RICS has introduced Dispute Resolution Service in India.
The first step in this direction is the introduction of an online training program for senior professionals with technical expertise followed by their empanelment and appointment as RICS arbitrators, post-assessment. Over the next few years, a limited number of experts and neutral arbitrators will be trained and impaneled by the RICS, in support of the sector.
A company press release said, RICS Dispute Resolution Service (DRS) is the world’s oldest and largest provider of alternative dispute resolution services in the land, real estate, property, and construction industries, together known as the built environment.
Over the last four decades across the globe, RICS DRS has appointed dispute resolvers in nearly a quarter of a million cases. Internationally, DRS resolves around $2 billion worth of disputes every year – keeping these cases out of courts.
Commenting on the launch of DRS, Nimish Gupta, MD, South Asia – RICS, said, “With the launch of Dispute Resolution Services in India, RICS has once again reinforced its mandate of working in the public interest, by supporting the built environment sector in bringing in greater expertise and professionalism in practice.”