by Brianna Crandall — February 16, 2011—RICS (Royal Institution of Chartered Surveyors) has introduced its AssocRICS, a globally recognized professional qualification for professionals in land, property and construction, to improve the standards of property valuation in India.
This entry-level, non-chartered qualification is a significant addition to RICS operations in India as until now, only the chartered qualification (MRICS/FRICS) was being offered to senior professionals in the industry. With this, RICS aims to extend professionalism and standards beyond the top tier of chartered professionals.
As an entry-level qualification, AssocRICS instantly becomes relevant to thousands of property valuers who may not have formal education in valuation, but have sufficient work experience to demonstrate their competence as per required standards and hence practice as a qualified AssocRICS professional.
To begin with, AssocRICS will be offered in the area of property valuation to address the dearth of qualified valuation professionals and the lack of adoption of established standards in the industry. AssocRICS provides the opportunity for competent real estate valuers to be recognized internationally and by the Government of India.
Currently, India is estimated to have approximately 20,000 valuers, of which only 1,000 have formal education in property valuation. The remaining are qualified civil engineers, architects and planners who have acquired valuation knowledge (background of law, economics, town planning, finance, etc., which are vital for valuation) by way of “hands-on” experience, and many of whom provide valuation services merely incidentally to their services as engineers or architects, notes RICS.
