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Equally needed are standard valuation techniques (which are at par with international valuation standards) and a professional valuation body. An awareness of internationally recognised best practices such as construction standards, quality safeguards and guarantees, design and technology, and green environment and sustainability will help developers gearing up to manage large projects than they have been exposed to.

The expert valuation has to be based on recognised professional courses of study, certified by a statutory body. At the same time, valuers need to adhere to a proper code of professional conduct with an institutional mechanism for review and discipline in cases of misconduct. Education and training requirements in valuations need to be standardised along with valuation methodologies and reporting formats.

With rising construction demand and lack of skilled labour supply, it will be critical to impart relevant education and training through specialised institutions and vocational courses. To prevent future malpractices, setting up of a grading system for developers as well as certification of developers and brokers will go a long way in instilling customer confidence.

 

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Setting future trends

While the cyclical market correction will continue to create temporary turbulence possibly over the next year, once this phase ends, land and property prices will be corrected to rational levels and the sector will have stronger fundamentals. The demand is bound to rise driven by a large, young workforce, a high rate of consumer and private-sector savings.

The current middle class population of 260 million is expected to increase to 600 million over the next three years, pushing up infrastructure demand. Self regulation coupled with gradual government regulatory reforms, presence of a professional valuation body and exposure to international standards and best practices will determine whether the industry realises its potential or falls prey to yet another and possibly bigger crisis.

Founding Fathers

Rohin R Shah, MSc, FRICS and Managing Director, Meghraj Properties Limited
Pranay Vakil, FRICS and Executive Chairman, Knight Frank India
Anuj Puri, FRICS and Chairman & Country Head Jones Lang LaSalle Meghraj
Anshuman Magazine, FRICS and Managing Director, CBRE - South Asia
Verendra Singh, FRICS and Director - Technical Operations, Currie & Brown
Nimish Gupta, FRICS and CEO, Eigen Technical Services Pvt Ltd

Who we are

The Royal Institution of Chartered Surveyors (RICS) provides the world’s leading qualification in professional recognition of land, property and construction. In a world where more people, governments, banks and commercial organisations demand certainty of professional standards and ethics, attaining RICS status is the recognised mark of property professionalism. RICS is an independent professional body originally established in the UK by Royal Charter.

RICS India offers membership to those professionals working at the highest levels of land, real estate, and construction sectors. It is a unique organisation bringing together the different skills involved in real estate decision making. It provides a globally recognised brand to represent the highest professional standards, in-depth knowledge, and competency.

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