M Saraswathy Moneycontrol News
Royal Institute of Chartered Surveyors (RICS), a global professional body enforcing standards in valuation, management, development of land, real estate, construction and infrastructure is looking to accredit 10,000 individuals in India by 2029.
In an interaction with Moneycontrol, Sean Tompkins, Chief Executive, RICS said, “Our commitment to the Indian government is to have 10,000 chartered surveyors in the country by 2029. We are on track on this mission.”
Chartered Surveyors are involved in the valuation of buildings as well as offer consultancy for sectors like real estate and construction. Several global firms only allow certified professionals to offer valuation services.
RICS already has a partnership with Amity University through which it has set up a School of Built Environment (SBE).
Established in 2013, RICS SBE is supported by leading real estate, construction & infrastructure firms as well as the Ministry of Urban Development, Government of India.
The complete certification as a chartered surveyor adhering to global standards requires academic study as well as work experience under supervision.
“Considering ambitious projects like the Smart Cities project by the government, there is a shortage of people with the right skills. India does not have a labour gap or a fiscal gap but a professional skills gap,” he added.
At present, RICS has accredited 2500 such professionals in India and 1200 are pursuing the programme in India. With concepts like Real Estate Investment Trusts (REITs) coming into the Indian market, Tompkins expects the demand for qualified professionals to go up.
Chris Brooke, President-Elect, RICS said there is a need for valuation professionals to handle REITs is crucial.
“You need consistency and quality standards. As large firms like GIC, Brookfield, Blackstone are starting to see India as a large opportunity, it is imperative that there are qualified professionals in the market,” he added.
"India is looking to prescribe valuation standards for its markets and it would be important for India to consider adopting the International Valuation Standards (IVS) to ensure there are global compatibility and interest from global investors in the Indian market,” Tompkins said.
The International Valuation Standards 2017 forms the key guidance for valuation professionals. Valuations are widely used and relied upon in financial and other markets, whether for inclusion in financial statements, for regulatory compliance or to support secured lending and transactional activity.
The International Valuation Standards (IVS) are standards for undertaking valuation assignments using generally recognised concepts and principles that promote transparency and consistency in valuation practice. The IVSC also promotes leading practice approaches for the conduct and competency of professional valuers.
The RICS Valuation-Professional Standards (the 'Red Book') contains mandatory rules, best practice guidance and related commentary for all members undertaking asset valuations.
With REITs in the Indian market, Tompkins said there is a need to have a high and stringent level of valuation and regulation in the market. This will automatically mean the need to have the skilled talent to meet the changing needs since all the international consultants hire locally. Further, he said there is also a need to get women into the profession.
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