NEW DELHI: An international coalition of over 80 property firms, including RICS, has launched a new global standard for measuring residential buildings, a move that can bring uniformity and transparency in this segment. The new standard is set to replace several local standards of measurement of buildings that has created inconsistencies across countries.
“Adoption of uniform property measurement standards will send a message to home buyers that the Indian real estate sector is serious about adopting global best practices,” said Sachin Sandhir, global managing director-emerging business and managing director-South Asia, RICS. The group had also held consultation with the securities market regulator SEBI, the Ministry of Housing and realtors’ body NAREDCO in March last year to understand the best way to implement IPMS for residential buildings in the Indian market.
International Property Measurement Standards (IPMS) for residential buildings is the second in a series of global open-source standards, after IMPS for office buildings was launched in 2014. IPMS coalition conducted a public consultation in September last year giving property professionals everywhere a chance to have their say on this residential standard. In India also there is inconsistency within the country and standards differ from market to market, which leads to confusion among owners, occupiers and investors or misinformation when it comes to the reported floor space.
A recent RICS report found the difference in measurement for residential apartments globally can vary by as much as 27%, and for residential homes by up to 58%, when compared to the IMPS for residential buildings.
Credits ET Realty