Existing gaps in the Indian valuation system lead to corporate governance issues, bad debts and fraud. RICS India is helping provide the opportunity for competent Indian real estate valuers, to be recognized internationally and by the Government of India.

AssocRICS
RICS has introduced AssocRICS, a globally recognised professional qualification for Indian real estate professionals in land, property and construction. This entry-level, non chartered qualification is a significant addition to RICS operations in India, as until now, only the chartered qualification (MRICS/FRICS) was being offered to senior professionals in the industry. With this, RICS aims to extend professionalism and standards beyond the top tier of chartered professionals.

dearth of qualified valuation professionals
To begin with, AssocRICS will be offered in the area of property valuation to address the dearth of qualified valuation professionals and the lack of adoption of established standards in the industry.

As an entry-level qualification, AssocRICS instantly becomes relevant to thousands of Indian property valuers who may not have formal education in valuation, but have sufficient work experience to demonstrate their competence as per required standards and hence practice as a qualified AssocRICS professional.

Sachin Sandhir, MD & Country Head, RICS India
Professional valuations are vital to a healthy property market and a stable economy, forming the basis of performance analysis, financing decisions, dispute resolution, taxation and various statutory applications. AssocRICS provides two clear advantages – to the valuer, it offers professional accreditation that speaks of high standards of competence and ethics; and to the industry, it helps in developing a pool of professionals adopting global standards in property valuation and creating a healthy environment.”

Only 1 000 Indian valuers have formal education
Currently, India real estate is estimated to have approximately 20 000 real estate valuers of which only 1 000 have formal education in Indian property valuation. The remaining are qualified civil engineers, architects and planners who have acquired valuation knowledge (background of law, economics, town planning, finance, etc. which are vital for valuation) by way of ‘hands on’ experience, which is not necessarily adequate.

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Tags: Indian Real Estate, qualifications, RICS India, valuations

This entry was posted on Tuesday, February 15th, 2011 and is filed under RICS India on Navyroof.com. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.