Enhancing Professionalism in Indian Real Estate
RICS India Takes the Lead
Indian Real Estate Developers are gearing up to match global standards, thanks to the formation of new boards and committees by RICS (Royal Institution of Chartered Surveyors) India. This strategic move aims to bridge the gap between India's real estate sector and its international counterparts.
Focus Areas for the Newly Formed Committees
- Developing Standards and Practices: Enhance professionalism and transparency within the Indian Realty Market.
- Policy Reforms: Overcome barriers hindering industry growth and benefit the public at large.
Challenges to be Addressed
- Fragmented Legal System: Update outdated laws on land acquisition.
- Rent Control Laws: Resolve associated problems.
- Infrastructure Development: Keep pace with rapid urbanization.
- Skilled Workforce: Address the shortage of professionals in the industry.
Industry Insights
“As the mark of property professionalism worldwide, RICS aims to develop professional knowledge and standards in India and protect public interest through best practice regulation. We are pleased to be represented by India’s most established and respected professionals in this industry and are confident our new Boards and Committees will enable us realize this goal.” - Sachin Sandhir, MD, RICS India
Collaborative Efforts
A milestone conference on the subject witnessed participation from key Government bodies, including:
- SEBI
- National Housing Bank
- Ministry of Corporate Affairs
Key Discussion Points:
- The urgent need for valuation reform.
- Charting future practices for the Real Estate Industry.