Photo by Joe AthialyIndian Real Estate Developers have fastened their seatbelts to come at par with their counterparts in other parts of the world. This has been started by the formation of new boards and committees which will include leaders from the Real Estate and Infrastructure sector of the country.
The move was initiated by RICS (Royal Institution of Chartered Surveyors) India.
The persons in the committee will mainly focus on developing standards and practices in the Indian Realty Market to increase the level of professionalism and transparency among professionals as well as bring reforms in policies for the benefit of people at large and overcome barriers obstructing the growth of industry.
The various challenges that have to be met are the currently fragmented and old legal system including the current laws on land acquisition, problems associated with Rent control laws, providing infrastructure facilities keeping pace with the speed of urbanization, lack of skilled professionals in the industry, among others.
As said by Sachin Sandhir, MD, RICS India, “As the mark of property professionalism worldwide, RICS aims to develop professional knowledge and standards in India and protect public interest through best practice regulation. We are pleased to be represented by India’s most established and respected professionals in this industry and are confident our new Boards and Committees will enable us realize this goal”.
An Agenda-driven conference on the issue saw participation from various Government bodies such as SEBI, National Housing Bank, Ministry of Corporate Affairs. Matters that were discussed were the need for valuation reform and the directions for future practices for the Real Estate Industry.