Royal Institution of Chartered Surveyors (RICS), along with International property Measurement Standards (IPMS) will create a ‘unique method for measuring property’ to standardize it globally. This will avoid the practice of using multiple standards internationally, to measure carpet area. IPMS is an international common body of 62 leading international organizations including World Bank and IMF. The standards will be published globally by end of 2015.
The international body has called for setting, uniform measurement standards, for residential sector globally (including India) to bring clarity on measuring various domains in property measurement such as super built up area(IPMS1), built up area(IPMS2) and carpet area(IPMS3).This will allow global investors and occupiers to compare and invest in assets in a consistent and transparent way. RICS is seeking support from key government stakeholders for this new international standard. After formulating the draft for residential standards, it will seek formal endorsement from market regulator SEBI and Ministry of Housing. Now, in India, over seven measurement systems exist. Developed parts of the world such as US and UAE also have similar problems. To address the needs of India in realty, real estate stakeholders have highlighted many issues in global residential measurement, pointing out the huge growth in this field.
As founding member of this coalition, RICS conducted a two-day meeting of Standards Setting Committee in India, included 18 global technical experts (including two from India) from different parts of the world.