment in Indian property which in turn benefits Indian developers”.