Royal Institution of Chartered Surveyors (RICS) in partnership with Confederation of Indian Industry (CII) host "Valuations: The Emerging Road Map for India"
Royal Institution of Chartered Surveyors (RICS) today organised a joint National Conference on "Valuations: The Emerging Road Map for India" with Confederation of Indian Industries (CII). The conference highlighted the need to develop effective Valuation Standards and build a world class valuation profession in India. Three Planery sessions were conducted on key themes associated with various aspects of Valuations and was addressed by expert panellists.
Tweet-- Royal Institution of Chartered Surveyors (RICS) today organised a joint National Conference on “Valuations: The Emerging Road Map for India” with Confederation of Indian Industries (CII). The conference highlighted the need to develop effective Valuation Standards and build a world class valuation profession in India. Three Planery sessions were conducted on key themes associated with various aspects of Valuations and was addressed by expert panellists.
The Inaugural session was conducted by Mr. Sachin Sandhir, Managing Director & Country Head, RICS; Mr. Harshavardhan Neotia, Chairman, CII National Committee on Real Estate & Housing and Managing Director, Bengal Ambuja Housing Development Limited; Mr. Anshuman Magazine, Past Chairman, CII National Committee on Real Estate & Housing and CMD, CB Richard Ellis South Asia Private Ltd; Mr. Jitesh Khosla, OSD, Indian Institute of Corporate Affairs and Formerly Joint Secretary, Ministry of Corporate Affairs Government of India; Robert Peto, MA, FRICS, President Elect - RICS and Vice Chairman - Capital Markets, DTZ.
Mr. Jitesh Khosla, OSD, Indian Institute of Corporate Affairs and Formerly Joint Secretary, Ministry of Corporate Affairs Government of India said, “A distinct valuation discipline is emerging in India that needs to be taught properly with a structured knowledge input and develop its own professional code of conduct and standards to achieve a certain level of proficiency. Therefore, it is necessary to have standards pertaining to the International Valuation Standards (IVS) and International Financial Reporting Systems (IFRS) to measure quality.”
Mr. Sachin Sandhir, Managing Director & County Head, RICS said, “This conference has been one such endeavor to spread awareness on what’s happening in valuations across the globe and also ascertain imperatives for our country. Even as the developed countries indulge in a more sophisticated and complicated debate surrounding market value and fair value, India has a its unique issues to focus on while being aware of the happenings in the international arena.”
Speaking at the occasion, Mr. Anshuman Magazine, Past Chairman, CII National Committee on Real Estate & Housing and CMD, CB Richard Ellis South Asia Private Ltd said, said, “In a globalized economy, valuations form the backbone that helps determine where to put in money and make investments. It is necessary to make valuation practices more robust to instil investor confidence in the system which will drive capital investments to India.
Professional valuations are vital to a healthy property market and a stable economy, forming the basis of performance analysis, financing decisions, transactional or development advice, dispute resolution, taxation and various statutory applications. And, the recent turbulence in global financial and property markets has turned the spotlight on valuers, valuation standards and methodology. This warrants efforts to be made to encourage the harmonization of standards and valuation qualifications across India.
The Conference also saw prominent speakers like Mr. Anuj Puri, Chairman and Country Head, Jones Lang LaSalle Meghraj; Mr. Pranab Datta, Vice Chairman and Managing Director, Knight Frank (India) Pvt. Ltd; Mr. Kirit Budhbhatti, Secretary- Centre for Valuation Studies, Research and Training (CVSRT); Mr. Chris Thorne, FRICS, FCIArb Chairman International Valuation Standards Board, Senior Director & Technical Head of Valuations, BNP Paribas Real Estate and Mr. Vinayak Bahuguna, MD - Alternative Investments Standard Chartered Bank India.
In an increasingly demanding market it is essential that valuations are presented to clients in a clear and unambiguous manner, thereby instilling trust and confidence. Robust practice standards form the basis of accurate and consistent valuations. While the need for a uniform valuation standard has been increasing felt by key stakeholders, up until now, there has been none available for adoption by the industry.
An improved regulatory framework for valuation in India will raise professional standards, improve confidence of investors and help secure the accurate valuations that underpin most economic activity. Furthermore, all members involved in the valuation of commercial and residential property and specialist areas will have their competence monitored on a continuing basis to satisfy clients.
A promising start has already been made in this direction with the RICS Red Book. The book provides an implementation or practice framework for the application of IVS globally, ensuring that valuers follow consistent methodologies throughout the world, has now been launched in India. Valuations Standards prescribed in ‘RICS Red Book’ are considered as the Gold Standards for property valuation worldwide.”
Notes to Editor
Royal Institution of Chartered Surveyors - Advancing standards in land, property and construction
RICS is the world’s leading qualification when it comes to professional standards in land, property and construction.
In a world where more and more people, governments, banks and commercial organisations demand greater certainty of professional standards and ethics, attaining RICS status is the recognised mark of property professionalism. Over 150 000 property professionals working in the major established and emerging economies of the world have already recognised the importance of securing RICS status by becoming members.
RICS is an independent professional body originally established in the UK by Royal Charter. Since 1868, RICS has been committed to setting and upholding the highest standards of excellence and integrity – providing impartial, authoritative advice on key issues affecting businesses and society. RICS is a regulator of both its individual members and firms enabling it to maintain the highest standards and providing the basis for unparalleled client confidence in the sector.
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Confederation of Indian Industry - The Confederation of Indian Industry (CII) works to create and sustain an environment conducive to the growth of industry in India, partnering industry and government alike through advisory and consultative processes.
CII is a non-government, not-for-profit, industry led and industry managed organisation, playing a proactive role in India's development process. Founded over 114 years ago, it is India's premier business association, with a direct membership of over 7800 organisations from the private as well as public sectors, including SMEs and MNCs, and an indirect membership of over 90,000 companies from around 385 national and regional sectoral associations.
CII catalyses change by working closely with government on policy issues, enhancing efficiency, competitiveness and expanding business opportunities for industry through a range of specialised services and global linkages. It also provides a platform for sectoral consensus building and networking. Major emphasis is laid on projecting a positive image of business, assisting industry to identify and execute corporate citizenship programmes. Partnerships with over 120 NGOs across the country carry forward our initiatives in integrated and inclusive development, which include health, education, livelihood, diversity management, skill development and water, to name a few.
With 64 offices in India, 9 overseas in Australia, Austria, China, France, Germany, Japan, Singapore, UK, and USA, and institutional partnerships with 213 counterpart organisations in 88 countries, CII serves as a reference point for Indian industry and the international business community.