India edition of RICS 'Red Book'; best practices for real estate

New Delhi, Jun 11: To meet the requirements of growth of institutional finance in the Indian real estate sector, Royal Institution of Chartered Surveyors (RICS), today launched the India edition of 'Red Book' that outlines valuation standards of global application.
It provides India specific guidance on how to carry out valuation of various assets related to real estate.
The RICS 'Red Book' is considered the 'Gold Standard' in valuation worldwide. Thus a single set of globally consistent and locally relevant asset valuation standards are now available to RICS members and industry valuers at large, which can be easily understood and implemented.
The Red Book global standards align and comply with standards set by International Valuation Standards Council (IVSC).
While the IVS provides broad principle based standards, the Red Book goes a step further and provides a practical framework for implementing IVS, by way of localised standards and guidance across different countries for different applications including valuations for bank lending, taxation purposes and financial reporting.
The launch saw several players from the sector.
Mr S K Singh, Joint Secretary, Ministry of Housing and Urban Poverty Alleviation, was also present on the occassion.
The Indian real estate market being largely unregulated, unorganised with all kind of players and having little valuation standards, institutional finance and global and domestic players feel the need for injecting some standard yardsticks.
India's integration with the global economy has upset the apple cart in many sectors. Some were quicker at adopting more standardised practices, like the securities market, but sectors like real esate have been slow in adopting change.
As India integrates in a greater measure with the global system, the need for such standards will emerge in various sectors, including real estate. (Agencies)


2011-06-12



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