NEW DELHI: Global property standards setting body International Property Measurement Standards Coalition (IPMSC), which includes the Royal Institute of Chartered Surveyors (RICS) has launched a consultation paper for adoption of new global residential standards to address the problem of inconsistent methodology adopted across the world for measurement of real estate.
“Adoption of such standards would curb disputes related to super built-up area, carpet area and built-up area, which have confused Indian home buyers for long,” a statement said.
The IPMS: Residential Buildings’ is the second in a series of global standards aimed at creating a uniform approach to how property is measured. It follows another step in advancing transparency and consistency across global property markets and follows on from IPMS: Office Buildings, which was launched in November 2014.
RICS is encouraging more than 100,000 chartered surveyors and property professionals from around the world to extend their expert take on this landmark standard. The consultation will run until September 30, 2015.
The real estate sector in the country has been facing challenges across regions on having uniformity to measure property development areas. Their concerns include lack of consistent residential measurement standards, phantom measurements, conflicts in off-plan measurement and consumer protection issues emanating from such inconsistent measurement standards.
Over 7 different measurement systems exist in India at present.
“Once the draft residential standards are formulated, RICS will seek formal endorsement from market regulator SEBI and Ministry of Housing,” said the statement.
RICS has strongly recommended to the government for adoption of these new standards for ushering in transparency in the sector.
“Government and industry at large is supportive of these global measurement standards and by adoption of IPMS, Indian market will pave the way for transparency and uniformity across vast regions of India,” said Sachin Sandhir, global managing director – emerging business at RICS.