Royal Institution of Chartered Surveyors (RICS), the UK-based global professional service provider in real estate, has entered the country with plans to set up an institute for real estate. The institute, will train valuers and help in structuring the real estate sector in the country. It also plans to come out with a centre of excellence. Meanwhile, the Indian RICS wing, headed by Sachin Sandhir, has already appointed renowned members of the Indian property sector to form a review panel to ensure that RICS membership is awarded to professionals in India who will maintain exemplary standards.

RICS, the independent professional body founded for public interest, provides valuation standards, market surveys, economic analysis etc in the real estate sector worldwide. Over one lakh property professionals working in the major established and emerging economies of the world have already secured the RICS status by becoming its members. According to Peter Goodacre, global president, RICS, “There is an absence of global best practices in Indian real estate. We plan to educate the sector and will set up an institute of real estate and construction in the country. We will soon release international standards for the sector soon.”

RICS plans to tie up with global consultancy firms in the real estate sector and universities. It is also in talks with IITs, IIMs and ISBs for its courses. Industry bodies like FICCI and CII will be roped in for persuading the government to adopt the best practices. “Our mission in India is to work towards elevating the standard of professional performance in the Indian real estate industry and to bring in the international standards and best practices to India,” Goodacre added.

Sachin Sandhir, MD and country head, RICS said, “We would like to establish the ‘RICS qualification’ as a benchmark for professionals working in land, construction and property related areas in India. RICS would also work with some of India’s leading universities and institutions in developing education standards relevant for the industry.” On the occasion of the launch of India chapter of RICS, a RICS red book on global valuation standards was unveiled. RICS CEO Louis Armstrong said the company was committed to advancing and setting standards across property sectors for the benefit of occupiers, investors, developers, consumers and the environment.