The Royal Institute of Chartered Surveyors (RICS) India have helped in drafting a new bill in India to put in palce a new system for valuation of property in India.
In the absence of any prescribed standards, guidelines or reporting formats, valuers could manipulate assumptions, calculations and approaches on the value of property in India.
RICS membership will be key for valuers
The draft says membership of RICS will be a key necessity for registration of valuers. RICS, headquartered in London, has also offered support to develop skills and capacity of valuers. Ashish Jindal, northern region director of
Knight Frank, said property valuation in India was done by diverse groups of people with varying backgrounds and skills. “Property valuation is considered just a part of the disciplines of engineering and architecture, so a degree in these subjects is sufficient to become a property valuer. But valuation needs knowledge of other disciplines, such as law, economics, accountancy, town planning and environmental science. Moreover, a valuer must keep abreast of changing legislation, emerging economic trends and constantly shifting market forces. This breadth of knowledge and experience is extremely rare, given the lack of relevant educational courses available to meet these needs,’’ he said
Tags: property in India, RICS, valuation of property in India
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